Is the SOL on credit card debt determined by the state you currently live in or where the debt originated?

Question

Is the Statute of Limitations on credit card debt, determined by the state you currently live in or where the debt originated?

I have a debt that I stopped paying on in Jan 2002. I acquired the debt while living in Texas and stopped paying it while living in Texas. My husband is military so we have lived in Missouri for the past 4 years.

The SOL for TX is 4 years for open accounts (credit cards) and for MO it is 5 years. Either way, the SOL has run out on this debt, however I am still wondering which would apply to us since we are military? We claim TX as our home/residence.

Thanks!

This debt was sold to a debt collector years ago.

I have known others that have written cease and desist letters so I am not so sure that SOL on card debt is a "myth".

Answer 1

The collecting SOL on a credit card is not a myth.

Generally you would go by the state where you have set up residence - employment, utility bills, pay taxes, etc.

Though the creditor/collection agency can actually chose which state they want to file a suit in, if they chose to file.

Since you are out of the collecting SOL in both states, send a SOL letter that includes the fact you are out of the collecting SOL for "both" states.

You might go to the following link and read the SOL letter that is listed.
http://whychat.5u.com/nottoca.html

You can also scroll down to the bottom of that page and click on the home page.
Once on the home page, scroll down to near the bottom where the states are listed.
Click on both states. The statutes you would need for the SOL letter will be listed.

edit+++++
Anonymous -
As for that link you posted, I think Studly gave an excellent example by listing the FCRA statutes of the reporting SOL.
I really don't understand why you posted that link to begin with when the facts of the reporting SOL were posted in there.

As for the "proof" of collecting SOL for you (and for the OP)
If you would take the time to read the state statutes for both Texas and Missouri, you would see for yourself that there is indeed a collecting SOL, as there is in "every" state.

Texas statutes for the collecting SOL and the statutes to prohibit the re-aging of the collecting SOL
§ 16.004. Four-Year Limitations Period
(a) A person must bring suit on the following actions not later than four years after the day the cause of action accrues:
§ 16.065. Acknowledgment of Claim An acknowledgment of the justness of a claim that appears to be barred by limitations is not admissible in evidence to defeat the law of limitations if made after the time that the claim is due unless the acknowledgment is in writing and is signed by the party to be charged.

Missouri
§516.120. Within five years
And the statute that places credit cards in a 4 or 5 year SOL (the 4 year SOL would be the UCC. If the card is a store card claiming the UCC statutes is possible)
432.045: 2,3.

Anonymous, I don't want to get into a gripe match with you on this and I was not the one who gave you the negative vote. If I had, I wouldn't have seen your edit.

Answer 2

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Answer 3

There is no SOL on credit card debt. That is a myth. It is your debt and will be forever.

An old unpaid credit card debt is usually sold to a collection agency that will try to collect and/or sell it to another collection agency. It could haunt you forever.

The right thing to do is pay it.

Good luck.

Edit: So it's not a myth? How do you explain this http://answers.yahoo.com/question/index?qid=20070411073613AAe0RQ7&r=w&pa=FZptHWf.BGRX3OFMhjJWUCsqcyzNIuIJNdFezanph4tcaqw6.A--&paid=answered#A60tWkzuM2Q9.hGGYrMq

Answer 4

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