statute of limitations on credit card debt
58I have written this article to give details about the statute of limitations on credit card debt .Thelenders or the debt collectors must not contact you [for collecting the debt owed]after a certain period of time.If they contact you,they will be violating the Fair Debt Collections Practices Act.This act was a good move to protect the borrowers.
What is meant by statute of limitation?
If you do not know anything about this topic,here are some points you need to know about it:
=>The creditors cannot sue you to collect the debt after a certain amount of time.This is termed as the statute of limitation.The period will start right from the last payment date or last activity on your credit card.The best way to know about the length of time would be to contact the State Attorney’s office.You can get complete information in those offices..
credit statute of limitations
=>There are many debtors who want to take advantage because of the borrower's ignorance about the statute of limitations.But since you have now understoo about this topic,you are in a good position.
=>Remember that if you do any activity on the old accounts - if you make a payment to the debtor because of his constant phone calls,you are going to restart the statute again!!This make things complicated.
=>You must not just make a payment but should also not make a payment agreement - even doing a agreement will restart the statute of limitation.
More information
For more information on the topic of debt elimination and credit card debts,you can read my articles on the No Credit Check Debt Consolidation Loans and the Government Aid in Free Debt Consolidation .To get details about payday debt elimination,read Debt Consolidation Loan for Payday Loans for more information.
statute of limitations on credit card debt in the News
- Americans use variety of tricks to avoid loading up credit-card debt on holiday purchasesMinneapolis-St. Paul Star Tribune10 minutes ago
NEW YORK - Shoppers are doing all they can to keep their credit cards in their wallets this holiday season. They're paying with cash, direct debits from bank accounts, taking advantage of free financing and even cashing in frequent flier miles.
- CREDIT CARD ISSUER TRICKS TRAP CONSUMERS IN DEBT, WEEK OF DECEMBER 17-23, 2009The Wilmington Journal4 hours ago
Amidst the holiday hubbub of celebrations, shopping, and other seasonal events, the convenience of credit cards lend themselves to greater usage.
- City loses about $20,000 a year to credit card feesThe Oxford Press3 hours ago
OXFORD - Paying for utility bills with a credit card may be convenient for customers, but it’s costing the city money, said city Councilman John Harman.
- Credit card interest rates keep climbing higherMalaysiaNews.net12 hours ago
Interest rates on new credit card offers climbed higher this week, according to the CreditCards.com Weekly Credit Card Rate Report, as banks continue to charge cardholders more to carry a balance. ...
- Consumer Reports Re: Credit Card Debt, Total Debt Relief ExplainsMarketwire4 days ago
As Conflicting Reports Are Issued Regarding the Best Strategies for Paying Off Credit Card Debt, Consumer Advocate Sheds Light on the Situation
- Capital One settles litigation over credit card disputesRichmond Times-Dispatch13 hours ago
Virginia-based Capital One Financial Corp. will drop language from credit-card contracts that requires customer disputes to be handled through binding arbitration rather than the courts, a spokeswoman for the bank said yesterday. New agreements without the mandatory arbitration clause will be sent to all Capital One credit card-customers next month, spokeswoman Pam Girardo said.
- Capital One the latest bank to tentatively settle lawsuit over credit card arbitrationMinneapolis-St. Paul Star Tribune19 hours ago
BOSTON - Capital One Financial Corp. will drop language from credit card contracts that requires customer disputes to be handled through binding arbitration rather than the courts, a spokeswoman for the bank said Thursday.
- Maybank not absorbing RM50 credit-card service taxThe Edge Daily29 hours ago
KUALA LUMPUR: MALAYAN BANKING BHD [ ] will not be absorbing the RM50 credit-card service tax as doing so would run counter to the objective of the measure's introduction under Budget 2010, says the bank's CEO Datuk Seri Abdul Wahid Omar.
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