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Home > Ask The Get Out of Debt Experts > What is the statue of limitations in Iowa on revolving credit or debt. – David

What is the statue of limitations in Iowa on revolving credit or debt. – David

i bought a motorcycle with what the called a revolving credit card. the salesman told me i would get cash back and three months no payments. i didnt read the fine print. :( the money back was for the first three months payments.

i didnt get a past due notice till after the third month then a week later i started getting phone calls from debt collectors. the bike started out at 9,000. it is now over 17,000. i laid low for a few years somehow avoiding phone calls. i was working with a debt collecton agency on working out a settlment for 5,500. which was a good deal i thought.

i had to post date a check to lock in the price. so i did. i called a day before the check was suppose to go thru. no one would answer so i left a voicemail cancelling my postdated check. she called me back saying she cancelled it. the put the check thru anyway and my bank did not pass it because i have no where near that money in my account.

i am coming up on sevens years of my first missed payment. does the post dated check that they tried passing restart my seven years? is it sevens years for the statue of limitations for a revolving line of credit in iowa? i looked at so many sites and it all so unclear to me. i need some advice to let the statue run out and forget about it or try to settle when i get some money in the future. thanks for your time and hopefully you can help.

David

What is the statue of limitations in Iowa on revolving credit or debt. - David by

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  • http://www.consumerrecoverynetwork.com/ Michael

    Hi David,
    SOL in IA is 5 years on open accounts (revolving consumer credit cards) and 10 years on written contracts.
    Given the little detail you provided I am not sure what occurred. Can you reply in the comments and give some more details?
    Did you open the credit card at the behest of the dealer/seller?
    Were you given clean title at the time of purchase?

    Yes, it is possible in some states to reset the SOL by admitting to or proffering payment. I am not certain if your set of facts triggers a reset of the SOL.

    You should contact an attorney in IA with experience in representing consumers in collection actions to better determine where you are at with your situation.

  • http://www.consumerrecoverynetwork.com/ Michael

    Hi David,
    SOL in IA is 5 years on open accounts (revolving consumer credit cards) and 10 years on written contracts.
    Given the little detail you provided I am not sure what occurred. Can you reply in the comments and give some more details?
    Did you open the credit card at the behest of the dealer/seller?
    Were you given clean title at the time of purchase?

    Yes, it is possible in some states to reset the SOL by admitting to or proffering payment. I am not certain if your set of facts triggers a reset of the SOL.

    You should contact an attorney in IA with experience in representing consumers in collection actions to better determine where you are at with your situation.

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