SOL

[Anonymous]

Anyone know if credit card debt is considered open or written in SC and NC?

[llecs]

I'm taking a stab by saying written and state is based on where you first opened the CC. Written if online or written in any way.

[Anonymous]

 South Carolina Statutes of Limitation

          credit card debt is considered open ended and has a 3 year SOL

Breach of Contract: 3 years, (SCCLA 15-3-530).

NOTE: A partial payment or acknowledgment in writing tolls the SoL, (SCCLA 15-3-30).

Foreign or Domestic Judgments: 10 years, (SCCLA 15-3-600). 

 North Carolina Statute of Limitation

Express or implied contract, not under seal: 3 years.

Contract and sale of personal property under seal: 10 years.

Open account: 3 years, NOTE: Each payment renews the SoL on all items purchased within the 3 years prior that payment. If no payment is made, the SoL runs from date of each individual charge. Contracts: From date of breach or default, unless waived or performance under the contract is continued.

Judgments: 10 years

Partial payment BEFORE the SoL expires renews the SoL from date of payment.

Payment AFTER SoL expires renews SoL ONLY if, at time of payment, circumstances infer the debtor recognized obligation to pay. Partial payment on open account restarts SoL on purchases made within 3 years of payment date, if acknowledgment can be inferred, starts the statute anew as to the full obligation acknowledged, even if all of the charges were not made within the last three years

[Anonymous]

Any advice for my personal situation?

...So if the cc company is reporting a charged off amount as "current balance" that's incorrect. Right? I am understanding that they can not report a charged off amount as balance due, especially if it has passed the SOL.  On my Cr, the charged off amounts are still be calcuated in my credit utilization, even though the debts have passed SOL.  What's up with that? Should I write cc company?

[Anonymous]

Per federal TILA - it is considered open

[llecs]

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TeamLovern wrote:

Any advice for my personal situation?

...So if the cc company is reporting a charged off amount as "current balance" that's incorrect. Right? I am understanding that they can not report a charged off amount as balance due, especially if it has passed the SOL.  On my Cr, the charged off amounts are still be calcuated in my credit utilization, even though the debts have passed SOL.  What's up with that? Should I write cc company?

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Phraseology on the term "balance" doesn't matter, I believe. Balance due is the balance due.

If a CC, and I'm guessing that this is or a CFL, is closed due to a CO, it can stay on your CRs for 7 yrs from the date it first went sour. This 7 yrs (CRTP) is totally different from the SOL and is unrelated. So if you live in a state that has a 4 yr SOL, then the baddie account will stay on for an additional 3 yrs. During the 7 years, a CC acct will have a negative impact on your util. So, if your CL was $250, for example, and the balance due is $750, then the util for that card is 300% and very much affects your overall util. If the baddie is past 7 yrs, then dispute via each CRA that it is past the 7 yr period, but some states' SOLs can extend beyond 7 yrs.

[llecs]

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Lady_Scarlet wrote:

Per federal TILA - it is considered open

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What's TILA? It's not a new-old law I have to read, is it?

[Anonymous]

Truth-In-Lending-Act

[Anonymous]

Darn.  well, Equifax apparently doesn't know about that, they deleted them all!  + 45 points for my score!

[llecs]

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Lady_Scarlet wrote:

Truth-In-Lending-Act

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Dang it! More to read....Not the actual code but will read this tonight....

http://www.occ.treas.gov/handbook/til.pdf