Unsure how to pursue payment on old accounts?
In our last blog, we went over three important points of the Michigan statute of limitations concerning debt collection. Here are two additional points:
- The statute may be revived in a few different ways. A partial payment can reset the clock, even if the SOL has long passed. The legal term for an action that restarts the statute of limitations is a NOVATION. Under most state law, the partial payment could toll the statute all over again as of the date of payment.
- You may still have a legal case on a very old debt. Our Michigan collection services can assist you in determining the best course of action for your company.
A little bit of information can go a long way; knowing more about your rights to pursue payment you’re owed can help turn hesitation into action. These facts should help you make some decisions on old, open accounts you’ve had on the back-burner for a while.
Take the Pressure Off with Michigan Collection Services
If you find that taking action on several outstanding accounts is more than you can handle on your own, we can help! Our attorneys have the tools to get the job done effectively and ethically. Call 248-645-2440 or fill out our quick online contact form to get started!
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