 Jail time for payday loan in CALIFORNIA and now live in AZ? Help!!? |
| We just got a call today threatning my husband with a warrant for jail time for a payday loan taken out in California 4 years ago! We now live in AZ. We are just now getting over having serious ... |
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 Over the last 9 years I have managed to rack up substantial unsecured credit card debt. I do not have any? |
| assets, other than the $5000 of equity of my house. If I just stop paying my credit cards, and wait out the statue of limitations, will the debt go away, regarding the credit cards? I live in the S... |
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brendak0917 | Is this true that if you don't make any payments for 2 years ...? |
I once heard something to the effect that if you owe a credit card and have not made any payments for two solid years, they cannot come after you for the debt, is that true?
Thanks for your help. |
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Sgt Big Red
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In a sense it is true, if the credit card company has not recieved any payments after notifying you, they will have by then (if they did not seek legal suit in court) charged off the debt and sold it to a collection agency. THEY (the collection agency) will hound you forever even after your states SOL have run out.
However the debt will only be on your credit report for a total period of 7 1/2 yrs in accordance with 15 U.S.C. §1681c. After the time period has expired, then it will drop from ones credit report. NOTE: It can not be reinstated on your credit report even if it is sold to 100 different collection agencies as per Re-dating of a debt, 15USC1681s-2] § 623. Responsibilities of furnishers of information to consumer reporting agencies.
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice. |
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Nandina (Bunny Slipper Goddess)
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::laughs::
I dare you to try it.
No, it's not true. It is, however, a great way to ruin your credit rating and get collection agencies on your tail. |
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RantingLover
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No, that's not true.
There are statute of limitations on certain types of debt, but there are a lot of variables that come into play. Including, what type of debt, last activity date, how much the debt is, where you live, etc.
But, going late on debt that reports to your credit file is never a good idea. It will hurt your credit, and affect any other type of credit you have right now. |
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bdancer222
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That doesn't even qualify as an urban legend.
Not only will you ruin your credit and have collectors hounding you, they can sue you, win a judgment, then attach your bank account, garnish your wages, and lien your property. While the Statute of Limitations (SOL), the timeframe to bring lawsuit, varies from state to state, most are longer than 2 years. |
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stan c
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The derogatory info will stay on your file for 7 years then it comes off. However. they can call you until the day you die Your car insurance might go up also because of the delinquency Depending on what state you live in, they can not sue you after a certain # of years |
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Peilthetraveler
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They can bother you for the rest of your life with phone calls and letters, but usually they have 4 years in most states, except like Rhode island where they have like 15 years.
Do a search for Statute of limitations and look up your state |
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Mexifry
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Um, yeah...thats not true. If you miss so much as one payment...regardless if you have had the account 2 months, 2 years or 10 years...they will come after you. If you stop making payments they will not only yit you with fees but will most likely seek a judgement against you. My adivce..don't try it! |
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paisleyprincess27
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I wish! Good luck with that. :) |
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Jennifer
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Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://urlcut.com/1kvhf |
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Baby #1 on 12/10/08
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It's not true, wishful thinking maybe, but your credit will be screwed and they can take you to court for it and get a judgement if they want to. |
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soulgirl4you
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Ha! Ha! Ha! Definately not true! But nice try. I think that after 7 years the debt resolves itself from your credit report but that's only if they don't keep seeling it off to another private collection company. If they do then it will continue to stay on your credit report and you'll never get rid of it. Best thing to do is to just pay it. If you can't pay it all, or it's just too high then negotiate (if you have a pretty lump sum of money to pay). Chances are you can negotiate the amount owed down $200-$700. |
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