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Court Rules Store Card SOL is 4 Years

Frequent Contributor

Court Rules Store Card SOL is 4 Years

Message 1 of 4
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Valued Contributor

Re: Court Rules Store Card SOL is 4 Years

Interesting article and the good guys won ! Frankly I'm surprised that Midland bothered to go to trial on this one. 

 

However, before you get too excited, SOL time is a state law issue so I'd be careful reading too much into this case if you don't live in NJ. Most states are 3 years for credit card debt, seems NJ is 6 and now 4 for "store cards". 

 

I guess the lesson is, know the law in you state and don't let a JDB tell you otherwise. 

Message 2 of 4
Frequent Contributor

Re: Court Rules Store Card SOL is 4 Years

That is pretty interesting how the complexity of legalese can so profoundly affect something so serious.  I'm surprised.  As a NJ resident I'd say it's obvious Midland isn't paying enough protection money, or perhaps the retail stores aren't, or are.  The whole system is so twisted I can't figure what any of their end games are.  Smiley Very Happy

FICO 8:  EQ:687  TU:728  EX:735
Message 3 of 4
Established Contributor

Re: Court Rules Store Card SOL is 4 Years

The truely interesting part here isn't the NJ-specific SOL timeframes... but the ruling that partial payments didn't reset the SOL:

 

"the Court also found that partial payments, which were less than the required minimal payment, did not toll (i.e., pause or extend) the running of the statute of limitations"

EQ8:844 TU8:845 EX8:850 (MyFico) - 2017-10-16
Message 4 of 4