Jump to content

SOL on cash advance loan?


imndebt
 Share

Recommended Posts

Can anyone confirm for me whether a cash advance loan on my credit card (mbna) constitutes a revolving/open-ended contract? A lawyer in my home state of N.H. tells me that the SOL for this type of debt is 6 years, the same as a promissory note. I don't understand why it's not 3 years, which is the SOL for open-ended contracts?

Link to comment
Share on other sites

If a CA intends to sue, do they have a choice to sue me in the state the card was issued in (where I signed the contract) or do they have to file suit in the state I live in now, under N.H.'s SOL? Can they send/serve papers to an old address and file it in a state I no longer live in?

Thanks.

Link to comment
Share on other sites

Read your agreements with the CC to see what is stated in regards to advances. My opinion is this would fall under open end as the CC itself does because the amount loaned is added to the existing balance. As in ours, any advances are include in the overall and are charged interest on themselves. then, when payments are made, they are paid first before anything else. In fact, when my Mother passed last year, we got a $200 advance on one and the only stipulation was we had to pay it in full on the next rotation.

As to your other question, you can only be sued in the county where the contract was signed or where you reside. If the contract was signed in the next county, they can sue there, but, if in another state, or a county at the other end of your state, they must sue you in your county of residence. That is the easiest way to figure it.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.