What is the statute of limitations in Virginia on credit card debt collecting?

Question

I was told the statute is 10 years by a debt collector trying to get money from me on an 8 year old credit card that I may have paid off. After 7 years I shred all paperwork except for tax returns.

Answer 1

3 years for a credit card

The statute that places it in the 3 year collecting SOL --

8.01-246. Personal actions based on contracts.

Subject to the provisions of § 8.01-243 regarding injuries to person and property and of § 8.01-245 regarding the application of limitations to fiduciaries, and their bonds, actions founded upon a contract, other than actions on a judgment or decree, shall be brought within the following number of years next after the cause of action shall have accrued:

4. In actions upon any unwritten contract, express or implied, within three years.

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The collecting SOL starts to run from the last payment or charge made on an ACTIVE account.
Once the account is charged off it is no longer an active account and any payment made after charge off will not re-set the collecting SOL.

Since it say it has been 8 years, you might send the collector a SOL letter.

You might go to the last link I have listed in my profile (a totally free site) and do some reading in the credit forum and for sample letter templates.

Answer 2

I may be wrong, but I don't think there IS a statute of limitation. If you owe the money, you owe the money until it is paid. Whether or not you shred the evidence is beside the point, because THEY would have the necessary paperwork. But I don't live in Virginia, so I would not call this a fact. Maybe they do things differently there.

Answer 3

Credit agencies stores information from credit grantors and public records, including bankruptcies, judgments and liens. Missed payments and most public record items remain on the credit report for seven years, with the exception of Chapter 7, 11 and 12 bankruptcies, which remain for 10 years, and unpaid tax liens, which remain for up to 15 years.

Active positive information may remain on the report indefinitely.

Requests for your credit history remain on the credit report for up to two years.

You can read more on this subject in the article below.

Answer 4

http://www.cardreport.com/laws/statute-of-limitations.html
For oral agreements the statue is 3 years, written 5 years, promisory notes 6 and open accounts 3 from the date of the last payment made. If you make a paymet, even a partial one, the clock starts ticking.

Answer 5

there is not any statute of hassle utilized to debt in any state of u . s . a .. Sorry. in case you racked up the debt, you're able to be to blame on your action and pay it returned. it is going to stick to you around till you're looking after it. It won't drop off your credit in 7 years the two. Pay them, it is my purely propose. you could call them and ask them to make you an furnish. enable's say you owe $4500.00. Ask them to make you an furnish to pay it off. they could inform you "Pay $3000 and we can mark it paid in finished." in the event that they try this....get it in writing till now you pay them.

Answer 6

i think 10 years also.good luck.