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If the court rules in their favor, the creditor can file a judgment lien against you, which means that the court has permitted them to forcefully collect that debt from you. This allows them to take possession of your real estate holdings, personal property, or business.

Fair Debt Collection Practices Act Even if the debt collector attempts to collect the wrong amount from you, like charging you a fee that you don't owe or too high an interest rate, it is a violation of the FDCPA. A debt collector may not harass or abuse a person in connection with the collection of a debt.

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.

Specifically, Indiana law prohibits debt collectors from making false or deceptive statements, communicating with third parties about the debt, or threatening to take illegal action. Indiana law also protects the wages of consumers from garnishment.

Under this Act (Title VIII of the Consumer Credit Protection Act), third-party debt collectors are prohibited from using deceptive or abusive conduct in the collection of consumer debts incurred for personal, family, or household purposes.

Effective January 1, the small loan act applies to loans under $10,000 and not just $5,000 and certain other restrictions on scope are loosened. The anti-evasion provisions are also expanded. § 58-15-3(D). As of January 1, 2023, a fee of 5% of the principal may be charged for a loan of $500 or less.