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Pk12345 · May 26, 2014, 01:27 PM

Many credit/debt info websites list Idaho's Statute of Limitations on open ended accounts as being 4 years, yet many others list it as 5 years. There has to be one proper answer. Please can someone tell me which one is actually CORRECT?

ScottGem · May 26, 2014, 01:48 PM

Everything I found says 4 years.

hkstroud · May 26, 2014, 01:56 PM

http://www.nationallist.com/image/ca...Collection.pdf

Pk12345 · May 26, 2014, 02:59 PM

Thanks for the reply. Creditcards.com and Bankrate.com are 2 examples that report it being 5 years, and there are quite a few more. Just wondering which one is corrrect.

Pk12345 · May 26, 2014, 03:02 PM

Originally Posted by hkstroud

http://www.nationallist.com/image/ca...Collection.pdf

Thanks for your reply. I have seen this info and it doesn't mention anything about open ended accounts, just contracts and oral. I am wondering if that is why some sites list it as 4 and some 5. Perhaps Idaho doesn't specify open ended accounts and they are considered contracts?

ScottGem · May 26, 2014, 03:34 PM

Do you think someone is try to sue for a debt past the SOL?

ScottGem · May 26, 2014, 03:34 PM

Both those sites are lender friendly.

Pk12345 · May 26, 2014, 03:41 PM

Thanks for your reply. I have an old credit card debt that will be over 4 years old in a few months. I'm not being sued now but just in case I would like to know what the true sol is.

ScottGem · May 27, 2014, 04:47 AM

First, the clock general goes from the last activity, so the 4 years may end later than you think. Second, A debt never expires. A SOL only covers using law suits to collect.

AK lawyer · May 27, 2014, 09:06 AM

The blog linked by Hkstroud seems to indicate the correct SOL:

"In Idaho, a collection action based on a written contract must be brought within five years (I.C. § 5-216). "

A credit card debt would be a written contract. The SOL would be calculated from the last time you made a payment. So no, it is not tolled by the SOL.

ScottGem · May 27, 2014, 10:04 AM

But this one (Idaho Statute of Limitations on Debt Collection | ID Debt Laws) classifies credit card debt as an Open Account:

In Idaho open accounts, like a credit card account, have a statute of limitations of 4 years.

Many other states also classify credit cards as Open accounts. In a written contract the full terms of the contract are spelled out so that a fixed amount is borrowed for a specified term at specified rates. A credit card is more open.

AK lawyer · May 27, 2014, 11:34 AM

Originally Posted by ScottGem

But this one (Idaho Statute of Limitations on Debt Collection | ID Debt Laws) classifies credit card debt as an Open Account:

In Idaho open accounts, like a credit card account, have a statute of limitations of 4 years.

Many other states also classify credit cards as Open accounts. In a written contract the full terms of the contract are spelled out so that a fixed amount is borrowed for a specified term at specified rates. A credit card is more open.

That source doesn't quote, or even identify the supposed 4-year SOL.

OP wrote that "... I'm not being sued now but just in case I would like to know what the true sol is. ...". To be sure, OP should read the statute itself. Section 5-216 says 5 years for a written contract. Section 5-222 refers to an "open account", but I don't see that it has a different duration:

"5-222. Actions on open accounts -- Accrual of cause. In an action brought to recover a balance due upon a mutual, open and current account, where there have been reciprocal demands between the parties, the cause of action is deemed to have accrued from the time of the last item proved in the account on either side."

Pk12345 · May 28, 2014, 06:56 PM

So are you implying that since Section 5-222 refers to an open account but doesn't show a different duration (as contracts) that it would be the same (5 years) as for contracts?

Pk12345 · May 28, 2014, 07:02 PM

Originally Posted by AK lawyer

The blog linked by Hkstroud seems to indicate the correct SOL:

"In Idaho, a collection action based on a written contract must be brought within five years (I.C. § 5-216). "

A credit card debt would be a written contract. The SOL would be calculated from the last time you made a payment. So no, it is not tolled by the SOL.

Thanks for your response. It seems to be a very popular opinion across the nation that credit cards are considered to be open ended accounts. Are you suggesting that Idaho doesn't recognize them as such (as most states do)?

smoothy · May 28, 2014, 07:03 PM

You do realize even if they can't sue you in court.. it doesn't keep them from reporting an account in collection to the credit reporting agencies... and an amount that big will keep anyplace but a loan shark (payday loan places fit this catagory) from loaning you any money. And they don't have to remove it until its paid in full.

My wife is a loan processor and a small fraction of that ammount would disqualify you from getting a loan from most credit unions or commercial banks. And it wrecks your credit score.

Pk12345 · May 28, 2014, 07:20 PM

An amount how big? I don't remember referring to the amount. I'm aware of the credit consequences, also aware that a judgment is very damaging as well so I would like to know if I have any leverage such as settlement in the event of a lawsuit.

smoothy · May 28, 2014, 07:39 PM

I must have been thinking of another thread where the number $9,000 was tossed around (had to go back and read all the posts again to notice it wasn't mentioned here)... but if its an amount you have difficulty paying... then its big enough to cause problems (less than $1,000 is enough)

Many people think they dodged the bullet if the SOL ran out (some of them will be reading this thread at some point).. when its not exactly true... they would have lost the chance to bring a suit in court, and win a garnishment if the SOL runs out... but the debt never expires and they can cause problems essentially until you die.

Any leverage you have is offering enough they would rather settle for to get the debt off their books... 50-75% of something is better than 0% of something, because that's more than they would seel th debt for.if you don't offer enough your debt will likely be sold to other debt collectors at some point.

However... there is a fine line on what's considered acivity on the account if its not expired. And it will reset that SOL clock.

ScottGem · May 29, 2014, 04:27 AM

Originally Posted by Pk12345

An amount how big? I don't remember referring to the amount. I'm aware of the credit consequences, also aware that a judgment is very damaging as well so I would like to know if I have any leverage such as settlement in the event of a lawsuit.

A debt that old has most probably been written off and/or sold to collector. Therefore, the collector is actually on the hook for a much lower amount. If it it has been sold, it was for pennies on the dollar. That's your leverage. If a lawsuit is filed then you have lost much of your leverage. Already. Better to try and negotiate when they try to collect.

AK lawyer · May 29, 2014, 04:38 AM

Originally Posted by Pk12345

So are you implying that since Section 5-222 refers to an open account but doesn't show a different duration (as contracts) that it would be the same (5 years) as for contracts?

Exactly. It simply re-states the common law that the SOL for contracts (as, in Idaho, 5 years) doesn't begin running until the debtor makes his/her last payment.

AK lawyer · May 29, 2014, 04:41 AM

Originally Posted by smoothy

You do realize even if they can't sue you in court.. it doesn't keep them from reporting an account in collection to the credit reporting agencies... and an amount that big will keep anyplace but a loan shark (payday loan places fit this catagory) from loaning you any money. And they don't have to remove it until its paid in full.

Incorrect. I believe that it is the Fair Debt Collection Reporting Act which prohibits credit reporting agencies from reporting a debt that is more than (as I recall) 7 years old.