Legal Question in Credit and Debt Law in Virginia
Warrant in Debt With No Case Number
I recieved a warrant in debt trying to collect on a debt I believe is older than the Virginia's statute of limitation. The debt was for Dell Financial Services and they charged off the debt on 3/7/2005. Is this debt past the statute of limitations?
1 Answer from Attorneys
Re: Warrant in Debt With No Case Number
If the debt were based upon a written contract, the SOL would be five years from the date of the breach, making the debt still collectible at least with respect to that issue. However, if the debt were based upon a so-called open account, the SOL would be two years from the date of the last payment or charges for goods/service which could make it now time barred if in fact the SOL has run on the account.
A company charge off means nothing in terms of the
collectibilty of a debt, legally speaking, since it represents nothing more than an accounting or bookkeeping maneuver indicating that the company no longer counts the loan among its assets.
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