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How does the "statue of limitations" work?

Date: Tue, 03/31/2009 - 08:25

Submitted by LizzzGizzz
on Tue, 03/31/2009 - 08:25

Posts: 14 Credits: [Donate]

Total Replies: 9


I have these credit cards that I absolutely can't pay down because the balance just keeps going up and up.  However, I haven't charged anything on these cards in over 4 years.  The statue of limitations on an open account in my state is 3 years.  Could the statue of limitations apply to these credit cards?  Who would know anything about this??


Yes the SOL would apply from your state. However they will remain on your credit report for 7 years from the date of first/last default (when you made you last payment) Also the SOL just gives you protection from being sued, they will send this to different collection agencies and they can contact you until it is paid or the day you die. Now if you ever admit to the debt or make a payment then the SOL restarts and they can take you to court then.


lrhall41

Submitted by Count_Vlad on Tue, 03/31/2009 - 08:29

( Posts: 356 | Credits: )


I have 3 collections in my Regular Inquiries. This is only with Tans Union. I spoke to Trans Union about them to remove them that I did not iniatiate them. They told me I have to call the police dept to file a police report.
I admit I did have problems back in 1987? Over 20 years ago. But can the CA do hard inquiries over 20 years????
Thank you for your responses


lrhall41

Submitted by on Tue, 03/31/2009 - 08:41

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nohiogal, I looked up Ohio's statue of limitations.?? For written contracts it said 15 years.?? Promissory notes--15 years.?? Oral agreements--6 years.?? Open - ended accounts (such as credit cards was just a question mark).?? Maybe someone else has more specific answers to your question.


lrhall41

Submitted by LizzzGizzz on Tue, 03/31/2009 - 09:20

( Posts: 14 | Credits: )


Quote:

Is it really true that if you just admit that you owe the debt, that the SOL starts over? I thought it only started over if you make a payment.
?????? Yes and no. If you send them someting in writing saying something like, while I owe the debt the SOL is past and blah blah blah.(SOL reset) Now if you say that the debt is yours on the phone and is was recorded then (SOL reset) But if it wasn't recorded then it is just their word against yours and I doubt it would hold up.


lrhall41

Submitted by Count_Vlad on Tue, 03/31/2009 - 09:49

( Posts: 356 | Credits: )


I was just wondering. Like on some of mine, they have been charged off, I haven't made payments on in a year. If I even tried to set up payment plans with them, but actually never make payments. Would that start the SOL over? I know all that sounds odd. I am trying to figure out what to do with mine. I would like to try and work something out with these CA, but I don't trust them. I worried if I call and try and work something out, it will just restart the SOL, even if we don't come to an agreement.


lrhall41

Submitted by on Tue, 03/31/2009 - 09:54

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