Q: Is there a statute of limitations on credit card debt?
I was contacted by a law group saying I owed on an old credit card debt. They're saying the last time they tried to contact me was 2016 from a card I obtained before 2010. It was a JCPenny store card. They're threatening garnishment. I paid off all my debts before I purchased my home in 2009. Well everything that was listed on my credit report. My mortgage advisor helped me go through it. The person on the phone told me there was no statute of limitations because it was part of my card agreement. Is this true? Of course I didn't read all the legal jargon when I applied.
A:
I have heard of waivers of statutes of limitations, but I can't advise you without verifying your contract. See a local lawyer and get him to demand a copy of everything and then take his advice.
Good Luck
d
Timothy Denison agrees with this answer
A:
Credit card lawsuits typically involve two different jurisdictions - the issuer's home state and the borrower's home state, and the shorter of the two may apply in Virginia. In Virginia Code Section 8.01- 232, there are three conditions on the enforceability of a waiver of the right to plead the statute of limitations in Virginia as follows:
" a written promise not to plead such statute shall be valid and enforceable to prevent assertion of the defense of the statute only when (i) the written promise is made to avoid or defer litigation pending settlement of any cause of action that has accrued in favor of the promisee against the promisor, (ii) the written promise is signed by the promisor or his agent, and (iii) the promisee commences an action asserting such cause of action within the earlier of (a) the applicable limitations period running from the date the written promise is made or (b) any shorter time as may be provided in the written promise. No provision of this subsection shall operate contrary to subsections B and C."
The statute of limitations must be raised by the defendant in a lawsuit as a plea in bar. It does not automatically prevent a plaintiff from suing.
Anyone facing a debt collection should consult with an experienced Virginia creditor-debtor law lawyer.
Timothy Denison agrees with this answer
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