QUESTION
How long do credit card companies have to collect what is owed?
Asked on Oct 26th, 2011 on Bankruptcy - Minnesota
More details to this question:
How long do credit card companies have to collect what is owed? and when does the time start? Does it start after your last payment to them?
11 ANSWERS
Family Law Attorney serving McDonough, GA
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South Atlanta Family Law
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4 to 6 years depending on if it is considered a breach of contract or suit on account claim. And the statutes of limitation begins from the date of the last payment.
Answered on Nov 07th, 2011 at 9:26 AM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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The general STATUTE OF LIMITATIONS in SC is 3 years from the DATE OF LAST PAYMENT. So, DON'T GET "suckered" into making small monthly payments which start the clock over again.
Answered on Nov 02nd, 2011 at 12:52 PM
Bankruptcy Attorney serving Corona, CA
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Saunders Law Group, Ltd
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Yes. Under Statutes of Limitation you have 4 years. It starts from the last time you made a payment.
Answered on Oct 28th, 2011 at 3:55 PM
Debtor's Rights Attorney serving Atlanta, GA
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Theodore N. Stapleton, P.C.
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Generally 6 years after last payment.
Answered on Oct 27th, 2011 at 2:03 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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26 yrs if they play their cards right. 6 yrs statute of limits - 10 year judgment limit - if renewed another 10 yrs.
Answered on Oct 27th, 2011 at 1:57 PM
Family Law Attorney serving Bellevue, WA
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Dearbonn Law Offices PLLC
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It is going to be seven years.
Answered on Oct 27th, 2011 at 2:31 AM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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A credit card company has 5 years from the date of default (first missed payment) in Virginia to bring a lawsuit. Once the judgment is obtained, they can collect for 15 years. The judgment can then be renewed for another 10 years.
Answered on Oct 26th, 2011 at 10:48 PM
The statute of limitations for a contract claim in Massachusetts is six years. Usually, a debtor's failure to pay on credit card debt will cause the creditor to file suit for breach of contract. Every time you use a credit card you are assenting to a contract to repay the debt incurred. It could be construed that payment of an installment on the debt is a reaffirmation of the debt which gives rise to a restart of the tolling of the statute of limitations. If that argument is accepted by the court the creditor would have six years from the last payment made. You should consult a debt resolution attorney for advice on the specifics of your situation.
Answered on Oct 26th, 2011 at 5:35 PM
It starts after your last payment and can be extended if you make a new payment. There is a statute of limitations but it is what we call an "affirmative defense" and must be pled and proved in court. I've seen collectors try to collect 10 year old debt.
Answered on Oct 26th, 2011 at 5:22 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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Credit card payments have a statute of limitations of 4 years from the time of the breach, that is, when the first payment that was delinquent was due.
Answered on Oct 26th, 2011 at 5:21 PM
Chapter 13 Bankruptcy Attorney serving Bloomington, MN
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Gregory J. Wald
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The statute of limitations is six years, and it begins from the last time you acknowledged the debt. Making a payment, even a partial payment, is considered an acknowledgement of the debt. There could be other ways of acknowledging the debt, for instance, an agreement to make payments on the defaulted obligation.
Answered on Oct 26th, 2011 at 4:25 PM