A fact I did not know about my state and credit

For just about anything you want to get off your chest about credit cards.
3 posts
MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

A fact I did not know about my state and credit

Postby MemberSince99 » Tue Jul 07, 2015 3:56 pm

I live in WI (yeah I know, pity me guys!) and I learned something I did not know. It seems that two states, WI and MS, have statutes where debts that are past the statute of limitations, simply do not exist anymore.

In all other states (with NC being slightly different from what I saw) that is not the case and an unpaid debt exists forever, though if they sue you for it after it is time barred, you just assert the SOL defense and assuming that's the case, they just filed a pointless suit. But in my state, once it runs the statute, it no longer exists period.

I read numerous accounts of this, and on one a lawyer listed the applicable statute in Wisconsin law. I had frankly been expecting bottom feeders to crawl out of the woodwork once I got a mortgage but it's been dead quiet, and now I know why.

It is nice to know the debts are no more period. It is a surprise to learn that. As far as when the statute ran, the debts first become delinquent in 2002 and the statute on credit card debt here is 6 years so it would have run in 2008. So it's been a lot of years.


User avatar
obxfisherman
Centurion Member
Centurion Member
 
Posts: 106
Joined: Sat Feb 14, 2015 12:32 pm
Location: North Carolina

Re: A fact I did not know about my state and credit

Postby obxfisherman » Wed Jul 08, 2015 10:09 pm

Could you elaborate further regarding what with NC law was different from the other states? I'd just be curious being that I live here, I never plan on having unpaid debts come back to haunt me, but nonetheless I am curious what the differences were. Thanks.
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Re: A fact I did not know about my state and credit

Postby MemberSince99 » Thu Jul 09, 2015 6:04 am

Here is a part of the article that mentions this:

In most states, the statute of limitations does not extinguish a debt. Mississippi and Wisconsin are the only states that currently have statutes that extinguish the debt upon the running of the statute of limitations. (See Miss. Code Ann. § 15-1-3; Wis. Stat. Ann. § 893.05.) North Carolina limits a debt buyer’s ability to collect time-barred debts, but does not prohibit it in its entirety. (See N.C. Gen. Stat. § 58-70-115.)

So a person would have to look up that statute to find out what it says. I hope this helps. The article was written by an attorney for debt collectors, asking the question of whether it was worth it to pursue debts that are out of statute like these junk debt buyers like to do, the message being that in MS and WI and to some degree NC it's not worth it.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests