The Importance of Tolling Agreements in Credit Card Lawsuits

As students know all too well, academic support services can often be the difference between passing and failing. With hefty credit card bills piling up, and a plump list of courses to study, Timely and Accurate Legal Help could make all the difference in the world when it comes to being sorted out of a sticky credit card lawsuit.

But what exactly is a “tolling agreement?” In legal terms, a “tolling agreement” is simply an agreement between two parties to suspend the running of a statute of limitations (i.e. the amount of time that one has to file a complaint on a certain matter). So while this may sound complicated, it is really quite simple. Here’s an example: Mr. Smith cuts off his neighbor’s fence and Ms. Brown wishes to sue him for damages to go to court. But due to Mr. Smith’s scheduling conflicts, Ms. Brown won’t have the necessary time to get her case on the docket. So Ms. Brown sends over a letter of intent to file which specifically tolls the statute of limitations. As a result, the two have essentially agreed to farm out some time off of the statute of limitations, giving them both time to work out a resolution, go to settlement and/or go to trial – without rushing to the courthouse.

In the case of credit card lawsuits the climate of the last few years has caused credit card companies to hound consumers about debt to no end. But thankfully there’s help available – and sometimes that help involves getting some legal breathing room so you and your legal counsel can get things worked out fairly and efficiently. And this is where a tolling agreement credit card solution may prove beneficial. Oftentimes creditors will file suit against multiple consumers at once, filing suit against Joe, Bob, and Jim in the same motion, but if Bob has closed the store, his creditors may only have a handful of weeks before they’re able to settle their debts. So, Oftentimes creditors will ask every consumer to sign the agreement, and in exchange the creditors offer some time to work out a resolution. This opens the door to fair negotiation, and often helps the debtor avoid future litigation as well as the fees that are associated with it.

Of course it helps that Unique Submission has been providing legal assistance to those who need it most since 2010, but it’s that kind of quality understanding that we bring to every facet of law. So if you find yourself in need of a little academic or procedural help, we’re here to step in and assist.