Statute of limitations on credit card debt - which state?

Question

Does the statute of limitations come from the state in which the debt was incurred, or if one moved, in the state of residence?

Answer 1

The statute of limitations is ruled by where the debt was incurred. And though I can't remember the exact web address, I think it is debtconsolidations.com? that has a great forum for debt questions you may find very enlightening. Good luck.

Answer 2

The statute of limitations does vary from state to state. Watch out, the limitation generally means that the credit card company can't sue you for the money but you still owe the money. There are several sneaky ways they can get around the statute of limitations. One is to send you a pre-approved card offer that has a clause hidden in the fine print that says that any past unresolved debt will be put on the balance of the new card. By accepting the card you have made the old debt a new debt and it it not protected by statute of limitations.

Additionally, if you make any payment to the old debt, whether intentional or not, the debt will be considered new.

Also, creditors can still call you even if the debt is beyond the statute of limitations. There is a new breed of collectors out there called "Zombie Debt Collectors". They specialize in buying up years old debts and trying to get repayment in any way they can. I would bet they know all of the tricks of the trade.

Check out this artile at MSN Money:

http://articles.moneycentral.msn.com/SavingandDebt/ManageDebt/ZombieDebtIsHardToKill.aspx

Answer 3

regrettably, the "precise contributor" is incorrect. jointly as they might carry healthful against you in Illinois, it's going to be further below the basis of Arizona regulation. Why might you ask do i state this in distinction of others? think of approximately it like this.. in case you commit against the regulation in Texas and then pass to Alaska, whilst the cops seize you, you isn't charged for the Texas crime below Alaska regulation, yet below Texas regulations on account that's the place the offense got here approximately. You initially reduced in size for the extension of credit in Arizona, for this reason any criminal jurisdiction would be below Arizona regulation. Illinois regulation does no longer have the provision to override yet another state's statute of barriers. to boot, tolling (or combating of the time-physique of debt) once you left the state isn't allowed in Arizona. The 6 twelve months timeframe references from the factor which the creditor might have SUED you. for this reason, you will have a splash little bit of a dilemna there. As your case is composed of rely spanning over 2 diverse state jurisdictions, the subject is straight away escalated to the U. S. District (federal) courtroom point for listening to. your superb selection immediately is to probably negotiate a settlement, in case you have the money obtainable. you are able to initiate off out with 25% and pass up from there. Now, i could urge your lawyer to accomplish that, so that's variety of a plea good purchase in a criminal case (to the place the settlement association) can't be used against you at a later time in courtroom. to boot to the honest debt sequence practices act, there are state debt sequence regulations which you are able to connection with boot... do no longer subject approximately preserving an lawyer till they actually bodily "sue" you. Many sequence companies say this crap all the time and by no skill do something. to boot, in case you're interior the area you're in, then you definitely can declare to the decide which you're "judgment evidence". in case you are able to tutor which you're disabled and have no thank you to make the fee despite the fact that if a judgment grew to become into provided, the decide may be possibly to tell the creditor, "complicated stuff". yet, do no longer anticipate it. in case you win a judgment, Illinois regulation could preside via fact the proceeding grew to become into there. for this reason, the decide could enable them to absorb to the utmost % of your earnings from you. In some states, salary garnishments at the instant are not even allowed.. wish this facilitates.. be happy to email in case you prefer help..