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AARP Home » Money » Managing Debt »How Long Does a Debt C...

The Law

How Long Does a Debt Collector Have to Sue After a Credit Card Has Been Canceled?

by: Emily Sachar, from: AARP Bulletin, October 1, 2010

Jared King opened a credit card account in 1989 and closed it 10 years later. He cut his card in half, mailed it back to Discover Bank and asked how to pay off his $8,514 balance and close the account. King never got directions from Discover. But six years after returning the card, he was sued by Portfolio Recovery Associates LLC, a debt buyer based in Norfolk, Va., which had purchased the debt from Discover Bank. In 2005, when the interest and fees had ballooned to over $12,000, Portfolio took King to court. … Back to Article

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