Virginia Commercial Collection Agency
Like every other U.S. state, Virginia has commercial debt collection laws involving statute of limitation and other laws to help determine a deadline for filing a lawsuit or other civil actions. This page will provide information related to Virginia including: state economy, unemployment rate, state debt and statute of limitations.
Statute of limitation laws are mandatory time limits that the legal system put into place to provide a general fairness and practicality when it comes to filing a lawsuit. Virginia’s statute of limitation laws can range from one to 20 years depending on the nature of the case. (FindLaw.com)
In 2017, the state debt in Virginia was approximately $28.2 billion. The state debt per capita was $3,374 (Ballotpedia.org). According to Ballotpedia.org, Virginia’s taxpayer burden is $2,200, ranking it #13 in the United States for states with the most taxpayer burden
In 2022, the median household income in Vermont was more than $72,000 USD, a decrease from $76,000 the previous year. This is more than double higher than it was in 1990, which it was almost $32,000.
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within Vermont’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
SUMMARY OF VIRGINIA COMMERCIAL COLLECTION LAWS*
INTEREST RATE
- Legal: 8% unless contract specifies
Judgments: 9% or at contract rate
STATUTE OF LIMITATIONS (IN YEARS)
- Open Accounts: 3
Written Contract: 5
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Misdemeanor or felony, depending on value of check.
* These are not comprehensive statutes and therefore PSICollect.com and Prestige Services, Inc. disclaims any liability resulting from reliance by any party upon the legality and accuracy of the contents thereof.
Below is a list of the states in the US that we cover.
We are a nationwide operation and service all states, as well as Canada & Mexico.
