Ask Experts Questions for FREE Help !
Ask
    cafe racer's Avatar
    cafe racer Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 11, 2007, 11:10 AM
    Statute of Limitations on Credit Card Debt
    Hello, I am a new member, Café Racer. I have a question. I have been given different answers so I don't know which is correct. Statute of Limitation on Credit Card debt in MA is 6 years. So I was under the impression that that time was from when you opened the account. Then I was told that the statute starts from the date of my last payment. Does anyone know the correct answer. I have not made payment on this account since 2004. I believe I opened the account in 2001.
    Justice Matters's Avatar
    Justice Matters Posts: 210, Reputation: 27
    Full Member
    		  
    #2

    Oct 11, 2007, 12:07 PM
    Limitation periods commence when a cause of action arises (ie. Default in payment) not when a contract is entered into.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Oct 11, 2007, 12:24 PM
    In other words, the limitation is based from the last activity on the account. Also the SOL refers only to the creditor's ability to see seek a legal remedy through the courts. The obligation to pay never expires.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Statute of Limitations Regarding Credit Card Debt [ 7 Answers ]

I am approximately $20,000 in credit card debt. I lost my job in mid-2002 and entered a debt reduction program March 31, 2003. I paid the fees to the debt reduction company; however, I have been unable to set aside any funds to payoff creditors/collection agencies. The program is setup in the...

What exactly is the statute of limitations on credit card debt in NY? [ 6 Answers ]

I need to find credible internet citations. Preferably ones whose content is written by law professionals in lay terms. Thank you.

Statute of Limitations on Credit Card Debt [ 4 Answers ]

I would like to ask limitations on credit card debt for Ontario. My daughter has this credit card debt back from 2003 (last time she made a payment). She is trying to clear up this debt now, so she called the lender. She gave them all her current info work etc etc. She advised them she would like...

View more questions Search