How are the statute of limitations determined for credit card default?
Credit Card
ProfB asked:
I currently live in Kansas. The statute of limitations for unpaid credit card debt ‘open accounts’ is 3 years. I lived in Texas and Arizona when the credit cards were opened. How do I determine the statute of limitations for this debt? Is it based on current residency or past residency?
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I currently live in Kansas. The statute of limitations for unpaid credit card debt ‘open accounts’ is 3 years. I lived in Texas and Arizona when the credit cards were opened. How do I determine the statute of limitations for this debt? Is it based on current residency or past residency?
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March 15th, 2009 at 4:09 am
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the state you opened your acct. in is the contractual state of record.
March 15th, 2009 at 7:05 pm
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Fair Credit Reporting Act says that derogatory accounts will show for 7-years from the date of first delinquency.
Statute of limitations varies from State to State and by what type of debt you are talking about.
This is the legal time that people can sue in court and get a judgment. Once the S.O.L. has passed you can still be sued but all you have to do is show the court that the S.O.L. has expired and the case will be dismissed.
I have posted a link so you can look up your State:
There is no time limit on how long people can attempt to get you to pay. Never admit that a debt is yours and never pay a dime on one that is past the S.O.L. because this will restart the S.O.L.
March 16th, 2009 at 5:47 pm
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The statute of limitations for a particular debt is determined by where the debt is incurred. So if you owed $5000 in TX and the stat. of lim. is 5 years, The credit card company has 5 years to collect from you, regardless of where you now live. Confirm this with a lawyer. I believe this is the way it works.
March 19th, 2009 at 8:59 pm
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It appears Arizona is 3 years and Texas is 4 years.
March 21st, 2009 at 5:17 pm
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