Confusion
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Posted by JD on March 12, 2002 at 18:00:47:
Quick synopsis: Credit card debt (under $500). Charged off, last date of activity (last activity was payment via credit counseling service) is early 93. Debt collector outside my state (IA) called said they purchased the debt. I told them that I do not deal with collection agencies. They didn't call again. Received a letter from an Attorney in my state attempting to collect the debt for the debt collector with a notice to cure attached. Questions (and I know you're not lawyers, but any feedback is appreciated): 1) The Iowa code added a provision for open accounts:
"614.5 Open account.
When there is a continuous, open, current account, the cause of action shall be deemed to have accrued on the date of the last item therein, as proved on the trial." "614.11 Admission in writing--new promise.
Causes of action founded on contract are revived by an admission in writing, signed by the party to be charged, that the debt is unpaid, or by a like new promise to pay the same." Any ideas of whether an agreement with a credit counseling agency would be an admission in writing, thus restarting the period of action to when I stopped paying the CCA? 2) Should my state statutes define somewhere what consistutes an "unwritten conract" or is this built on precedent? I know I signed an agreement of some kind when I accepted the card - does this not make it a written contract? I have read on many sites that credit cards are "generally" considered to be open accounts, and unwritten contracts but I have never seen the references for these statements. Any pointers to where I can find more on this would be GREATLY appreciated
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