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!|||The collecting SOL on a credit card is not a myth.





Generally you would go by the state where you have set up residence - employment, utility bills, pay taxes, etc.





Though the creditor/collection agency can actually chose which state they want to file a suit in, if they chose to file.





Since you are out of the collecting SOL in both states, send a SOL letter that includes the fact you are out of the collecting SOL for "both" states.





You might go to the following link and read the SOL letter that is listed.


http://whychat.5u.com/nottoca.html





You can also scroll down to the bottom of that page and click on the home page.


Once on the home page, scroll down to near the bottom where the states are listed.


Click on both states. The statutes you would need for the SOL letter will be listed.





edit+++++


Anonymous -


As for that link you posted, I think Studly gave an excellent example by listing the FCRA statutes of the reporting SOL.


I really don't understand why you posted that link to begin with when the facts of the reporting SOL were posted in there.





As for the "proof" of collecting SOL for you (and for the OP)


If you would take the time to read the state statutes for both Texas and Missouri, you would see for yourself that there is indeed a collecting SOL, as there is in "every" state.





Texas statutes for the collecting SOL and the statutes to prohibit the re-aging of the collecting SOL


搂 16.004. Four-Year Limitations Period


(a) A person must bring suit on the following actions not later than four years after the day the cause of action accrues:


搂 16.065. Acknowledgment of Claim An acknowledgment of the justness of a claim that appears to be barred by limitations is not admissible in evidence to defeat the law of limitations if made after the time that the claim is due unless the acknowledgment is in writing and is signed by the party to be charged.





Missouri


搂516.120. Within five years


And the statute that places credit cards in a 4 or 5 year SOL (the 4 year SOL would be the UCC. If the card is a store card claiming the UCC statutes is possible)


432.045: 2,3.





Anonymous, I don't want to get into a gripe match with you on this and I was not the one who gave you the negative vote. If I had, I wouldn't have seen your edit.|||Your credit score is a number based upon your credit report. As you grow in life you will find that it is one of the most important number affecting life and finances. The higher the credit score, the better it is. A higher score can help you find loans with low interest rates and quick turnaround times for approval. The more you understand your credit score and the factors that affect your credit score the easier it will be for you to keep your financial health in order. The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.





1. Re-payment history





This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.





2. Outstanding debt





The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is


30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum. get all information about it at: http://www.credit-card-gallery.com/artic鈥?/a>|||Hi,


I used "Credit Solution" to settle my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC.Check it out here:


http://www.jdoqocy.com/click-1813149-10467845|||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?鈥?/a>