statute of limitations - credit card debt
Received a letter from a collection agency re:cc debt charged-off 12/90. Rang VA consumer affairs, told that there was no statute of limitations (SOL) on cc debt. Is this correct? If not, is it sufficient to send a letter stating that SOL has been exceeded and take no further action? Can the letter simply be ignored? Would responding by any method give them license to put this back on my credit report? Also, cc originally received in AZ, do the laws of that state also apply?
Payment is requested by 10/17/03, through their ''special offer'' to pay half original debt. Letter reads like a ploy, paying will ''inform credit bureaus of acct settlement''; ''stop collection call'' (haven't been any); let me ''breathe easier.'' This is my ''best opportunity,'' offer expires 10/17/03. Is this sent out in the hopes that one will be alarmed and pay, or should one be alarmed and arrange payment plan?
1 Answer from Attorneys
Re: statute of limitations - credit card debt
The statute of limitations for a so-called open account based on a written agreement would be five years from the date of the last demand for payment-----and not from the last date unpaid charges or debt was incurred.
The law of the state where the agreement was made(AZ, apparently, in this case), would apply.