Legal Question in Credit and Debt Law in New York

Restarting statute of limitations on credit card debt

I have an old credit card debt from when I was a graduate student. I was contacted by a collection agency (Asset) regarding this debt, and agreed over the phone to a settlement BEFORE I asked for documentation of the debt. After I verbally acknowledged the debt and verbally agreed to pay it off, I realized that the debt had in fact passed its statute of limitations under NY State law. I never put my verbal agreement in writing, nor did I sign any documents agreeing to pay Asset for this debt. My question is: does the verbal agreement I made over the phone restart the statute of limitations on this debt?


Asked on 11/22/08, 4:37 pm

1 Answer from Attorneys
Frank Loscalzo Law Office of Frank Loscalzo

Re: Restarting statute of limitations on credit card debt

A written acknowledgment showing intent to pay, is needed to revive the statute of limitations. If you have any other questions you can email me at [email protected]

Read more
Answered on 11/22/08, 6:53 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in New York