How To Beat Old Credit Card Debts

How To Beat Old Credit Card Debts


How To Beat An Old Credit Card Debt: Part One

The quickest way to beat old credit card debts is the Statute of Limitations. The Statute of Limitations is a deadline that you have to sue someone. Know that the Statute of Limitations will vary from state to state and is very different from other types of lawsuit types.

To give you an example, the Statute of Limitations in Tennessee for open account or contract is six years. This means that a company is given six year to file a lawsuit from the day that a debtor defaults on the agreement. If they go beyond the 6-year mark, any lawsuit is barred by the Statute of Limitations.

To determine what Statute of Limitations will apply, you can check the contract for open account. Essentially, an open account is a line of revolving credit. You can check with your local government office for your state’s Statute of Limitations. Once you identified the number of years for your state’s Statute of Limitation, you need to pinpoint when the actual default of payment occurred,

If you received a lawsuit for old credit card debt that has been sold many times before, then it is possible that the current owners have no idea or proof of when you actually defaulted on your payment. You need to argue that your default occurred the day of the first payment due which you did not pay. However, note that you will need written evidence of this. You can present past due bills, collection letters, etc. as proof of your claim. On the other hand, if you do not have any written evidence, you can file an affidavit alleging the date and then the burden is turned to the debt purchaser by proving that the suit was not brought in violation of the Statute of Limitations.


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