SOL's are established in accordance with state laws. Therefore the time limit and the application of an SOL will differ from state-to-state. A listing of state SOL's pertaining to various types of debts can be found at Card Report Com. http://www.cardreport.com, credit cards are considered "open accounts".
They are written contracts, so 15 years from the date of the "write off" or the date of the last activity on the account, whichever is earlier. "last activity" includes promises to pay, or partial payments made. That resets the clock. Look on credit report to see when the account was "charged" off or "written" off or the date of the last "activity" on the account. It's 15 years from the earlier of those dates.
Ohio has set the statute of limitations for an open ended account at 6 years. A credit card is an open ended account. That will be measured from the last communications from the debtor. The credit card may be based on a different jurisdiction which could be longer! You need to check your agreement for the applicable jurisdiction.
An SOL for debt only applies to the time in which the lender can legally sue the borrower/debtor.
A valid judgment lien against real property in the State of New York is valid for ten (10)years and in some instances can be renewed.
Ohio has set the statute of limitations at 6 years. A credit card is an open ended account. That will be from the last communications from the debtor. Please note that the credit card may be based on a different jurisdiction which could be longer! Check your agreement for the applicable jurisdiction.
A credit card is an open ended account. New York has set the statute of limitations at 6 years. That will be from the last communications from the debtor. Please note that the credit card may be based on a different jurisdiction which could be longer! Check your agreement for the applicable jurisdiction.
Both states have six year SOL's pertaining to open accounts (credit cards).
http://www.creditcards.com/credit-card-news/credit-card-state-statute-limitations-1282.php
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.
one year
4 years
7 years
The statute of limitations on credit card debt in South Dakota is six years. The company is allowed to aggressively pursue payment for that period of time.
Is there a cost to find out the staue of limiations in years on credit card debt
What is the statue of limitations for credit card debt reporting
Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection in Florida is 4 years. That is measured from the last use or payment.
No, the statute of limitations won't start over again unless you make a payment.
three years.
Six years from the time of DLA.