 Do you think money is the worst thing ever invented? |
| would'nt it be nice to have a world where everybody has a good life.... |
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 What should my friend do? |
| My friend has three credit cards debts worth about 3,000 and health loan 8,000. He wants to file bankruptcy but he has to go back to his country for the next two weeks. So he does not have enough ... |
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 If a person dies with outstanding debts, does the family inherit the debt? |
| If a person does not have a spouse, or children, are their siblings responsible for their debt when the person dies?... |
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| i fell outside of the juvenile center because i was running up to the door and i fell over the blocks on the ground, because of the block that was not evened out, so i scraped my elbow, hand, knee ... |
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 My credit score is bad!? |
| i got into some debt a few years back and had some late payments on a few credit cards and when i got my credit report today it said the rating was POOR what can i do besides making my payments on ... |
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 Can a collection agency take money from my husbands army active duty paycheck? |
| a collection agency called and threatened to take the paycheck money and get my husband in trouble in the ... |
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 Is it woth to get a credit card for 30 dollar savings? |
| is it worth it to get a credit card from buy.com to save 30 dollars. I have pretty good credit but i don't really use credit card so if i get it i wont use it and just end up cancelling it. i ... |
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| If I don't have all the money one month my bill comes, and I just pay the minimum balance, will that be negatively reported on my credit report?... |
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| You've seen the commercial.. Guy has his social security number on the ad... I was tempted to try doing something with it just to prove their service is crap... Apparently multiple people did ... |
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| i got alot of help from the people who answered my other ? bout gettin a credit card with no credit but now i ran into another problem..the orchard card doesnt let me choose which kind of card i ... |
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| How can i get out of debt? |
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 Does anyone know what my score may be now? |
| About 2 years ago I had a lot of charge-offs which I have paid completely off with the exception of 2 which I now pay on every month. I have not miss a payment and have not been late on anything in ... |
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| I have a job, getting paid cash, and i would easily be able to afford the credit card, but i have no credit history and no job on the books, and was already turned down by citibank, and capital one ... |
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katclarkeukk | Do peoples debts from banks etc really get written off after a number of years if they do not pay them? |
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Studly
|
Yo inaccord18! You auditioning to become a collection agent? At lease take the time to learn the law, ok? You are wrong.
There really is a Statute of Limitations law that removed your legal liability to pay debts. If the lender doesn't exercise his rights within that time, it's their fault.
In this case, what type of loan are you talking about? When you refer to "debts from banks" that could imply a car or mortgage loan. Those are considered written contracts, and can have a much longer SOL then revolving/credit card accounts.
My opinion...if they don't come after you with a lawsuit, then I guess they don't want the money. |
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jack
 |
As long as there has been no correspondance (written or verbal) FROM you TO the bank etc witin 6 years, then the debt becomes void. The legal term is Statute Barred. Once you acknowledge the debt again, then the six years begin over, so it is important you do not acknowledge it.... |
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silentwindflowingwater
 |
It gets 6 years before your credit record is wipes. As for the creditor if they fail to reach you to discuss a payment schedule or you do not make a payment it is likely that you will have your debt written off as a bad debt (tax advantages for the company) after three years although this can be as long as six years. Some companies want the debt written off early. If you do not plan to move and haven't paid it is likely that you will have a caller at the door at some point. By statute they can chase you for payment, if you start to pay then don't then they will continue to press their claims especially if you haave property after three years if you have made no contact with your creditor then they will probably write it off. |
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Phil B
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no not at all they just send round the boys with the big bats to sort it!!! |
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Dry Dreamer
 |
Yes but banks never loose out thats why you pay exorbitant interest rates |
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jojofr3
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Some are written off and some comes back after a few years. |
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LADY__LUCK
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You can apply to have them taken off of your credit report after 6 years but not before and it doesnt' happen automatically
....but the bank can chase you for as long as they like for their money!! |
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Health Freak
 |
they can wipe it off under CLOSED EFFORTS EXHAUSTED or CLOSED GONE AWAY but it may affect certain job prospects and it will show up adversely on your credit file, so opening a new bank account could prove somewhat hard. |
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Just Me
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Yes 7 years...better than 10 in a BK |
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tomosarse
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Yes. It takes 6 years from your last contact with the bank. |
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scallywag
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Some banks will if they feel it's not worth their while. Some banks will go all the way and get a court ruling and will enforce it. Others will just send the credit over to a debt collection agency and register a default against you and those collection agencies can be a bit ruthless. In short, it depends on the bank's policy and how much they're looking at. |
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inaccord18
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***Rant on***
Some people... :(
Yeah, so lets all just max out or credit cards, then sit on them for 6-7 years then magically it just disappears. Gee, why didn't I (or the rest of the world) think of this? While some of you may be disillusioned enough to think that just because it was dropped off your credit report means that the bank just decided to let you off the hook, it's not true. They will send you to collections, and they WILL try to get their money.
I hate to preach, but if you're going to be a dumbass and max out your credit cards, you deserve to pay a lot of interest. Why should us hard working honest people be the only ones to repay what we borrowed? Get a clue...
***Rant off*** |
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