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ryknow1976 | I've been told that after so many years, credit card debt goes away. Is this true? |
A company that will go unnamed wants to settle with me at 11% of my original debt. This is over 5 years old. |
 |
 
SPIFIMAN1
|
To add to the third posters commits, if the debt is past the S.O.L. for your State then do not pay it, all you have to do is send them a cease and desist letter and they will leave you alone.
I have posted a link in the source box so you can look up your State, credit cards are considered open accounts. If your account is past the S.O.L. they can still sue you but all you would have to do is show the court that it's past the S.O.L. and it would be dismissed, so they will not come after you.
Good luck |
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regularfrog
 |
I have a friend that settled her credit card debt and they are still selling it to debt collectors. |
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littlemaltese
|
Find out the Statue of Limitations in your state for credit card debt. I believe it is anywhere from 3-7 years. If you are past or close to it, do not pay it!!! It will start the 7 year period over!!!! Look up the statue of Limitations in your state!!!!! Its prob. past is why they want to settle for that little cause they no longer have the right to sue you So YES it basically goes away, So they will never get the money!!! |
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MBATXguy
|
Two of the people have it correct.. True, negative entries on your credit go away after the mandated 7 years + 180 days from date of first deliquency.. However, debt is debt forever. Now, your "unnamed" company may have written it off to bad debt (you may see this as a comment on your credit report), but all this means is they are going to wipe it off their balance sheet/income statements.. They have to take steps to clean up debts which are not paid.. Now, this does not mean, they will not enlist the help of a collection agency..
Usually, the first collection agency is an in-house partner or employee who will contact you to pay. After that time, the progression of professionalism heads downhill.. Most likely, you are being contacted to settle out for 11% of the debt because (as two others have already advised) past the statute of limitations..
However, there are exceptions to that law, which you should be aware... If you acknowledge the debt, you risk starting the statute of limitations clock all over again.. So in other words, if you are contacted via phone by these people, either do not answer the phone OR if you do happen to talk to them, play dumb. Tell them, you are not aware of the debt. Do not answer any more of their questions. Simply provide them a name and an address for them to send written communication. They may ask you for social security or other verification information, DO NOT PROVIDE IT TO THEM. I have worked on different cases for people where the company tried to get people to verify the SSN and they had the wrong information.. So funny...
Also, do NOT enter into any payment arrangements, promises to pay or give them any checking out information/credit card... By doing this, you have implicitly acknowledged the debt and the statute of limitations clock has started over... Most of the time, these "bottom feeder" collection companies as they have been known, will turn around and take you to court after securing these promises...
Be careful what you also say on the phone or in writing to them. They record everything...
Two possibilities you can do if you want them to leave you alone (outside of the cease and desist letter)...
1) be very ugly when they call.. be disrespectful, call them names, etc..
OR
2) Get a whistle and when they call... Blow it in their ear and hang up.. Trust me.. Enough times of that will definitely work..
Hope that helps.. But definitely check out your statute of limitations laws in your state.. |
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Crazyjester9
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There are 2 timelines that are important with debts.
1) The 7 year reporting period. This is how long a debt can be listing on your credit report. Per the Fair Credit Reporting Act this period begins on the date of delinquency and can not be reset under any circumstances.
2) Next in the Statue of Limitations. This is the timeframe in which you have a legal obligation to repay a debt, as after this has expired they cannot sue you to collect the debt. Each state is different but the SoL ranges from 3-10 years and most states have a 6 year SoL. The SoL begins from the most recent activity you make on the account, such as a charge or payment. Below is a link showing the statue of limitations for each state. Credit Cards fall under "open ended accounts."
http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml
Be advised that if this debt is 5 years old, it is having only a small effect on your credit score. Paying it will only make the activity more recent and could actually LOWER your score.
I would not pay this debt unless you can get a pay to delete agreement. Otherwise I'd just wait it out.
Edit: Also make sure that as part of your settlement agreement that they consider the debt "satisfied" or they can sell the remaining balance to another collection agency. |
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bryan l
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there are fantastic answers in here to you question, however if you are looking at improving your score, demand them to delete this from you credit report. Get this in writing, don't take a verbal agreement seriously. If this CON at the collection agency says yes pay me 100 bucks on your 1k debt then we are done you send a check. Well two months later they are hassling you to pay the 900 dollars, you say i thought I took care of this. They say not according to our records, guess what paying them that starts the SOL again. I have seen it happen many of times, that why everything in writing not word of mouth. Send letters certified, send money orders. I would trust a Mexican in Tijuana at night with my money then a damn debt collector |
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CrackBerry Addict
 |
Credit card debt does not go away. Negative information falls off of your credit report after 7 1/2 years from the original default. Also, there is a statute of limitations (varies from state to state) which limits the amount of time a party can bring suit against someone. But the debt is yours forever until it is paid, and it should be paid.
They are probably trying to offer a settlement because they know the statute of limitations is coming up (or has passed) and they have really no intention of suing. I would settle with them for the debt, or try to maybe get it at 10% or lower. |
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Beverly S
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After 7 years it will go away- but sometimes they turn it over to a new collection agency which can start more time. 11% is a fantastic settlement amount but it will leave it on longer because the 7 years is from the date of last activity- so if you settle, it will show "settlement accepted for less than full balance" for the next 7 years. Also if more than $600.00 of your debt is "forgiven" you may get a form similar to a 1099 showing the forgiven amount as income which you have to claim on taxes if you receive. Good luck! |
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Terry S
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Do not try to get out of the debt by not paying. Always seek legal counsel even if you need to go to the states attorneys office for free help. There are federal laws which have been put in place within the last 5 years which makes it very difficult to get out of credit card debt. In the past you could file bankruptcy on all of your credit card debt, that has changed. Now you are required federally to pay back a certain percentage. Seek Legal Counsel. Do not agree to anything until you have had legal counsel. Upon agreement you will most likely give up any bargaining power that you may have. |
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ashley_franklin93
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yes...7 years |
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Pam H
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Yes, it is true to a point. You need to talk to an attorney about it. |
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