Q: Can a bank collect a debt on a credit card 13 years after the last payment was made?
I was contacted by a law firm representing US Bank. For a credit card that was open in 2005 and payments made on it until 2008. A balance of 5000 was never paid. I have no recollection of this. It has never been on my credit report. It could have been opened by my ex wife. We were going through a divorce. I filed in 2001. We were still married in 2005.
But, I can't imagine why I was never contacted about the money owed. The law firm says they can take a payment of half the amount owed. This just doesn't sound right.
A: it is likely past the statute of limitations but an attorney would need to review what you are receiving and get more facts to further advise you.
A: You should clarify whether or not the debt has been reduced to a judgment when you speak with counsel regarding your options.
A: There are 2 important parts to the answer. Is the debt still owed and can they sue you for it. A lot more information has to be discussed before a good answer is given. You should try to talk to a lawyer to see if they can help you answer those questions. The Statute of Limitations on a written contract is 4 years... but there are many ways for the credit card company to claim the statute is still running based on.... Can they still try to collect on a debt that the statute has expired... yes they can.. I help a lot of people in similar situations but I have never heard of a credit card company contacting you with so many years gone by.. Something doesn't seem right and especially if it's not on your credit report... and finally 50% is not too bad but if they can't sue you because the SOL has expired then you can consider not giving them anything. Your ex might have opened it with your name on it and then continued to use it without your knowledge. Find out and if so you might let the CC company know about the divorce and tell them you are not responsible for the debt.
A: Did the law firm call you or mail you a letter? Did you ask them who the original creditor was? Were you on any accounts with your ex-wife either as a co-signor or authorized user? I suggest you schedule a consultation to discuss this matter further.
A: You have been provided excellent responses from my colleagues. Attorney Greene has particularly addressed many of the issues. From the information provided, it appears that the Statute of Limitations has expired at this time for suing you but the creditor can still try to collect. For more details, suggest you meet with a local collection attorney.
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