I have an old credit card that I can't afford to pay. It went into default in 1994, and I have never heard from any collection agency until now. I have checked the civil court and there is no judgment filed The are offering to settle the debt for half of the original amount, but I think the statute of limitations has run out. Do I need to get in touch witha lawyer or can I just tell the collection agency that the statute has run out? I believe it to be 6 years for revolving credit in New York State meaning that SOL ran out in 2000? Thanks for help
It says here that the SOL is 6 years: http://www.cardreport.com/laws/statute-of-limitations.html Are you sure the DOLA is 1994? If you are, then tell the CA to go cry in their wheaties you aren't paying.
Yes thanks for your help. I thought it was 6 years. According to a phone call I got from CA, the account was opened in 1992, DOLA was in 1994 I just found this website yesterday, and I find it very interesting. I have just received a call from this CA at work! I think the rehabilitation of my student loan has somehow caused the CA to have a renewed interest in me. I wonder if anyone here can help advise me on a "plan of attack" vs this CA? I am reading a lot of the posts here and have some good ideas about how to approach this problem of the CA trying to collect on a debt outside of the SOL What I mean is what should I do, request validation? From the OC through the CA? Send cease and desist letter? Any help to get me started in the right direction would be appreciated!
I have seen certain terms and conditions of the credit card companies stipulate that the credit card account is to be governed by the law of xx state .... Example: Fleet requires that its Titanium card be governed by laws of Rhode Island. In RI, the SOL is *15* years!! Are you sure that your card terms do not include language to this effect? Caveat: I do not know if it applies to the CA also, even if it did, since the OC had it charged off in 1994, and so does not own this account anymore -- lakpr
Re: Re: SOL in NY State Just because it is charged off, doesn't mean they don't own it anymore. It just means they have taken it off their books as a performing loan and removed it to Profit and Loss.
Re: Re: Re: SOL in NY State What I meant was ... from original post it looks like the OC *SOLD* the account to a CA, they don't own it any more. -- lakpr
Re: Re: SOL in NY State Go to the OC's website (if it's still in business) and try to apply for the SAME card which should give you a list of Terms of Conditions. Search to see if there is any language about which state's laws apply... If nothing of that sort exists, the state's laws in which you resided when you signed for the card apply. If you never moved out of NY, that would be NY. Apologies if I seem to be stating the obvious. -- lakpr
Re: Re: SOL in NY State It was a GM M/Card. Thanks for the tip I will look up on line. I've always been in NY, same address. No apologies necessary! I know the importance of paying attention to details! Thanks
