Debt Elimination Success Seminar
Statute of Limitations on Debt Collection I Hate Debt Homepage Section 1 A Look at Debt History of Debt Credit Card History Current State of Debt How You Got Into Debt Good Debt Bad Debt Business vs. Personal Debt Section 2 Dealing With Your Money The Two Step Plan Doing The Two-Step Step One Step Two The Paths Out of Debt 1- Create a Debt Payment Plan 2- Neogtiate Better Rates & Terms a.Consolidation Loans b.Consumer Credit Counseling Services 3- Negotiate Lump-Sum Settlements 4- Bankruptcy 5- The Easy Way 6- Win $1,000,000 Living Debt-Free Manage Your Money Make More Money Save Money SameMoney-MoreFun Stay Debt-Free You as a Business Section 3 Dealing With Your Creditors Alerts/Scams The Credit Industry Credit Industry The Fine Print The Secondary Debt Market The Debt Collection Process Original Creditor The Charge-Off Collection Agency Legal Problems Dirty Creditor Tricks Dealing with Debt Collectors Dealing with Debt Collectors Statute of Limitations Cease and Desist Letter Section 4 The Credit Report The Credit Report Credit Score Credit Repair Section 5 Dealing With Yourself The Critical Factor The Art of Prosperity The End of Failure Prosperity Coaching Section 6 Kids and Money Kids and Money How to Pay for College Section 7 Debt Information Bookstore Debt Facts Radio Show Resources About Us Privacy Policy Site Map If you find this information helpful I ask you to contribute to help me help more people. You can contribute through PayPal by clicking on this button Or you can mail in your contribution.	Statute of Limitations Credit cards are generally considered open accounts. The Federal Truth in Lending Act, Section 127 talks at length about credit cards as open accounts. However I have received some information recently indicating that some courts have ruled that credit cards are written accounts. So, as I'm not an attorney, I'm going to suggest that this area of the law seems to be fluid. Meaning that what your court rules may be based upon what evidence is presented and other factors. While the Federal Truth in Lending Act is written in legal terms, meaning good luck trying to read it, the The State of New Hampshire’s Department of Justice's Sourcebook has a very readable definition, check the second paragraph, of why credit card accounts are open-ended. State (in years) Oral Agreements Written Contracts Promissory Notes Open Accounts Alabama 6 6 6 3 Alaska 6 6 6 6 Arizona 3 6 5 3* Arkansas 3 5 6 3 California 2 4 4 4 Colorado 6 6 6 6 Connecticut 3 6 6 6 Delaware 3 3 6 3 D.C. 3 3 3 3 Florida 4 5 5 4 Georgia 4 6 6 4 Hawaii 6 6 6 6 Idaho 4 5 10 4 Illinois 5 10 6 5 Indiana 6 10 10 6 Iowa 5 10 5 5 Kansas 3 5 5 3 Kentucky 5 15 15 5 Louisiana 10 10 10 3 Maine 6 6 6 6 Maryland 3 3 6 3 Massachusetts 6 6 6 6 Michigan 6 6 6 6 Minnesota 6 6 6 6 Mississippi 3 3 3 3 Missouri 5 10 10 5 Montana 5 8 8 5 Nebraska 4 5 6 4 Nevada 4 6 3 4 New Hampshire 3 3 6 3 New Jersey 6 6 6 6 New Mexico 4 6 6 4 New York 6 6 6 6 North Carolina 3 3 5 3 North Dakota 6 6 6 6 Ohio 6 15 15 - Oklahoma 3 5 5 3 Oregon 6 6 6 6 Pennsylvania 4 4 4 4 Rhode Island 15 15 10 10 South Carolina 10 10 3 3 South Dakota 6 6 6 6 Tennessee 6 6 6 6 Texas 4 4 4 4 Utah 4 6 6 4 Vermont 6 6 5 6 Virginia 3 5 6 3 Washington 3 6 6 3 West Virginia 5 10 6 5 Wisconsin 6 6 10 6 Wyoming 8 10 10 8 *I've been informed by a resident of Arizona that in their suit a credit card account was considered a written account with a 6 year timeframe.	Statute of Limitations on Debt Collection Attention I'm not a lawyer. While I believe that this information is correct I'd suggest that you make sure that it is correct before taking any action. Please Read The statute of limitations relates to a creditors right to sue to collect money. It, to the best of my knowledge, relates to the last time a payment was made, not when the debt was originally incurred. If a debt is beyond the statute of limitations collection activity may continue. You may even be sued. It is possible that unless you contest the suit a judgment will be rendered against you. If I were sued for a bill that was past the statute of limitations I would go to court and have the case dismissed by telling the judge, and providing evidence, that the statute of limitations had expired. If collection activity, calls and letters, continued after the statue of limitations had expired I’d notify the collection agency that I’m not paying the bill and that they should cease and desist with any further phone call. They can’t be stopped from sending letters but they are easy to throw away. Since the statute of limitations is measured from the time of the last payment, if the creditor can talk you into, or trick you into, making a payment they can and most likely will immediately sue you. Just because the statute of limitations has expired doesn’t mean you can’t pay the bill. If you choose to you may. Just be sure that you don’t open yourself up to legal action. Make sure that what ever you pay is accepted as payment in full for the bill. If you find this information helpful I ask you to contribute $1 (or more) to help me help more people. You can contribute through PayPal by clicking on this button Or you can mail in your contribution.

Your Ad Here

Copyright 2002-2008 TAP Productions, Inc. About Us Privacy Policy Legal Disclaimer Terms of Use Contact Us