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  1. #1
    Join Date
    Jan 2012
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    1

    Default What Resets the Clock on the Statute of Limitations for Credit Debt in Virginia

    My question involves collection proceedings in the State of: Virginia. If I have a line of credit (overdraft protection) from a bank, what is the statute of limitations? Is it the same as a credit card (3 years)? Also, what resets the clock on the statute of limitations? For example, if I admit to owing a debt verbally with the original creditor, does this reset the clock in Virginia? I know that different states have different laws regarding what restarts the clock, so I wasn't sure if it could be done this way or if the only way to reset the clock was to make a payment and/or admit to debt in writing. Thanks!

  2. #2
    Join Date
    Sep 2011
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    OH10
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    14,039

    Default Re: What Resets the Clock on the Statute of Limitations for Credit Debt in Virginia

    Overdraft protection is not designed to be a long term loan. It would be governed by terms of your overdraft protection agreement.

  3. #3
    Join Date
    Sep 2005
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    Behind a Desk
    Posts
    73,761

    Default Re: What Resets the Clock on the Statute of Limitations for Credit Debt in Virginia

    You defaulted on the overdraft protection when, and the account was closed when?

    If you are concerned that confessing to the debt will renew the debt, don't.

    Is this entirely hypothetical?

    The limitations period for written contracts will generally be five years.

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