Colorado Debt Collection Statute of Limitations
If you’re dealing with a debt collector in Colorado, it’s important to know the statute of limitations on debt. The statute of limitations is the amount of time that a debt collector has to sue you for an unpaid debt. Once the statute of limitations has expired, the debt collector is no longer legally allowed to sue you for the debt.
In Colorado, the statute of limitations on debt varies depending on the type of debt. Here’s a breakdown of the statute of limitations on debt in Colorado:
Credit Card Debt
In Colorado, the statute of limitations on credit card debt is six years. This means that a debt collector has six years from the date of your last payment or charge on the account to sue you for the debt. If the debt collector tries to sue you after the statute of limitations has expired, you can use the expired statute of limitations as a defense in court.
Medical Debt
For medical debt, the statute of limitations in Colorado is also six years. This includes any debt you may have with hospitals, doctors, or other medical professionals.
Auto Loans
The statute of limitations on auto loans in Colorado is eight years. This applies to any unpaid balance on a car loan.
Student Loans
Unfortunately, there is no statute of limitations on student loan debt in Colorado. This means that a debt collector can sue you for unpaid student loans at any time, even if it’s been several years since you made a payment.
Mortgages
For mortgages, the statute of limitations in Colorado is also six years. This applies to any unpaid balance on a mortgage loan.
Collection Calls and Letters
It’s important to note that the statute of limitations only applies to lawsuits. Debt collectors can still continue to call and send letters about unpaid debts even if the statute of limitations has expired. However, they cannot threaten to sue you if the statute of limitations has expired.
Conclusion
Knowing the statute of limitations on debt can help you make informed decisions about how to handle debt collectors. If you’re dealing with a debt collector in Colorado, it’s important to understand your rights and options. If a debt collector is threatening to sue you for a debt that is past the statute of limitations, you should consider seeking legal advice.
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