If I am being sued by a creditor and my credit report it says “this account is scheduled to continue on report until Feb 2013”, is that when the statute of limitations runs out?
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If I am being sued by a creditor and my credit report it says “this account is scheduled to continue on report until Feb 2013”, is that when the statute of limitations runs out?
What do I need to do next? What form do I need to send out and to who?
Asked on January 11, 2012 under Bankruptcy Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The wording that you have written about in your question means that the credit reporting agency will continue to report on your unpaid debt to February 2013. The statute of limitations on the debt assuming no lawsuit has been filed is already running.
Most credit card debts have 4 years statute of limitations running from the last payment on account.
There really is not much for you to do concerning the debt that you are writing about unless you want to try and pay it off. If you do, you can make monthly installments under a written agreement with the creditor, or make a lump sum payment for some amount for a full release of the debt to be signed in writing by all.
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