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for to pay back?
Additional Details
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gary.marlborough | If a payment was made 10 years ago on a debt does this limitation still apply ? |
the limitation on debt collection is 6 years yes,, if a payment was made does the 6 year limitation still apply |
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Sgt Big Red
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The SOL on the debt would last 6 years. Any payments made during or after the 6 years would reset the clock. Also if one leaves the state this "tolls" the SOL which means the clock stops and restarts if the debtor returns to the state.
Depending on what state you live in, if you make a partial payment, you could be postponing the Statute of Limitations' taking effect on your collection account or charge-off. A collector might call you one day and say you waived your rights when you made a deal with the collection agency. Do not take anything a collector tells you for granted. Make them prove it to you, in or out of court. For about half the population, the Statute of Limitations started ticking the day they made the last payment for their account.
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
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Judy
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There is something called the Statute of Limitations.
The period debt can stay on record is 7 years after your last payment. After that period you need to get a copy of all 3 credit reports.
Go to annual credit report . com
(if you google the wrong thing they will ask you for a credit card number - credit reports by law are free - once / year).
Review your credit report.
Find your (over 7 year) deliquency.
Dispute it in their form and send it back.
Do not call the 800#, they are incabable of understanding english.
You can also add notes such as medical bill or due to loss of job.
They will send you a reviewed form back.
It will have your corrections and your old debt will be wiped off.
Every year check your report.
After that you can go get a better job. Since a lot of employers check credit when hiring you. Enjoy your new life. Good luck. |
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joey m
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Its only if they havent contacted you within ten years. |
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alatoruk
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in the UK there is NO limit on time for a debt to be chased. what there is is a 6 year limit after which a court will not make an order for you to pay it. That doesn't stop you owing the money, or the company (or someone they sold the debt to) from chasing you for it.
be warned though, the 6 years is from the date of last communication from you about the debt. so if they ring you and say "you know that money you owe us" and you say "yes, but I cant pay it right now" the 6 years starts again. |
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Lily B Talus
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Shouldn't do...as long as you've had no contact with the company for 6 years you're o.k. |
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littlesaz
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In English law, limitation is a defence. it will not stop a company bringing proceedings outright-it is down to you to submit a defence. Having said that, on a ten year debt, they would be very foolish to start anything because quite frankly, it would be a waster of money! |
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James W
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Right now you are safe from litigation due to the statute of limitations. If you make a payment you are starting the limitation time line over. If your debt is 10 years old there is very little a company can do to you to promote a payment. The only course of action at this point is to sell the debt and the collection agency can report the debt on your credit report and start a new SOL cycle. |
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N K
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repayment of an old debt might re start the Statute of Limitations (SOL). Check your state's SOL laws. Nothing should be on your credit report 7 years after date of first delinquency. NOTHING RESETS THAT DATE. Note it is not the payment date but date when it was marked delinquent and 7 years start then. I don't know of the 6 year limit. SOL is about getting sued in court and getting a judgment. If a judgment is issued against you in court, it can last for 10 years after it has been paid. If not paid, it can last forever. |
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kelfisher
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As above (six years but debtor can chase) save for mortgage debts which are 12 years. |
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C Rodriguez
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I have a medical bill from 6 years ago in Wisconsin. At that time, I had no insurance, they knew, and kept insisting i have cat scans done. I was 19 & only making $6,000 a year & the bill was somewhere around $3,000 or more. I still have the bill and did make payments on it at one point in time. Now, I am not working bc I am a full time student & have excellent insurance. Is there anyway to get around this debt or bill? ... besides offering a pay off settlement? |
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