I was just wondering if I understand statute of limitations pertaining to credit cards...would they be considered an "open-ended account"? I understand that the SOL varies from state to state but when it does expire does that mean that you cannot be sued? I just mailed out validation letters today to a law firm that is trying to collect 2 charged off credit cards but I am thinking the SOL has passed as they are from 97/98. I read a whole bunch of posts pertaining to this but just want to confirm (since I am so paranoid) that I understand correctly. Thanks so much for everyone's help today! fjh
They can still sue you, it is up to you to show up in court and raise the SOL defense it will then be dismissed. If you don't raise the defense they can and will get a judgment. Tuit
SOL limits range from 3 to 6 years for a lawsuit to be brought against you. (each State has it's own limits) the time starts from your default date. You can sue a credit collection agency,or credit reporting agency up to two years after they commit a violation, or longer if you did not discover the violation due to concealment or additional violation.The 7 year SOL is how long something can stay on your credit report.
Thanks, I was wondering how it would work because I moved from a state that had a SOL of 3 years to one that has a SOL of 5 years. The accounts in question would have been past the SOL in my old state before I moved but now they are current? How does that work? fjh
From what I have read, the creditor can chose which SOL to go by, so they will pick the longest if that benefits them.
A business CANNOT sue you for up to 7 years, as I said, it ranges from 3 to 6 years depending on where you live.(unless you have been in jail or a mental institution for part of that time)
OK but 6 years is still 3 times longer than the 2 years we have and I would still like to know why the difference.!?
So why withhold the answer from me and everybody else wanting the answer? Great public service of credit net isn't it ? Nice to see everybody helping credit net reach its full pontental.
LMAO!!! NO!! I won't tell you!!! lb, you are asking the wrong people! preaching to the choir! fighting with your own soldiers! That was my point. Cripes!!!! Helloooooooooooooo!!!
The 2 year SOL (in the Federal FDCPA ,TILA and State consumer protection laws) are for someone to take action AGAINST a violation of the law.The SOL for filing a lawsuit to RECOVER a debt is longer because any recovery action presupposes a longer period of time for an effort to recover without recourse to the courts.
If someone owes you money and you have a contract or note to prove it, then you are entitled to the same time limit as anyone else, including a business.
Actually, someone suing a business usually has a much longer SOL to do it in, since business contracts are written and most States give longer time periods. Plus, of course the consumer protection of the FDCPA does not apply to businesses so one can use debt recovery methods that would be illegal against a individual.
I don't know what state you are in. In my state It is 7 years if the business is suing me but if I'm sewing them it is only 2 years. Back in the seventies a contractor defaulted on a contract with me. Fast forward to the mid nineties. Another contractor did the same thing that happened with the first contractor. In both cases I sued the contractor for damages. Both times I had to file within 2 years or the contractor was home free. In either case had the contractor not defaulted I could have been sued for up 7 years had I been the one in default. I party 7 years other 2 years just seems a little lop sided to me.
