Question by GeminiStars: Is the SOL on credit card debt determined by the state you currently live in or where the debt originated?
Is the Statute of Limitations on credit card debt, determined by the state you currently live in or where the debt originated?
I have a debt that I stopped paying on in Jan 2002. I acquired the debt while living in Texas and stopped paying it while living in Texas. My husband is military so we have lived in Missouri for the past 4 years.
The SOL for TX is 4 years for open accounts (credit cards) and for MO it is 5 years. Either way, the SOL has run out on this debt, however I am still wondering which would apply to us since we are military? We claim TX as our home/residence.
Thanks!
This debt was sold to a debt collector years ago.
I have known others that have written cease and desist letters so I am not so sure that SOL on card debt is a “myth”.
Best answer:
Answer by Anonymous
There is no SOL on credit card debt. That is a myth. It is your debt and will be forever.
An old unpaid credit card debt is usually sold to a collection agency that will try to collect and/or sell it to another collection agency. It could haunt you forever.
The right thing to do is pay it.
Good luck.
Edit: So it’s not a myth? How do you explain this http://answers.yahoo.com/question/index?qid=20070411073613AAe0RQ7&r=w&pa=FZptHWf.BGRX3OFMhjJWUCsqcyzNIuIJNdFezanph4tcaqw6.A–&paid=answered#A60tWkzuM2Q9.hGGYrMq
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