Consumer Protection Law
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When you sign a repayment agreement, the "clock" on the statute of limitations starts over. This is an important consideration in these matters.
The statute of limitations on credit card debt in Alabama is three years.
Would the time on the statue of limitations have started on the last date of activity reported from Capital One ?
That means the statute of limitations could be up as soon as August or September. The time frame runs starting on the date at which you had missed a payment.
So if a final payment was in August, the next missed payment may have been September.
That is very possible.
The last activity may reflect the last payment. If so, that means the period would run when the next payment became delinquent.
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Yes I do have another question. Do you think the repayment plan that I mentioned is reasonable ?
That is a personal choice depending on one's own finances. The problem a debtor faces who is at the end of a statute of limitation period is that once they start paying again or sign a repayment agreement the statute of limitations starts over and then the creditor may file suit. When the statute of limitations is expired the debtor is protected in that a credit card debt cannot be pursued in court.
Or should I sit tight and let the statue of limitations run out ?
I am limited to providing information so I cannot tell you what to do in such a situation. This is a matter of one's personal tolerance. It is possible for a debtor to wait until a civil suit is file, if that occurs, and then seek to either pay off a debt or seek a repayment plan.
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