how long is a statuteof limitiation

Hi lc.wilson,

Statute of limitation is defined under the State Civil Code. It varies for different states and it also depends on the type of debt that you owe.

Statute of limitation is calculated from the date of last activity seen in the account. You can contact a consumer attorney to know the SOL applicable for your account in detail.

You can also look at the following page to have an idea on the statute of limitations for different states-
fair-debt-collection.com/statue-limitations.html

Regards,
Bryan

I liveinTexas. What is the SOL for collecting an outstanding debt on a credit card.

Thank you for you help and response

Hi Charles

Welcome to the forums.

The statute for legally collecting the debt in Texas is 4 years. Once your debt is out of the SOL period, you can escape any legal actions and can't be forced to pay it. Make sure that you do not make payment towards your debt account otherwise the date of last activity will be activated and this will renew the SOL period. All the legal actions are possible during this period and you will have to pay it.

If your debt is within the statutes, consider paying it as early as possible so that there are some improvements in your credit scores.

Regards
Roxette

can the statute of limitations be extended?

Scenario:
Debt is sold to another collector in the last year/months before statute runs out

Question: Is it LEGAL to sell for purposes of
Re-assigning an acct number, Re-assess a new balance and then Re-report to bureaus??

Another thought..

Since the name of creditor has changed, as well as all the other identifiable info (acct,name,balance,etc) How can I even have this disputed/removed?

Selling a debt does not automatically extend , or "re-age" the statute of limitations (though many unscrupulous collection agencies do try to do this.

The statute of limitation begins to accumulate on the date of last activity or the last date you you made a payment on the account. If you owe company X $300 dollars and pay $200, then don't make any payments for 6years and 6 months, then you make a payment to them (or their collector) for $25.00, the statute of limitations restarts as day one, and seven years (or what ever your state laws allow for) must elapse before the statue of limitations runs out.

You need to check your state laws, in some states, the simple act of discussing the debt may cause the statute of limitation to re-start.

Also, even though a debt has been sold, the collection agency must still identify the original creditor.


Quote:

There is an Insurance company that has reported me to the vector reporting agency for a balance of $720.00 from a policy that lapsed before 12 months. This was over 7 years ago. What is my statue of limitations on this balance? Thanks

Robert, let me know the name of the state where this insurance took place. Each state has its own statute of limitations period. It is set from the date when you last defaulted on the payment.

i just got a letter from a collection agency, for a cc that i havent used since 99, and has been closed since 2000. i have not made payments on this, and all of a sudden i get a letter saying i owe a certain amount plus tons in interest... i live in pa, i am way over the statue of limitations, i think... what should be my next course of action...

you never made any payment at all or you haven't made payments since 2000? the statute of limitations in PA for open accounts is 6 years to dale for SOL would be 6 years from the date of last activity (i.e Payment).

Please corrct me If I'm wrong. The SOL starts after your CC is charged off. You miss your first payment now the account is 30 days late, It will charged off 6 mos later (180 days) so 30 plus 180 = 210. Your SOL starts then.

Disregard above post I had a brain cramp, My post above is the 7 yr period for reporting on the CRs.

The SOL starts from the date you last made the payment activity. The SOL varies from state to state. So, the SOL of that state should be checked where the account was originally opened.

The negative information will stay in the file for a period of seven years. This begins from the date it turned delinquent first.

spoke with the county on receiving help with medical bills back in 1996, they told me to receive help from them they'd have to service judgement. i decline their help, my credit doesn't show any judgement had ever been filed. i received a letter from a collection agency, saying that county has issued a aid lien account to there office..what do i do

I have a delinquent account that reports on my credit as closed account as of 7/2005 and says estimated date this will fall off is 2009--I live in the state of texas and I was always under the assumption that it will take 7 years for it to be removed when after doing research found out statue of limitations for this state is 4 years...Is this correct..also, does date of closed account mean the same as date of last activity

You're confusing statute of limitations and federal reporting period. SOL is how long they can take legal action. Federal reporting period is 7.5 years from the date of first default

north carolina statute of limitation on payday loans?

Charge off debt originated in Texas. I have moved to another state and have payed a minimal amount with a collections company for the last seven years. The interest is three times the amount of the debt. Is this legal?

"Under Section 808 Unfair Practices of the Fair Debt Collection Practices Act under the Consumer Credit Protection Act, federal law prohibits a debt collector from collecting any amount (including any interest, fees, charge, or expense incidental to the principal obligation) unless such amount is expressly authoized by the agreement creating the debt or permitted by law.

If a debt collection agency owns your account, and you did not expressly enter an agreement to pay interest and fees to that collection agency, than they cannot charge you anymore than what the already existing balance is."