[Selket51]

Hi:

I used to live in Canada. I left my husband as he was an alcoholic and he maxed out our joint credit cards. He passed away in July 1999. I haven't been in Canada since October 2000. I remarried and now live in the US. Is it safe to say that the Stature of Limitations has run out on these credit cards?

Selket51

[CaptainForest]

Yes it is safe to assume that based on the information you have provided.

[Selket51]

Many thanks for your quick response, I had thought so but wanted an experts opinion.
This puts my mind at ease!
Have a great day!:D
Selket

[nannynoon]

Hi,
I have a small credit card debt from the early 1990's which I forgot about.Now after all these years they want to take me to court & have added hundreds of dollars interest.is there a statute of limitations on this in canada?

[CaptainForest]

hi,
I have a small credit card debt from the early 1990's which i forgot about.Now after all these years they want to take me to court & have added hundreds of dollars interest.is there a statute of limitations on this in canada?

Hello Nanny Noon,

Yes there are SOL in Canada.

It varies by province. So, it would depend on what province this occurred in.

But if the last time you made a payment was 10+ years ago, I believe the SOL has run out in all the provinces.

[51dwayne51]

I have approximately $20,000 in credit card debt. On March 31, 2003 I entered a debt reduction program. I paid the fees for the reduction company, but have not paid any money at all towards credit card debt. The program details involve setting aside a certain amount of money & the company negotiates a reduction amount as final settlement. I have not been able to set aside any funds to pay the credit card companies or their collection agencies. My understanding is that the state of Georgia has a four year statute of limitations regarding credit card debt. Since more than four years have elapsed since the last due date, am I protected by the statute of limitations even though I have been in a debt reduction program but have not been able to make any payments to credit card companies or their collection agencies? Am I on safe ground to walk away from the debt as I have not paid any monies in over four years and do not have the means to do so? I want to make sure of the Georgia statute of limitations and if I am protected even though being in a debt reduction program, but have not been able to make any payments to the credit card companies or their collection agencies.

[Assistant1]

The statute of limitations for credit card debt in the state of Georgia is four years. The Federal Truth In Lending Act indicates that credit cards are open end accounts. Those who maintain that credit cards are written agreements rather than open end accounts are incorrect. Federal Law supersedes state law or a state court's interpretation. As indicated the Federal TILA clearly defines credit cards as open end accounts and in the state of Georgia, that would be a four year statute.

Georgia's statutes provide,
Quote:
Quoting OCGA § 11-2-725. Statute of limitations in contracts for sale

(1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.
And
Quote:
Quoting § 9-3-25. Open accounts; breach of certain contracts; implied promise; exception

All actions upon open account, or for the breach of any contract not under the hand of the party sought to be charged, or upon any implied promise or undertaking shall be brought within four years after the right of action accrues. However, this Code section shall not apply to actions for the breach of contracts for the sale of goods under Article 2 of Title 11.

Here is a site which you will surely want to review as it contains invaluable information for those who have reached the four year statute of limitations for credit card debt:

Why Chat's Credit Confusion -How To Answer A Lawsuit
(Click on highlited link)

It is recommended that you contact threatening debt collectors with a SOL letter making them aware you know your rights. If you are facing a court hearing, the above link provides all the tools you need to defend yourself. This site even includes a US Supreme Court decision defining credit cards as an open end account. There are numerous other US Supreme Court decisions which refer to credit cards as being open end acccounts. Knowing your rights, being prepared & being firm are important to a successful, affirmative SOL defense. The above site gives you all the tools you need for a successful defense. Note: The information at the above link may be applied to each state's SOL for open end accounts. In Georgia, the SOL for open end accounts (credit cards) is four years. The same information could also, be applied to other state's SOL for open end accounts.