Could anyone tell me when the statue of limitation on credit card debt? My understanding is when the debt became in default n...
Full Question:
Could anyone tell me when the statue of limitation on credit card debt? My understanding is when the debt became in default not when the credit card company charges off the debt. Therefore if a consumer misses a payment on July 1, 2000 and never gets the balance up that is when the account goes into default and the time starts ticking. What if someone makes a payment after that, but does not bring the account up to balance. Are they still considered in default?
08/22/2007 |
Category: Debts and Credit |
State: ALL |
#8140
Answer:
Statutes of limitations for credit card debt are governed by state statutes, which vary by state. Typically, statutes provides that the statute of limitations begins running from the date at which time the items on the account became due and payable. Some state laws allow a written acknowledgement or new promise signed by the debtor, or any voluntary payment on a debt, as sufficient evidence to cause the relevant statute of limitations to begin running anew.
