Cc Sol In Georgia

[Ferrill]

Hello,

I defaulted on a few CC's in October 2006. I lived in Florida at the time but moved to Georgia in May 2007. SOL in both states is 4 years on open-ended accounts. My question is when will I have exceeded the SOL and be able to avoid a lawsuit? Do I count from October 2006 meaning I will be free and clear in October 2010? Or do I go from when I moved to Georgia meaning my SOL will be out in May 2011? Also, one more question. If I meet the SOL in Georgia then move back to Florida will the SOL be set back, since Florida tolls SOL? If it can be reset then anytime I move to a different state I would have to meet their SOL all over again right?

Thanks,

ANSWER: Sorry to have to burst the bubble but credit cards are always considered to be written agreements so the Stature of limitations in Florida is 5 years and Georgia is 6 years. SOL will have run out by November 2011. ---------- FOLLOW-UP ----------

I am aware of a previous lawsuit in Georgia where the judge ruled that a credit card was a written contract. However, according to the Federal TILA all credit cards, including gas cards, retail store cards and cash advance accounts where the consumer is reasonable expected to make transactions with their credit line are open-ended accounts. Am I reading this incorrectly? Also, if I am reading this correctly wouldn't federal law superceed state law? I do have 3 accounts, 2 of them I never signed a writted contract, the oldest 1 I did sign an agreement but this debt has been sold to a junk debt collect that is unable to verify that they own the debt, they haven't produced any original contract that I signed or anything. In fact all they do is send me a settlement offer each month for the same amount and jack up my supposed principal. Thanks,click here to enlage  

ANSWER: Where in TILA does it state what you say it does. I've seen several people claim the same thing but I've not been able to find it myself. I'd appreciate learning how to find that. Please understand that I don't care what Tommy Drinkwater, Dewey Cheatum, Joe Sixpack or Ima Crook told you the law said. Where in the actual statute does it say that?

Did you send that collection agency a demand for validation within 30 days after you received their initial contact letter? If you did and they have not validated the debt but are still attempting to collect that would be illegal continued collection activity. They jack up your supposed principal? Is that allowed in the original agreement with the creditor?

If not that is also illegal. ---------- FOLLOW-UP ----------

http://www.fdic.gov/regulations/laws/rules/6500-1400.html#fdic6500226.2

Read 6500 Consumer Protection

Subpart A

Sec 262.2(20)

(20)  Open-end credit means consumer credit extended by a creditor under a plan in which:(i)  The creditor reasonably contemplates repeated transactions;(ii)  The creditor may impose a finance charge from time to time on an outstanding unpaid balance; and(iii)  The amount of credit that may be extended to the consumer during the term of the plan(up to any limit set by the creditor) is generally made available to the extent that any outstanding balance is repaid.

Now, Since this is an open-ended account can you answer my first question: If I defaulted in October 2006 when I lived in FL then moved to GA in May 2007. If I stay in GA does my SOL expire in October 2010 or May 2011? If I move back to FL after the SOl expires(Either 10/10 or 5/11) Will the SOL start all over again? If I move back to FL before(10/10 or 5/11) Will the SOL start back at 6 months or will it expire again at 10/10?

Thanks,

[Chandra]

click here to enlarge  

Now, Since this is an open-ended account can you answer my first question: If I defaulted in October 2006 when I lived in FL then moved to GA in May 2007.

The statute of limitations would stop running when you left Florida and would start running again when you moved back to Florida. The interval would not count towards your statute of limitations.

If I stay in GA does my SOL expire in October 2010 or May 2011?

If the court accepts your Tila argument then the SOL would expire in October of 2009. Already ran out on them. If the court does not accept your Tila argument then the 6 year Georgia statute would be applied. If I move back to FL after the SOl expires(Either 10/10 or 5/11) Will the SOL start all over again?

No. It would just start running again until it ran out according to whatever statute was applied by the court. If I move back to FL before(10/10 or 5/11) Will the SOL start back at 6 months or will it expire again at 10/10? See the above responses.