Cap.One loses cc suit due to Cardmember Agreement... SOL
Date: Thu, 05/07/2009 - 18:40
Odd as it sounds...the fine print on the Cardmember Agreement cost Cap. One a lawsuit.
I found this article on New York Consumer Litigation, under the tag of Debt Collection Lawsuits .
"The question, however, is how long the creditor has to sue you. Most people assume it’s based on the statute of limitations in your home state. Those people are wrong.
In the recent case of Capital One Bank USA, NA v Gregorich, one court in Florida has hit the nail on the head by saying that the statute of limitations is governed by the Card member Agreement between the consumer and the credit card company.
In the Gregorich case, Capital One began a lawsuit about 3 1/2 years after the date of default. The Customer Agreement (Capital One’s term for Card member Agreement) specifically stated that it would be governed by Federal and Virginia law. The relevant statute of limitations in Virginia was deemed to be 3 years because the Agreement did not qualify as a “written contract†governed by the 5 year Virginia Statute of Limitations.
There is a link to the case at the bottom of the article.
I found this article on New York Consumer Litigation, under the tag of Debt Collection Lawsuits .
"The question, however, is how long the creditor has to sue you. Most people assume it’s based on the statute of limitations in your home state. Those people are wrong.
In the recent case of Capital One Bank USA, NA v Gregorich, one court in Florida has hit the nail on the head by saying that the statute of limitations is governed by the Card member Agreement between the consumer and the credit card company.
In the Gregorich case, Capital One began a lawsuit about 3 1/2 years after the date of default. The Customer Agreement (Capital One’s term for Card member Agreement) specifically stated that it would be governed by Federal and Virginia law. The relevant statute of limitations in Virginia was deemed to be 3 years because the Agreement did not qualify as a “written contract†governed by the 5 year Virginia Statute of Limitations.
There is a link to the case at the bottom of the article.
I think alot will depend on what state the individual lives in.
I think alot will depend on what state the individual lives in. But your right. I heard on Clark howard yesterday that one CC (Chase) raised an individual's rate from 22% to 65%. That's right 65%. Even Clark didn't believe it till the guy sent him paperwork.
But back on topic, your right, if this sets a president on how CC's act in future lawsuites, they will sue quicker.
