Re: credit card debt - statute of limitations

Posted by BJ on September 12, 2001 at 19:16:48:

In Reply to: credit card debt - statute of limitations posted by tony on September 11, 2001 at 01:13:48:

Tony,

Your statute limitation would depend on the state you live in. In fact, I believe it is here somewhere on this site. The 7 year rule, is actually how long can a delinqent debt may stay on your credit report. The statue of limitation is the creditors time limit to monetary recourse of this debt.

One important note to all people that are delinqent. IF you have been delinqent on the debt, and start repaying on the debt no matter how long ago, IF AUTOMATICALLY RESETS THE STATUTE OF LIMITATION BACK TO ZERO!! Before you decide on repaying the debt, it may be in your best interest when you made the last payment on that debt, and calculate the SOL from that point on. If the last time that you made a payment on that particular debt EXCEEDS THE STATUE OF LIMITATIONS FOR WRITTEN and/or Oral contract, your creditor has no recourse against this debt or you. They can however continue to send you letters or call you in reference to this debt. Major difference here. IT WILL DEFINETELY CHANGE THE TONE OF THE CREDITOR TRYING TO COLLECT.

Just to let everyone know, I worked exclusively as a collection agent for awhile, and know most of the tricks that they try to induce the public into doing something that they aren't aware of.

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