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 Posted: Thu Sep 06, 2007 7:01 am |
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Does anybody know what the statue of limitations are on a credit card debt? It has been charged off. the last activity was 2001. it states the the original credit has closed the file, or something to that effect.
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| Posted: Thu Sep 06, 2007 7:08 am |
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It varies from state to state. Where do you live?
If the original creditor closed the file, then changes are the SOL has passed, and they're no longer legally able to collect on it.
Regards
Mike
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Teleport
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| Posted: Mon Nov 05, 2007 3:56 pm |
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I live in Louisiana and have credit card charge off.I heard in California after 4 years you are not legally obligated to repay the balance that has been charge off. Does this apply in Louisiana?
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Jeannier
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| Posted: Mon Nov 05, 2007 3:59 pm |
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Welcome Jean! I'm also from La and we have a few other members from here also!
Anyway i'm a bit confused by La SOL! I have this: Louisiana Statutes of Limitation
Contracts: 10 years.
Open accounts: 3 years.
Lawsuits, which are filed but not pursued, become null three years after the last action taken.
Judgment: 10 years, and if not renewed within the ten years become a nullity.
Also here's a thread someone posted not too long ago:
http://www.debtconsolidationcare.com/collection-agencies/kindsof-agree ments.html
Hope this helps,
Ang
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Ang
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| Posted: Mon Nov 05, 2007 4:03 pm |
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So where can I find out more information about Louisiana SOL. I spoke to someone at consumer credit counseling and they said I would have to repay the balance.
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jeannier
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| Posted: Mon Nov 05, 2007 4:10 pm |
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Well they can always collect on the debt, since it is indeed ur debt and they can also sue u but u would have to use SOL as ur defense... If u don't answer and use this as a defense then they could get a default judgment! But i'd say since this debt is 7 years old u can probably settle it for 40 to 50%....
Now that's if u haven't paid on this since 2000.
Hope this gives u some answers, if not plz ask anything that ur not sure of,
ANg
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Ang
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| Posted: Tue Nov 06, 2007 9:28 am |
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One thing to be aware of too, is, just beacuse they charged it off or closed it, doesn't mean that it won't be pursued. I had one charge off an account, then sell it to a junk debt buyer Collecton agency.
Just like Ang said, if this is brought up in a legal matter, be sure and put the SOL in your answer.
Good luck--keep us posted..karen 
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