A contract is usually discharged by performance of the terms of the agreement. However, the parties may agree to a different performance. This is called an accord. When the accord is performed, this is called an accord and satisfaction. The original obligation is discharged.
In order for there to be an accord and satisfaction, there must be
(1) a bona fide dispute;
(2) an agreement to settle the dispute; and
(3) the performance of the agreement.
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Statute of Limitations by State Statute of Limitations by State (in years)Illinois510Indiana610Iowa510Kansas3650 more rows ?
Most unsecured debt is eligible for debt settlement ? if the creditor agrees! The creditor is under no obligation to accept a settlement proposal. Unsecured debt includes things like credit card debt, store cards, personal loans, medical bills ? any debt that isn't tied to property that the creditor can take back.
In California, there is generally a four-year limit for filing a lawsuit to collect a debt based on a written agreement.
Summary: Indiana protects consumers against debt collectors bringing up old debts. The statute of limitations on credit card debt in Indiana is six years.
Does the 7-year period repeat? In short, no. The 7-year rule means that each negative remark remains on your report for 7 years (possibly more depending on the remark). However, after that period has ended, a remark will fall off of your report.
In other words, the Indiana statute of limitations on debt accounts with unwritten contracts and rental debt is six years. This means that the statute of limitations on credit card debt in Indiana is also six years. Therefore, a creditor or debt collector only has six years to sue you for a credit card debt in Indiana.
The American Fair Credit Counsel reports the average settlement amount is 48% of the balance. Again, start low, knowing the debt collector will start high.
Statute of Limitations in Indiana If the collection agency does not file within the time frame, the consumer can no longer be sued for that specific debt. In Indiana, the statute of limitations is six years and begins on the date of the last payment on an account.
