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What is alabamas staue of limmitations law regarding credit debt?
Alabama has one of the longer statute of limitations (SOL) for credit card debt. Credit card debt is considered a contract debt in AL. That makes the SOL 10 years from the date of last activity on the account.
What is the statute of limitations on a credit card debt Arizona?
The SOL starts on the last date of activity on the credit card. So, don't make any payments or you will restart the SOL. In Arizona, the SOL is 6 yrs on credit cards.
What is the definition of SOL in the phrase the SOL on credit card debt is 3 years?
SOL stands for Statute of Limitations. It is the time in which they must notify you of the debt and bring suit to collect.
What is the sol on credit card debt?
It varies from state to state. Most states are 3-5 years.
What state applies to the SOL for credit card debit?
The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http://www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http://www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http://www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html
Did the president extend the statutes of limitation for credit card debt?
No the debt statute of limitations (SOL) has not been extended. The SOL varies by state. You can learn more about your rights in terms of debt collection by reading up on the FDCPA. It was last amended in 2006.
Is there a statute of limitations on suing someone for credit card debt?
Yes, credit cards are considered open accounts, all states have SOL's pertaining to the time limit in which a debtor can be sued. You can find out what the SOL for your state is by visiting www.fair-credit-collection.com
Is credit card debt cleared if seven years passes without it being paid?
The SOL for credit cards, which are considered "open accounts" varies by state. Some are as short as three years most are under seven. Once the SOL for the state of residency has expired, the debt is, by law, no longer collectable.
What is the SOL on credit cards in the state of Georgia?
Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection in Georgia it is 6 years. That is usually measured from the last use or payment.
What is the SC SOL on card debt?
3 years 3 years
If the statute of limitation in Michigan is 6 years-is it 6 years from the last payment you have made on a credit card.?
Yes, 6 years is the SOL on credit card debt in Michigan. It is not only the last payment made on the card. If you made a charge on the card after the payment then it would be after that. Basically the SOL clock starts ticking when the last activity was made on the card by YOU - not the credit card company. Once that period is up, you can no longer legally be sued for the debt. Although some collection agencies will try it. Learn your debt collection rights by reading up on the FDCPA.
I have not paid my credit card bills for over five years and I have no job and have disappaeared off the charts how long will they look for me?
You need to check your states statute of limitations for being sued concerning a credit card. I live in Florida. The SOL for this state is five years. After that point the credit provider can still report the debt, but cannot sue for it, even if the account is sold to a collection agency. The date of last activity on your credit card will be the starting date for the SOL.
