what is the statute of limitations for credit card debts?

Question

I need to know which state's law apply. I incurred many debts when I was living in Illinois. Now, I live in Ohio.

Answer 1

hi, not sure if this will cover it but there's tons of stuff:
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
good luck

Answer 2

So many terrible answers again! Doesn't anyone research their responses any more??????

The state statute can be either where the debtor lives or where the contract was entered into. The creditor does have the right to choose the state with the longer statute but the creditors or collectors location is moot. This is covered in Section 811 of the FDCPA and in Consumer Credit Protection Sec. 1692i.

Here is the rule;

CONSUMER CREDIT PROTECTION Sec. 1692i.
--2) in the case of an action not described in paragraph (1), bring such action only in the judicial district or similar legal entity -

(A) in which such consumer signed the contract sued upon; or

(B) in which such consumer resides at the commencement of the action

NOTE: Actions involving Real Property securing your obligation --the venue is different. The rule is: Any debt collector who brings any legal action on a debt against any consumer shall -

(1) in the case of an action to enforce an interest in real property securing the consumer's obligation, bring such action only in a judicial district or similar legal entity in which such real property is located.


Ohio SOL is 6 years
Illiniois SOL is 5 years.

Note, however, that Ohio's laws regarding credit card "revolving accounts" is a grey area and not well addressed. Differant judges appear to be ruling differantly with them, and may consider them a "written" contract with a SOL of 15 years. I'm still trying to research this one.

Answer 3

Usually a bad debt (any bad debt) stays on your credit report for somewhere between 7 to 10 years. In Texas, the statute of limitations in trying to collect a debt is four years.

Answer 4

10 years

Answer 5

10 years

Answer 6

Credit card debts are considered open accounts.

Ohio - 4 years
Illinois - 5 years

If you are sued, the SOL that you would go by is the state that you are sued in.

If the collectors are currently sending you notices to your current address in the state you live in now, the suit "must" be filed and served at your current address in that state.

If they are sending notices, file suit, obtain a default judgment against you in Illinois, they can't enforce it against you in your current state. You could have it vacated on the grounds of improper service. You would have to do that within 1 year.


P.S. Get a life eaglesonaperch. Or if you can't, at least learn how to spell. Failing that, learn how to use spell check.

Answer 7

I believe there are no statute of limitations...they can not report a debt on your credit if it's older than 7 yrs unless they have a judgment against you, however, if you pay $.01 to the debt the 7 yrs begins again. they can try to collect the debt forever...it's your debt. but you just get a po box and if they reach you say that someone stole your identity and then play it off. only reason you should pay it is if they are suing you....or if you are buying a house and they make you pay it to fund your loan!

Answer 8

The law is from the state in which the credit card company is chartered. Most of them are in Delaware because of the lack of interest rate caps.

If you default on a credit card loan, depending upon the dollar amount and the company, don't be surprised if you are taken to court.

Answer 9

if you own the debt then you should pay it. Have some integrety! But legally it stays on for 7 years after your last contact; 10 years for bankruptcy. It doesn't matter that you moved. It goes off of your social security number and that follows you everywhere! Rarely will they sue you for it. They mostly just threaten. But you should pay it. It shows good character.

Answer 10

Shakira Isabel Mebarak Ripoll (Shakira) best known as a musical performer who performed hits such as, whenever,wherever, la tortura and most recently hips dont lie, was pronounced dead early thursday morning july 20th 2006.the reason for her death is said to be alchohol poisoning.

Shakira was supposed to be performing in a concert to support the Arabs some time in the near future.

Shakira will always be remembered for her truth telling hips and breasts that cannot be confused for mountains.




She leaves behind her mother Nidia Ripoll Torrado,brother Jekon Mebarak Chadid and other family memebers and friends not to mention all of her fans.

Please repost this and show your love for this much talented pop icon.

R.I.P

Answer 11

It is exactly 10 years from the date your account was charged off. They can sue you if you do not file bankruptcy, as this is going to negatively effect your credit for such a long time I reccomend doing this.