Collecting Credit Card Debt

3-years.

2008-03-15 11:06:17 by MJJ4Eva

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I was told the statute is 10 years by a debt collector trying to get money from me on an 8 year old credit card that I may have paid off. After 7 years I shred all paperwork except for tax returns.

3 years for a credit card

The statute that places it in the 3 year collecting SOL --

8.01-246. Personal actions based on contracts.

Subject to the provisions of § 8.01-243 regarding injuries to person and property and of § 8.01-245 regarding the application of limitations to fiduciaries, and their bonds, actions founded upon a contract, other than actions on a judgment or decree, shall be brought within the following number of years next after the cause of action shall have accrued:

4. In actions upon any unwritten contract, express or implied, within three years.

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The collecting SOL starts to run from the last payment or charge made on an ACTIVE account.
Once the account is charged off it is no longer an active account and any payment made after charge off will not re-set the collecting SOL.

Since it say it has been 8 years, you might send the collector a SOL letter.

You might go to the last link I have listed in my profile (a totally free site) and do some reading in the credit forum and for sample letter templates.

2007-05-18 06:40:28 by thomas_kendi

Some say the S.O.L. in Michigan for credit card debt collection is 4 years. Some say 6 while I've even heard others say 5. There must be a definitive answer.-- Also, if you file an answer to a comlaint is this the only defense you need to raise in order to get the suit dismissed?

Michigan has a 6 year SOL across the board. Credit Cards are defined as "open ended accounts" under the Truth In Lending Act.

http://www.creditinfocenter.com/rebuild/ statuteLimitations.shtml

The SOL expiring is an affirmative defense. If the SOL has expired before they file suit then not only can the case be thrown out, THEY can be held liable for filing suit on a time barred debt.

2008-06-20 20:37:44 by R. L

I have a credit card company coming after my wife for a credit card debt from 2000. This is coming totally out of the blue. We had paid off all of her credit card debt back in 2002 before we got married. We got rid of all proof of payments that we made on her debt because it was now 6 years later! I have a feeling that we paid this off, but I have no proof. Can they still come after her 8 years later??

It doesn't matter that you no longer have proof. This debt is outside the statute of limitations for all 50 states...it is also past the allowable 7-year reporting cycle on credit reports....so they can't place this on your credit file . This is ancient, time barred debt....because of this, the collection agency is powerless over you....other than trying to scare/annoy you into paying.

Send the collection agency a letter via Certified Mail + Return Receipt stating:

Per the Fair Debt Collection Practices Act, I am requesting:

- written validation of this alleged debt and that said alleged debt is within the statute of limitations -

- Cease all verbal communications with me about this alleged debt.

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Read up on the Fair Debt Collection Practices Act and understand your rights:

2008-08-13 11:31:10 by Mr. Luva Luva

So my dad has tons of credit card debt. And theres no way hes going to be able to pay it all. Since he has cancer and will probably be dead in less then a year.

Will the credit card companies come after to me to collect the debt he owed?

I currently work for a probate collection company and hear this question every single day. Let's make this clear. NO ONE OWES A DEBT UNLESS THEY SIGNED TO TAKE RESPONSIBILITY FOR IT!!!. Now that I have that out of the way, a lot of collectors will ask if the family wishes to make voluntary arrangements to clear the deceased's name. If people have the money or are willing to divert money to do it, they will. If they don't or can't, they won't. It is really that easy.

Unless there is an estate being filed in probate court to name someone in charge of the deceased's assets, no one is responsible to pay the deceased bills that are in their name alone. Even when an estate is filed, the executor of the estate is only responsible to the extent of what the estate can do. If the estate has no or little cash or assets, it is considered insolvent and can't pay the deceased's bills or it pays them at a percentage of value as of the date of death. The executor is not personally responsible in any way unless they are a cosigner on any debt and then only on that specific debt.

One big mistake a lot of people make is in community property states. If the assets are in one person's name only in a divorce, they can be equally split by state law. In death, they remain in the name of the person who had them to begin with. We recently had to order a widow to sell her house of 30 years because the house was only in the deceased husband's name and she had no money to pay the bills off. The house, though, was paid off completely & was able to be sold for $3 million so she was able to pay off the bills

2009-07-17 16:14:38 by Hot mental patient in cell 3