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SOL's are established by state laws. Not all debts have the same applicable SOL and some states allow the state where the debt was made to use that state's SOL. That can also depend on the type of debt, written contract, open account, etc. The assumption that SOL expiration automatically negates a debt is not necessarily accurate. ("Macky"... macky83@juno.com)
Wiki User
∙ 19y ago
Wiki User
∙ 18y agoThere is no cut-and-dry answer to this question. Statute of limitations (SOL) is established by state law and varies according to account type. The SOL for a credit card may be set by the state in which the consumer resides, or may be set by the state's laws which govern the contract. Many credit card issuers write card holder agreements under laws which favor them, like South Dakota and North Carolina. There are also different statutes for written contracts, promissory notes and verbal agreements. If your aim is to find out the SOL which applies in a specific case, you would need to research the state and contract type.
Wiki User
∙ 9y agoThe statute of limitations of unpaid debt is the time period that a creditor has to collect a debt. When the time period has passed, the creditor can no longer sue you for the unpaid debt. The time is set in each state and can vary from three to 10 years.
Wiki User
∙ 10y agoevery state is different, check with an attorney in your state, cc debt is different from written contracts in some states
A statute of limitations sets forth the maximum period of time, after the debtor becomes delinquent, that legal proceedings (law suits) can be initiated. After the times shown below, a court will throw out any lawsuit.
The type of debt affects the statute of limitations, too. Credit cards are usually considered to be "Open Accounts". Auto loans and other installment-type agreements are considered "Written Contracts".
Wiki User
∙ 13y agoIt will depend on how the debt is documented. Written contracts and promissory notes have the longest times. Oral contracts tend to be shorter. Every state sets their own limits and they range from a couple of years to 15 years.
Wiki User
∙ 16y agoit all depends on the state you live in. some states are as little as 3 years while others are as long as 7 years i believe
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What is the statute of limitations for debt collection in Michigan?
There is no statute of limitations for debt collection in Michigan. You can continue to collect as long as the debt is owed. The debt can be sold as well.
What is the statute of limitations in Maryland for debt collection?
Three years.
What is the statute of Limitations for debt collecting from a deceased person in the State of Kansas?
The statute of limitations for debt collecting from a deceased person in the state of Kansas is ?æfive years. However, the statute of limitations for debt collection will vary in other states.
Is there a maximun on credit card debt for the statute of limitations to apply?
The statute of limitations is how long a collection agency can collect and sue or the debt. It makes no difference how much or how little the amount is. The only limitations are time.
What is the statute of limitations on verbal agreements in Texas?
For debt collection it is four years in Texas. That is from the last point of acknowledgement of the debt.
How long can a collection company try to collect on an account?
Until your state's statute of limitations runs out on that debt.
What is the statute of limitations in NJ for collecting a judgment debt?
no statute of limitations on judgements
Colorado statute of limitations credit card?
Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection in Colorado is 3 years. That is measured from the last use or payment.
Is there a statute of limitations for a house lien in Texas?
No there is not statute of limitations. The lien serves as notification that a debt is owed and secures that debt.
Can a collection agency still send you letters after a dispute has been investigated and deleted?
Yes. Deletion from the credit report does not affect whether the debt is owed or whether the statute of limitations on the debt has expired. Note that even if the statute of limitations has expired, collectors still can try to collect the debt -- they just cannot use the courts (or threat of legal action) to collect the debt. If you are getting collection calls on a debt that is past the statute of limitations, just send a written demand to the collector to cease all calls.
How long are you liable for a credit card debt?
As a responsible cardholder, you are generally liable for any credit card debt up to the statute of limitations as established within your state. This does not prevent a debt collector from continuing to pursue older debts, but it does generally prevent judgments on old debts as long as you advise the creditor or court that the statute of limitations has expired. Debt collectors may still pursue debt collection even beyond the statute of limitations.
Can a credit collection agency pursue payment on an account that has been closed for 10 years?
Yes, there is no statute of limitations on debt.
