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Resetting Credit Card Debt

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  • 04-18-2012, 10:41 PM
    linmotts
    Resetting Credit Card Debt
    My question involves collection proceedings in the State of: North Carolina

    I have some old credit card debt that I had incurred while in college that is still showing up on my credit report (the debt was closed in March of 2006). I was contacted constantly by collection agencies until around 18 months ago when the calls suddenly stopped. I have begun the process of rebuilding my credit recently and inadvertantly applied for a credit card with Citi Bank (the company with which I had previously defaulted). The day that I applied I received several phone calls from, as they refered to themselves, "a major litigation firm". I called them back and said that I was not the person that they were looking for. They informed me that in order to prevent further action in this civil matter that I needed to respond to them immediately as the situation is extremely serious. My question is, did I accidentally reset the statute of limitations on this debt by applying for this card? I went back and reread the terms and conditions and it doesn't appear to mention anything about debt collection of any type, but I am very concerned.
  • 04-19-2012, 08:57 AM
    p.doman
    Re: Resetting Credit Card Debt
    No, you did not reset the statute of limitations on the debt; this is just scare tactics by a debt collector. Remember, SOL just prevents getting any court to order a judgement against you and prevents it from going on your credit report, however you do still technically owe the debt.
  • 04-21-2012, 08:23 PM
    Mr. Knowitall
    Re: Resetting Credit Card Debt
    No, applying for a credit card would not restart the statute of limitations on the expired debt.
  • 04-22-2012, 07:20 AM
    df04527
    Re: Resetting Credit Card Debt
    Also you say the debt was "closed" in march 2006. Not sure what that means but the SOL clock starts on the last date of first default that led to the event, ie: chargeoff.
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