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What does the SOL go by? I would like to know which is correct if it is the state you applied for the credit card or the state of the card holder agreement. Is this the same thing or different. Could someone please explain.
credit
I'm about 99% sure it's in the state of the CC holder agreement. When I had CC's, I DID apply VIA the Web ( just couldn't keep up mpnthly payments) and I applied in the state in which I live..PA. And, I know the SOL is 4 years ( for state of PA). I'm sure someone will be along to correct me if I'm wrong. Sorry I couldn't give you more of an 'affirmative' answer.
Yes, the statute of limitation will be valid for the state where the agreement was signed between the creditor and the borrower and not where the creditor has his office. Now, the credit card companies have only one application form where you need to sign in order to get the credit card and this form has the terms and conditions in it. So signing the application form is signing the agreement and therefore it automatically means that the state where you apply for the card is the state where you sign the agreement.
The STATUTE OF LIMITATIONS only matters in the state in which you CURRENTLY RESIDE.
Think about it... Otherwise, all the credit card companies would simply move their operations to the state with the most collection-friendly SOL's.
Alright thanks for this answer. I have been trying to get it for days to help out another poster. Now let me follow up on this. What if the statute of limitations were not as long as in the state you originally took out the debt? For example I take out a debt in PA and then move to a state where the statute of limitations on credit card debt is 6 years, can I use PA's SOL or not? I am trying to help a person resove an issue and appreciate the help.