Statute of Limitations?

[jaimelopez]

What is the name of your state?NM

I just read the statute of limitations summary for New Mexico and it says 4 years for credit cards(open accounts). I got my first credit card right at 4 years ago now (early 2001) and have been unable to pay on time. I do not fully understand the creditor's limitation here. Once the 4 years since I opened the account expires, is it true that they can't legally collect from me?
I wonder about this because the phone calls are getting rediculous. Thanks.

 

[cmorris]

It is from when you defaulted, not when you opened it.

How long has it been since you defaulted? Is it the credit card company or a collection agency that is calling?

 

[tabathadolley]

No, it's the last date you stopped paying. For example, if you opened it 4 years ago to this date, and two years ago to this date you haven't made a single payment, you have 2 years until the statute of limitations applies.

 

[jaimelopez]

Oh, I'm sorry. I should have thought it through, lol. Well anyway, it has only been 2 months since I stopped paying. Is there a limit on how long the creditor's judgement lasts once they get it? It is not a collection agency calling, it is the creditor. Thanks and sorry for not thinking that one through.

 

[tabathadolley]

From what I've read, the SOL in NM on judgements is 20 years, and that may be renewable after that.

 

[Ladynred]

If its only 2 months behind, they've only just begun to harrass you.. but its highly unlikely you'd be sued until its been charged-off (6 months of non or insufficient payment). After that, collection agencies will harrass you and you MIGHT get sued. If its Discover you owe, you WILL be sued.