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Additional Details
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JENNIFER G | Is it true that if you ignore a bill for 7 years it will go away? |
My fiance said that after 7 years of lack of action a bill goes away. I was wondering if that was true. |
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Studly
 |
This question is a great example of why Yahoo Answers has problems. By nature, you can't screen out the bad answers...and if I point out the idiots I get in trouble with the Yahoo Police!
Myself and several other people have answered this very question dozens of times. I know some of the people who responded to this have read it...yet they just go on and answer incorrectly again. No research, nothing.
So here is the correct answer. It's true...sort of.
First, understand you are dealing with two timeframes. The first is the length of time that credit bureaus can report negative items on your credit report. That time is 7 years, beginning from the date you became delinquent on your debt. That is probably what your fiance (a very intelligent person so listen to him!) is referring to.
The other is the Statute of Limitations. This is the legal timeframe a creditor has to legally sue you for your debt. This time is different in every state, but is generally 4-6 years. Look this up at the link below.
What this means if the creditor tries to sue you in court after the SOL has run out, you simply tell the judge that it's past the SOL and >>>POOF<<< the case gets dismissed. Yes, it's true, look it up in your states law statutes (do a google search, or look at the second link below).
Now here is where the "sort of" part comes in. The creditor can still TRY to collect on debts as long as they want. They can call you, harass you, send you nasty letters, and do all sorts of stuff. They just can't sue you in court.
To put a stop to that nonsense, simply read the Fair Debt Collections Act. Send them a "cease and desist" notice and if they continue to bother you, sue them for $1000 for FDCA violations.
One final note. They can sue you after the SOL has run out. It is your responsibility to appear in court and inform them that the SOL has expired. This is called an "affirmative defense". If you don't do this, they will win their judgment.
This is why collection agencies purchase very old debts. They are counting on the fact that you, the consumer, do not understand the law, and do not understand your rights.
And this is totally evident just by reading the previous responses to your question, as many people don't have a clue what they are talking about. |
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TeKe
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No |
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Lovely Lady 27
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LOL NO! If that was the case no one would pay their bills. |
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Innowen
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No, the bill would go into collection. Each state has different time limits on how many years a company can pursue a debt. You could try Googling your state and debt collection laws. |
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Starry Eyes
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no way. not in this century at least. way back in the old days (lke bible times) they would forgive debt every 50 years or something like that. but if you don't pay a bill before 7 years i'm sure you will find yourself in jail |
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OC1999
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There needs to be some clarification. An Unpaid bill NEVER goes away. That is a creditor can attempt to collect on it until it is paid. However, there is such a point that you no longer need to pay the bill.
If the delinquency is past the Statute of Limitations they can not do anything legally to get you to pay. They may file a suit against you, but you can have it dismissed because it is outside of the SOL by going to court. Depending on your state and type of debt this is anywhere from about 2 to 15 years, but for credit card bills this is usually in the 3-6 year range. This time can be reset in situations such as making a payment or even a signed promise to pay.
Now, the second time, which is what you are thinking of, is the credit reporting period. A delinquency can not be reported on your credit report for more than 7 years from the date of the charge-off, which works out to be about 7.5 years from the date of the delinquency. This is the same for all states and can not be reset.
If you are past the SOL and Credit Reporting Period you can send the creditor a Cease and Desist letter if they attempt to contact you. This basically tells them that they are not to contact you about the debt anymore. |
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Reality Check
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Nope. That's a common misconception. Funny enough...it's usually made by people who use the system like this, and who subsequently have to pay a deposit to flush their toilets. |
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Doctor Deth
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your credit will suffer for 7+ yrs if you ignore it |
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blueeyesofblue2001
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no, the company will go after you for it. You better learn about debt and how it affects ur credit. |
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susan b
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It is true unless there is a lean or the creditor wants to sell your judgement to someone else and then they will go after you |
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Christine T
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From your credit report, yeah, but before that it will ruin your credit. Any you'll still technically owe the money - it just wont show. |
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Bablondie
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My sister and I (years ago) got out of hand with out credit and we couldn't pay it. I ended up claiming bankruptcy, which was fine (now my credit's good) and I did it the legal way.
She just moved and never did anything about all her credit card and other bills. Well her credit is BETTER than mine, they never called her or came after her! They did nothing at all...and she has better credit as I said (when I did all the right steps for better credit) she did nothing...so it's very odd. |
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Grant S
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It is true, after so many years creditors cannot collect on that. thats why a lot of times banks or companies will sell your debit to a debit collector to cut some of their losses and then the debit collector will try to get you to pay. I dont know if its 7yrs but yes after so long they cant collect that debit. |
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