Please Explain Statute of Limitations

[RAnn]

This is in reference to unpaid credit card debt.
As I understand it the credit card/collection agency has 6 yrs (in NJ) from the last activity in which to file a lawsuit to collect. If that is not done what happens? Is that what a "charge off" is on a credit report? And will that be on there for 7 years?
I realize the debt does not "go away" but is it enforceable to be collected after that point?
thanks

 

[seniorjudge]

Standard answer on expired SOL (statute of limitation) and/or validation and/or dispute letters. There are thousands of posts similar to yours on this forum so I have prepared a standard answer.

SOL (Statutes of limitation are DEFENSES to lawsuits; they do NOT provide a method to stop someone from suing you. This defense means when they sue you, you answer with the defense that it is barred by the SOL.)

http://www.bcsalliance.com/y_debt_sol.html

http://www.fair-debt-collection.com/Disputing_Collections/SoL-dispute-letter.html


Validation letter samples you can get at :
www.creditinfocenter.com
and www.creditboards.com

Make sure you ask for VALIDATION (and do not accept verification).


Disputes: You can write a letter of dispute to the three credit reporting agencies.

Go this website to find instructions and samples for how to dispute: http://www.creditinfocenter.com/creditreports/

Sometimes errors are easy to remove and sometimes they stick like glue. It is inexpensive to try and not difficult.

I am NOT a creditor-debtor lawyer; stand by for further help.

I am NOT vouching for the accuracy of these websites!

Debt settlement:

http://forum.freeadvice.com/showthread.php?t=293829

 

[RAnn]

Than you very much. You broke it down to an easy way to figure it out (which is greatly appreciated). I think that is part of the problem. There is so much BS and "legalese" that one doesn't know what is what.

 

[debt_helper]

This is in reference to unpaid credit card debt.
As I understand it the credit card/collection agency has 6 yrs (in NJ) from the last activity in which to file a lawsuit to collect. If that is not done what happens? Is that what a "charge off" is on a credit report? And will that be on there for 7 years?
I realize the debt does not "go away" but is it enforceable to be collected after that point?
thanks

the "charge off" date is when the credit card complany shuts off your service, it can be months or even a year after your last charge depending on your limit and payment history.

The SOL in NJ runs from that day- 6 years for suit to be initiated.