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DON'T BE HAMMERED BY YOUR DEBT

DON'T BE HAMMERED BY YOUR DEBT

Thursday, August 09, 2007

How To Beat An Old Credit Card Debt: Part One

What is the best weapon to beat an old credit card debt? The answer is time or said in fancy legalese, the Statute of Limitations. The Statute of Limitations is a deadline you have to sue someone. The Statute of Limitations is different for every type of lawsuit and varies from state to state. For example, in the state of Tennessee the Statute of Limitations for an open account or contract is six years. That means that a company has six years to file a lawsuit against from the day you default on your agreement. One day beyond that six years, and their lawsuit is barred by the Statute of Limitations. So the questions are; what Statute of Limitations applies and When did default occur. The most applicable Statute of Limitations will likely either be one for contract (may be for breach of contract) or for open account. An open account is essentially a line of revolving credit. You can find your state's appropriate Statute of Limitation from a link on the right side of this blog entitled "Debt Law for All 50 States". Once you know how long the right Statute of Limitations is for your state, then you need to determine when did default occur. If you are being sued for an old credit card debt that has been sold several times, then it is likely that the current owner has no idea or more importantly, no proof, of when you defaulted. You should argue that your default occur ed the day your first payment was due that you did not pay. Hopefully, you have some written evidence of that; a past due bill, a collection letter, etc. If you do not, then file an affidavit alleging the date and then the burden will shift to the debt purchaser to prove that the suit was not brought in violation of the Statute of Limitations.

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34 comments:

Anonymous said...

Missouri has a 5 year sol. Kansas has a 3 year sol on credit cards.

The debtor (consumer) is a resident of Ks. now and at the time the account was opened.

The credit card bill was sent to the debtor's office in Mo. for convienance. Debtor crosses statelines each day to work in Mo.

The debtor is being sued in Mo. for defaulting on the credit card account.

Sol has expired in Ks. Sol has not expired in Mo.

Can debtor get the case dismissed in Mo because of improper jurisdiction?

I think this blog will be an interesting subject for your participants. I will take my answer on your blog.

I find your blog very informative.

Thanks

Michael Herrin said...

Where the debtor works or resides is fairly immaterial. The contract between the consumer and the bank governs what state's laws apply. Most credit card application agreements will tell you that the contract is governed by the laws of blank state. No matter where you reside, the credit card company or the subsequent purchaser of the debt can sue you where you live and the court in that state is obligated by the contract to apply the "substantive" law of that state. The court will apply the "procedural" law of it's own state. Unfortunately, statutes of limitations are substantive law. Most credit card agreements are governed by the law of a state such as North Dakota where the statute of limitations on an open account is six years.

Anonymous said...

Thanks for the info. I still have an open question.
Can the credit card company sue in the consumers "work" state, or must they sue the consumer in their "residence" state? The credit card bill was being sent to the consumer's office in their work state.

Please clarify this. Thanks again.

Anonymous said...

Does the creditor have the right to sue you in the state where the credit card bill was sent, even if this is not your residence state nor the state that governs the contract?

Anonymous said...

Why don't you answer my question? I submitted it twice. I think your blog has merit and value your comments.

Michael Herrin said...

For three reasons. First, your comments come to me as an email, an anonymous email and you never identify yourself or provide an email address. I would be glad to reply by email, but without an address, that is impossible. Secondly, you have to be patient. This blog is not my first, second or even fifth priority of attention. My paying clients receive my first attention. Thirdly, this is not a forum or discussion board. It is a blog which I allow open comments to be posted in response to my articles. I do not reply to the vast majority of comments because if I did that is all I would have time to do. Finally, to answer your question, can the credit card company sue you in the state you work in and where you had the bill sent to and the answer is absolutely. You gave the credit card company that address as your billing address. You established that address as the place you can be found for purposes of billing. You cannot now deny that forum just because the place where you really live has more favorable procedural laws.

Anonymous said...

Thanks for your information. By the way: I work in the collection industry.

Anonymous said...

How many years for Colorado on revolving credit cards? On the web I see anything from 3 to 6 years.

Anonymous said...

Hi, thanks for the blog.

If you are being sued by a law firm for a credit card debt, and you then pay off that debt, does it show on a credit repoert that the debt had been paid?

Thanks.

Anonymous said...

Filed a response to the petition on the case of with the work or residence venue. Pleaded improper venue. The petition incorrectly stated the defendant was a resident of Mo., when in fact he/she was a resident of Ks.

Went to the hearing and the Plaintiff filed a voluntary dismissal. Judge granted it with prejudice and cost to Plaintiff.

I don't know if the improper venue was paramount or if the Plaintiff just decided to let this one go and to go after some other easy cases. ????

Mr. OORAH said...

I am trying to clean up my credit and have 2 questions.
1. I have a few accounts that have last reported dates who's 7 yr mark is coming up.Does this mean that I can have them removed? When does the 7 yr time period start for account removal on your credit report. Does it start on the last date of activity on the account or the date it was last reported by the creditor? And how long can the creditor report the account to the credit agency?Because it seems as though the accounts can be reported every 3 yrs and never be dropped off.

2. How can I get my wifes account off my credit report.. Thanxx and

OOORAH

Mr. OORAH said...

I am trying to clean up my credit and have 2 questions.
1. I have a few accounts that have last reported dates who's 7 yr mark is coming up.Does this mean that I can have them removed? When does the 7 yr time period start for account removal on your credit report. Does it start on the last date of activity on the account or the date it was last reported by the creditor? And how long can the creditor report the account to the credit agency?Because it seems as though the accounts can be reported every 3 yrs and never be dropped off.

ijedic said...

I am being sued over a credit card I defaulted on in 1999 when I lost my job. This is in the state of TN, I've long lost old bills, and was wondering how to

"then file an affidavit alleging the date and then the burden will shift to the debt purchaser to prove that the suit was not brought in violation of the Statute of Limitations."

Thank you for your time.

ijedic said...

I am being sued over a credit card I defaulted on in 1999 in TN. I've long lost the old bills and would like to know how to :

"then file an affidavit alleging the date and then the burden will shift to the debt purchaser to prove that the suit was not brought in violation of the Statute of Limitations."

Thank you for your time.

Secondwynd said...

What evidence does one need to mount an SOL defense against a third-party collector re. a credit card from 1993? There was an outstanding judgment that was eventually squashed because it was improperly served. My bank account was seized but that's now been undone. We've got an impending court date on the matter. Do I place a dispute with them in writing about the expiry of the SOL? Do I file an affidavit alleging the date this cc was defaulted? Is the onus on me or them to produce this info?

Anonymous said...

I'm being sued ofr an old credit card. I live in tx. sol is 4 yrs. the last reciept i can find was 1993. I called credit card comp. to try and find out my last patment htey said i had to contactcollection comp.Can i file a petition for discivery? i allready filed in court for disimiial under sol trial sdety for 3-28-08. i did it all pro se because i cant affor a lawyer any suggestions

Albert said...

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TC said...

Hello:

Can you tell me, when says on the statements provided by the lawyer (becuase I have no records of this card) "your account has been placed with a collection agency" and has a payment due date of 12/3/03 will act as enough proof of the date of the loan being defualted?

Also the bottom of the statment gives a P.O. Box In Illonis but the Bank is in Nevada and i live in Ohio where would the years of SOL fall under?

Thank you,
Todd

nicholn said...

I recieved a summons to court for an old credit card account that I have not payed on in at least seven years to my recollection. When I called to get a payment history form the company they told me I had to go to court and the judge could decide whether or not I could access that information. They told me that I had had given up my right to that information by not responding to their letters. I live in New York and I know the statute of limitations has run out.The default date on the letter just so happens to be almost six years. How do I make them prove the date of default?

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David said...

Hi,

I greatly enjoyed looking through your blog and found an informative one for finance related topics.I have also some finance related web sites having more information regarding various financial problems and its solutions.So,I think it would be beneficial for both of us if we will join in a community and become link partners to each other which will help your blog/site in getting more Google values.If you are interested then please contact me at- davidsimonds007(at)gmail.com

Thanks,
David

Anonymous said...

Great information very useful as I am in the midst of trying to vacate a default judgment. Any suggestions on how I can force them to vacate it? I am trying to appeal the denial as I stupidly filed defectively so I am now going to appeal the judgment tomorrow.

Debi said...

We have been fighting a credit Card balance for almost 5 years. We are not refusing to pay what was owed, but they will not work with us, They admit the mistake was theirs but do not care. We asked to speak to their lawyer and said we cannot, we have written letters. we are trying to borrow money and they say we have to pay this, it was 9,500 now it is up to 22,000. we made an offer to pay 15.9 percent on it and they will not accept it. The orinal percentage on it was 1.5. we have great credit and never owed a late payment with them or any other credit card or loan, What can we do?

Debi said...

https://www.blogger.com/comment.g?blogID=30937069&postID=6286301305621987466&page=1

Anonymous said...

What is the limitations for credit card debt to be paid in Md.
Thanks

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Anonymous said...

Greets dudes!

It is my first post here wanted to say hi

See you later

Anonymous said...

For an automobile loan, can the dealer's refund to the financing company for the service agreement be considered a "payment" thus extending the time in which the SOL begins?

Richard said...

nice little blog. You ought to file a class action suit against scammers like "Portfolio Collections" that use abusive & illegal tactics to collect debts 15 to 20 years old.

Man they'll blow up your phone, call from 25 numbers with area codes from GA to NV. They have quite a reputation as can be seen by checking the web.

Why doesn't a lawyer gather up enough folks and file suit on them?

Can I call forward them to a 900 number? I need a new business.

custom credit cards said...

A credit card is a small piece of plastic paper that fits exactly into your wallet.

Doug Powell said...

In 2005 I came down with the Shingles and became Disabled. It took me 3 years to get Disability from the State of Georgia. So, now I live with my Daughter(17)on a fixed Income. I had a Capital One Credit Card with $5000. It has been sold to a Credit Collection Agency is is now $8000. Is there any relief for this situation?

Thanks in advance

dougpowell@hotmail.com

sugarchocolatebrandy said...

not to sound rude but do you guys know that if its pass sol the debt is still on your credit its just not reporting and the sol starts from the first time you stopped paying sol just only means that the debt collector can't sue its still a legal debt that is still owed wounder how i know all of this well im a debt collector not the kind that says pay or i will sue and take your house that gets no were just keep in mind that you owe the money back on the acct no matter how old the acct is say you lend money to a friend the friend hasn't paid you back 8 years later you still want you money back even though its been years since you lend your friend the money its the same for a debt you spend the money now the debt has to be paid back no matter how old

Kevin said...

This can help you beat the Credit Card Companies.

http://affidavit-denying.blogspot.com/


http://compeldiscovery.blogspot.com/

Anonymous said...

But yet you don't know the rules which govern your industry...go figure