Legal Question in Credit and Debt Law in Virginia
Credit Cards
Is it true that credit card companies cannot collect on balances on old credit card accouts if a payment has not been made for over 5 years,and can the companies continue to add late fees
Asked on 9/09/08, 6:55 pm
2 Answers from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: Credit Cards
Not just a payment but also a charge by the cardholder; if such has not occurred within the last five years, the debt is likely beyond the applicable statute of limitations and can no longer be enforced. The foregoing would also
apply to any late fees.
Answered on 9/10/08, 9:56 am
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: Credit Cards
Not just a payment but also a charge by the cardholder; if such has not occurred within the last five years, the debt is likely beyond the applicable statute of limitations and can no longer be enforced. The foregoing would also
apply to any late fees.
Answered on 9/10/08, 9:56 am
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