What is the statute of limitations on credit cards bills not paid?
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The Statute of Limitation (SOL) on varies from as little as 3 years to as many as 15 depending on the State you live in. In most States the SOL on open accounts is 6 years. Check the link below,
http://www.cardreport.com/laws/statute-o...
Credit card accouts are alwayts open accounts.
What is the statute of limitations on credit cards bills not paid?I thought statute of limitations was for criminal activity ?
Are these fraudulently obtained cards ?
If you are referring to how long they stay on the credit report ,
It is usually 7 years from the date of last activity / payment / use .
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What is the statute of limitations on credit cards bills not paid?Far as I am aware, there is no statute of limitations on a contract, which is what a debt is. So if you are thinking of laying low for a couple of years or so, I think you're out of luck. You owe it, they find ya, you'll pay.
What is the statute of limitations on credit cards bills not paid?There is no "statute of limitations" on debt. Either you owe the money or you don't. If you do pay it.
What is the statute of limitations on credit cards bills not paid?The Statute of Limitations to bring an action for collection of a credit card can vary from state to state. In Missouri, where I practice, the statute is ten years for a written contract promising the payment of money (that doesn't necessarily mean a signature) and five years for other actions normal in debt collection (such as a suit on account). In Arkansas, I believe it is 5 and 3 for the above.
If you are still within your states Statute of Limitations, I would suggest taking some personal responsibility and either set up a payment plan or make a reasonable lump-sum offer.
What is the statute of limitations on credit cards bills not paid?theres no statute of limitations on COLLECTING the debt, but there is on how long a company can take you to court. About 7 years
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