What is the statue of limitations for credit debt in Nevada?

Question

What is the statue of limitations for credit debt in Nevada?

Answer 1

I'm not too sure but here's a link....happy reading!

http://www.expertlaw.com/library/limitat...

Answer 2

There's a limit?  If you incurred the debt do you think they're just going to let you not pay it back?

Answer 3

4 years.

Answer 4

The simple answer for all states is two years in most and three in some, such an NH which has a longer limitation of action.  But the real answer has to include that the time runs for the period of time after which the lender could have or should have realized that they should take action against you.

Generally six months of no payment and no responses would cause most people to realize and take legal action, so if Nevada is a 2 year state, the time would run for 2.5 years after you cease responding to them.

But... though the debt is not actionable, they can still bring you to court--and if you do not appear they can get a judgement and whammo, you owe them forever.   However if you stopped paying, stopped all (all!) contact with them and have allowed the SoL to run, and can prove it, a simple statement given to the judge:  "this is not actionable your honor because..." and you will prevail.  No court ever tampers with SoL's (Limitation of Actions).

If you do manage to wipe your debt out under LoA though they can still keep the debt on your credit report for seven years.  Forget buying a house.  Also they could (and some do) try to trick you.  For instance even a decade later you get a tasty offer for a credit card, but you do not bother to read the fine print..  Oh yes, it says there: "balances can be offset against debt," and guess what, this company is owned by that company.  Legal?  Maybe not--ball's in your court, go get it back.   Also many years after the SOL runs you might get a "we have purchased this debt," pay us $100 on the $900 debt and we forgive the rest.  Ignore this, do not call, do not contact, do not pay, for if you do this may be considered new activity on an old account and guess what--the clock is reset.

But if several years have gone by and you have not talked to them (for if there is a phone record that you talked for a minute with them they can say "oh....he agreed, thus possibly resetting the clock) then SoL is a defense.

It's a difficult world.  CC companies routinely "set up" (in my opinion) people new to the world (read College students) knowing that they will default.  A $3k cc line flips to $30% interest, $40 overdraft + $40 late fee, and bingo, $3k turns to $6k in a flash...  And remember if they can find you and get judgement, SoL is out the window, the new SoL on judgments are often 28 years (and some are renewable for another 28!)

Got a rich uncle?  Get them to pay it off, then pay uncle monthly while accruing 20% interest for them.  Sure beats the 50% interest that the cc "effectively" charges.  Win/win for both.  Then, in the future, don't use credit--evil stuff.

Good luck.

Answer 5

Check here:  http://www.bcsalliance.com/statute_of_li...