 Can provident loans take me to court? |
| I had a provident loan of £400 (with interest it was around £600) I paid it for a bit now stopped it as I cant afford it. Its been over 2 years now and they are demanding the £450.00 left or take ... |
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 My sister used my credit card? What can I do? |
She owes about $15,000 and doesn't want to pay it. Is there anything I can do for her to pay it? Can I get the debt on her name?
I don't want to press charges because she is my sister ... |
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 Prepaid credit cards? |
| I am 17 years old. I want to buy things online but my parents would allow me to get a credit card. Is there such a thing as a prepaid card? Where I pay money and that money goes into the card. Is ... |
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 Help me understand mortgage refinancing? |
| We have about $30k in equity on our home, and currently have a 30 yr fixed at 6.9%. I'm not sure if refinancing will help or hurt us. My student loans are at 7.22, but I only owe another $3500,... |
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 How do I get out of a 3 yr contract with Ballys after 5 months without moving or medical reasons? |
| I only wanted to use their trainer but i was told to sign a 3 yr contract to do so. I was told I can cancel within 30 days but then I was told it was too late. When I called, they said then told me ... |
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 How do i rebuild my credit? |
| I am trying to rebuild my credit and i cant even get a loan.. i posted on here but something happend.. somone told me to email this guy that gives out loeans but i dont know if i should do it.. i ... |
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 How can I rebuild my credit? |
| I have a couple of credit card charge offs. How can I start to rebuild my credit? should I make a settlement on those credit cards, or should I pay off the entire balance? How will each affect my ... |
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 Is a pre paid credit card a real credit card? |
i keep seeing offers for them and i wanted to know if its like a regular credit card except u can add $
i am planning a trip and need to rent a car and i know most rental places only takes ... |
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 How much credit can I have? I have a $42k auto loan, income of $95k annual.? |
| I also pay mortgage, around $2300/mo, around $860/mo for the car. Income is $95k/yr and about $8k/mo. I know that lenders tend to have a limit of some percentage of your income allowable to be used ... |
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 How do I get rid of a new, un-activated card? |
I applied for a credit card last week, and it arrived in the mail today, but circumstances changed, and I no longer want it.
It still has the sticker on it that says to call the number in ... |
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 Bad debt written off? |
| I had a discussion with someone who said that companies will write off bad debt after 5 years of trying to recover it, i disagree, does anyone know the actual facts about this?... |
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| How can I start my credit? I just turned 18.? |
| I just turned 18 and im in college, and I have applied for student visas, discover, and american express cards, but have been denied because i have no credit. isnt that what the student card is for? ... |
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 I have no credit and need to establish some. Where can I get a credit card with no credit requirments? |
| I have already applied for two credit cards and was denied because I had no credit or not enough income. I am a college student and figure it is a good idea to start establishing some credit. I plan ... |
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 14 year old having a debit card. What do you think.? |
| When it comes to money I am extremely responsible.When ever I get a gift card, I always check online what the balance is, before I buy anything with it. I dont go online to random websites and put my ... |
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 The loan is in his name BUT I've made every single payment? |
| So the guy I live with has a loan through American General Finance in his name and for reasons I won't get into here (too long of a story) I am the one making all the payments. If it matter I ... |
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S L | How old does a debt have to be, before you are no longer legally bound to pay it? |
I remember hearing once that a debt after a certain amount of years, is moot. Does it depend on the state where the debt occurred or you current state of residence?
I heard that collection agencies that specialize in buying old debts, to try and collect on, HATE for people to know about these laws. Where does one look up information about this? And what exactly does one do to bring it to the attention of the collection people, that you are no longer obligated by law to pay on such an old debt? |
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misty m
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You are always repsonibile, there have even been cases where peoples social security checks were partially taken until their old student loans were repaid. of course this is extreme but possible. |
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Paul H
 |
Debt statute of limitations vary from state to state. It is usually 4 to 6 years. This just means that you cannot be sued for debt repayment after that time. The debt still exists and stays on you credit report for 7 years.
Be careful, if you send a partial payment during that time, the statute starts over again. Usually collectors look for a small payment, so the clocks starts for another 4 to 6 years |
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SPIFIMAN1
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Legally it depends on your State. Go to NDRC.com and look up your State it will list the statute of limitations for debts.
After the S.O.L. expires you can not be taken to court for the debt. This doe's not mean that collection companies will not try and get you to pay, they just cant sue you if you don't. |
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beauty s
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in till u pay it off |
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JANET S
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It falls off of your credit reports after 7 years, but once you owe the debt the people you owe it to can continue to try to collect it as long as they want, or until it is paid.
http://www.ftc.gov/bcp/conline/pubs/credit/fdc.shtm |
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bridget m
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I will just tell you that i had a credit card company take me to court for an old credit card bill- from around 12 years ago- these companies buy the debt for pennies on the dollar- and if they collect the actual amount- it is theres to keep- I know this because this is what prompted me to file bankruptcy |
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biwagirl20
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It varies form state to state. check this site out-
http://www.bankrate.com/brm/news/cc/20040116b2.asp#mt.asp
Find you state and it will tell you how long you are legally required |
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hazyjewels
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after 7 years it no longer affects your credit report |
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Laissez-Faire Guy
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There are two things to consider.
1. Even if you are not legally bound to pay it, collectors can still trash your credit as long as the debt is less than 7 years old.
2. Each state has a statute of limitations on how long a collector may take legal action (sue you) on a debt. There's a chart on bankrate.com that I've linked to below that provides the time limit for each state. |
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PJ
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Once a debt is older than the statute of limitations for debt in your state, a debt collector no longer has the right to sue you for payment. You may still have a moral obligation to pay back the debt, but you can't be sued over it.
In some states, making a partial payment to a debt collector or even acknowledging that you owe the money is enough to make an old debt new again.
If this happens, the five-year statute of limitations on your debt starts all over again. A debt collector has five more years in which to sue you for payment. And a non-payment on your new-again debt could be reported on your credit report. Then the advantage transfers to debt collectors. |
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luciousgreeneyedlady
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You purchased something then you pay for it! It's people like you that keeps interest rates high. |
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