Re: statute of limitations

Posted by CardReport.Com on November 02, 2000 at 03:37:44:

In Reply to: statute of limitations posted by Alexiah on November 01, 2000 at 11:46:46:

As I understand it, the applicable statute of
limitations is the one where you were living when
you had the delinquency which lead to the charge-offs.
The logic being that a lawsuit would be the creditor's
recourse for something that you did (failing to
pay) while living in the old state.

However, this point seems to be a bit slippery, and
possibly open to interpretation, so you may wish
to consult an attorney if you are seriously concerned
about the possibility of being sued.

Also note that an expired SOL will *not* actually
prevent a creditor from suing you, so they could
theoretically still make an attempt, regardless of
which state's statute applies. If this happened,
you would be able to have the suit dismissed, by
filing a response with the court presenting your
defense of, "the statute of limitations has expired."

The chances of a lawsuit on an out-of-statute debt
(i.e. one where the SOL has expired) would depend
on how obnoxiously aggressive the creditor (or, at
that late stage, a bottom-feeding collection agency
that may have bought the debt) was, and whether
they thought they could get away with it. And, of
course, the amount of the debt is a major factor,
as well as the age and collection history, and the
creditor's idea of whether it would be worth the
time and expense.

Good Luck.

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