Is there a time limitation on collecting a charge account?

Credit card co's usually will hold an account until it is 180 days, before taking actions against it, charging it off, placing with an attorney, selling to third party collecions, etc.

ABSOLUTELY! Depends on the state. In Pa it is 6 years from the last contact you make or transaction.

Let's make an important point here. There's a big difference between the standard 7-10 year limit on your credit report, and the collection of an account.

The collection of defaulted accounts can be done until you die. If you don't pick up the phone, and just constantly say you're not there, you could be fine, because the collection agency realizes it has no credit reporting power over you.

In your case, I might seek out a lawyer, so you can be sure of the issues in your state.

Statute of Limitations (SoL) on debt is the legal time limit that bars enforcement of the debt through the court system. It does not apply to all debts!Not all debt has a statute of limitations! When the SoL expires, it can be used as a defense to bar collectors from collecting through the courts, however the debt DOES NOT go away! Collectors can still attempt to collect the debt using other legal dunning methodsAnd, there is NO statute of limitations on several types of debts, including:

• Federal Student Loans;
• Most Types of Fines;
• Past Due Child Support (state dependent); and
• *Taxes (In many cases, income taxes have a 10-year SoL but this can be suspended as well as have more time added by filing the proper forms. Check with a local tax resolution expert about your particular situation.

The Statute of Limitations on debt depends on the type of debt and your State's civil debt collection codes. Generally, unsecured debt expires 3 to 6 years after the last missed payment or the consumer's last activity on the account. Written contracts such as car loans generally expire after 6 years. Judgments can last up to 20 years and can require the judgment be renewed at a certain point such as the 6-year point.

Generally, the statute of limitations for collecting debts begins the moment you sign a credit contract! However, just about every state has specific rules on the running of the statutory period and some even have provisions to adjust (toll) this period. The tolling can be for many things...even holidays...or from when you said you would like to work something out (and presumably didn't).

The term "toll" or "tolled" means to "stop the running of a statutory period for a certain period of time". Many states use this term in their statutes of limitation rules and civil codes for debt collection.

Very simply, it can be very confusing and hard to calculate when the SOL has been running or not, and again...it only prevents COURT actions which is one of the last methods most collectors use anyway...the debt remains valid and collectible.