Statue of limitations
Submitted by jody on Thu, 09/14/2006 - 6:09pm.
Oregon
I have been paying on credit cards and such for as long as 15 years on some of them, and the statue of limitations on an open account is 6 years. Could anyone tell me if i no longer need to pay or what, the balance goes no where by just making minimum payments. I feel as though all my money is being thrown out the window. You know over the course of 15 years you know they have well been paid for.
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Statute of limitations, by
Statute of limitations, by definition, is a period of time in which one has to enforce their rights through legal process (in this case, the creditors rights). By your continuous payments, no breach has occurred in the agreement between you and the creditor. The limitation period only begins to run, and is only a factor, upon a breach. In other words, if you stopped making payments, the creditor has 6 years from the time you failed to make a payment to sue you.
In most states, making a payment after a breach starts the limitations period over again.
While a merchant card might be considered an open account in some states, Bank or lender credit cards are considered a loan, not an open account.
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