Unfortunately the Oregon rulings extend the 3-year statute of limitations in Delaware where Chase is incorporated to the 6-year Oregon statute of limitations. Here is the article at OregonLive.com:
Oregon Court of Appeals says consumers with unpaid credit-card debt aren’t off the hook unless six years have passed and no lawsuits are filed.
Arizona changed the SOL for credit cards from 3 to 6 years in 2011 and also applies 6 years to debts that would be time barred according to the creditors’ terms.
The trend is clear — more power and $$$ for scummy bankers and debt buyers.
Why do they have so much time to sue?
From the article:
… But Daniel N. Gordon, the Eugene attorney who represents CACV and Unifund, said his clients were simply trying to get the defendants to make good on debt they owed. Gordon noted that two other high courts — the Washington Court of Appeals’ Division 2 and the U.S. Ninth Circuit Court of Appeals — have sided with debt collectors on the issue.
When asked why it can take more than three years to file a lawsuit, Gordon said the years can easily fly by.
Months can pass before a bank bars a cardholder from racking up new charges, and more months can pass as the bank tries to collect on overdue bills. At some point, the bank may give up and sell the debt to a collector.
Then many more months can pass as the collector presses the delinquent former cardholders to pay up, and the collector hires an attorney in the consumer’s state to sue.
Let’s put this argument in perspective.
- Bankers and debt buyers have collection employees and legal departments with attorneys who do nothing but collect debts.
- Consumers with delinquent debt have NO employees, NO money, NO legal skills and NO time.
Yet, bankers and debt buyers get 6 years to sue while consumers get ONE year to sue for violations of the Fair Debt Collection Practices Act (FDCPA) and TWO years for violations of the Fair Credit Reporting Act (FCRA).
I know like nobody else how hard it is for consumers to find attorneys. Most consumers do NOT want to sue unless they have to because they are being sued for the debts. Of course the SOL for violations of the FDCPA and the FCRA often expired by the time they are served with the summons and complaint for the debt.
The FDCPA could be AMENDED to extend the SOL for violations to the SOL for the debt that’s collected. THAT would be FAIR.
To keep it simple, a 3 year SOL for ALL credit card debts and FDCPA and FCRA violations would be FAIR.