When you say Statute of Limitations..??

[SCREWCREDIT]

When you say "Statute of Limitations" on credit cards.. what are you referring to?

The amount of time the lender has to collect that debt by pursuing legal action? Help me out here.

 

[I AM ALWAYS LIABLE]

Dear Screw:

For all of the good belly laughs I've gotten from your posts, I owe you an answer, at least, to this question . . .

A Statute of Limitations starts to run from the very first day you become indebted to a creditor. It is the amount of time they have to collect a debt from you, or to file a lawsuit against you.

With every payment you make on the debt, the clock starts all over again on that Statute of Limitations.

So, if your States' Statute of Limitation is 3 years on written contracts, and you're 2 years into a 5 year loan, the 3 year S.O.L. starts from the date of your last payment.

Thanks again for the funny posts !!

Your fan,

IAAL