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Statute of Limitations on Credit Card Debt in NJ

Date: Mon, 09/01/2008 - 17:13

Submitted by mvezza
on Mon, 09/01/2008 - 17:13

Posts: 67 Credits: [Donate]

Total Replies: 15


What is the statute of limitations on credit card debt? I have found some conflicting resources - some saying as few as three years, other as great as six.


For credit card debt, statute of limitation (sol) in New Jersey is 3 years. credit card debts come under open ended accounts.

In fact, there are 4 types of accounts: -

1. Written contracts
2. Oral contracts
3. Promissory notes, and
4. Open ended accounts

Credit card debts come under the 4th category.

To clear all your doubts you can go through Chart and Definition of different Statute of Limitation accounts


lrhall41

Submitted by phoenix on Mon, 09/01/2008 - 20:47

( Posts: 1445 | Credits: )


CC Debt is 6 yrs.




New Jersey Statutes of Limitation

Conversion of an instrument for money: 3 years, (N.J.S.A.12A: 3-118(g)).

Sale of goods under the UCC: 4-years, (N.J.S.A. 12A; 2-725).

Real or personal property damage, recovery and contracts not under seal: 6 years (N.J.S.A. 2A: 14-1).

Demand Notes when no demand is made: 10 years. If demand made: 6 years from date of demand, (12A: 3-118(b)).

Obligations under seal for the payment of money only, except bank, merchant, finance company or other financial institution: 16 years, (N.J.S.A. 2A: 14-4) actions for unpaid rent if lease agreement is under seal, (N.J.S.A. 2A: 14-4).

Real estate: 20 years, (N.J.S.A. 2A: 14-7); Judgments: 20 years, renewable, (2A: 14-5); Foreign judgments: 20 years (unless period in originating jurisdiction is less), (2A: 14- 5).

Unaccepted drafts: 3 years from date of dishonor or 10 years from date of draft, whichever expires first, (12A: 3- 118(c)).


lrhall41

Submitted by on Tue, 09/02/2008 - 14:50

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Collectible, but sueable, if you will...

People can try to collect abiding by the FDCPA, but they cannot take you to court or threaten to take you to court for it.

SOL starts from the date of last activity on the account, not the date you opened the account.


lrhall41

Submitted by on Mon, 05/11/2009 - 20:35

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If someone is harrassing you and you need help and you believe you are in your legal rights and past the three yrs. Call kimmel and Silverman at 1800-668-3247 they are wonderful and free they will help you. Go to their web sit Kimmel and Silverman check out their credit card stop harrassing debt collectors. They are the BEST and can help you and they are FREE!!!!!!!!!!!!! Good Luck


lrhall41

Submitted by on Thu, 06/17/2010 - 22:31

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