Screwball
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Probably not. It COULD be, if it was to be charged off... But nowadays the credit card companies are more likely to haul your *** in court to try and get something first.
We got sued by Discover for an enormous amount of money we owed them, but couldn't pay for health reasons.. Only got out from under it by filing bankruptcy. |
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keepsondancing
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What color is the sun in his world?
The only way his credit will "reset" is if he declares bankruptcy. And that's not as easy as it used to be. Tell your friend to smarten up! The day of reckoning is at hand! |
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Ruby
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Tell him that his credit will get ruined after 30 days! |
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Demon Doll
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No way. It will just get worse. |
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Labatt113
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7 years UNLESS the ocmpany sells the
"debt" in in less than 6 years 11 months 29 days. New company owning the debt mean new debt (loop hole) add on another 7 years and keep going til your dead. Dont you lve america? |
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Lianne
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This link will show you how long various items remain on your credit report http://finance-girl.blogspot.com/2006/09/credit-report-timeline-most-of-us-have.html |
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Jules
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nope. I don't know where your friend got his information but he is soo wrong if he thinks that's actually gonna happen. The credit companies are gonna come after him and drain him for anything and everything...after they get everything of value then maybe he'll get lucky and file for bankruptcy which I hear is getting harder and harder to declare. IN the mean while, he's going to have a hard time doing anything with his life until he can begin rebuilding his credit ratings again. |
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Kitty
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Credit is checked now by employers when they want to see if the nimrod they are thinking of hiring is worth it.
Pat your friend on the back and tell him GOOD LUCK with a shitty life for he is going to need it.
Credit companies will write certain debt off after a statute of limitations is met... however some will haunt him much longer.
Be happy for this friend.... looks like he will get exactly what he has coming to him !
Let me leave you with this last statement : Limit time spent with idiots for you have nothing to gain from their friendship, you become what you hang around! |
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Shorty
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Yes. Speaking from my husband's experience. |
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ken
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Yes he is right. Depending on the state the statue of limitations is 7-10 years. After that time they can longer come after him for the debt. ANy contact with them resets the clock though, so he cannot answer a letter or a phone call. if he doesn't need credit, works on cash, has no assets and plans to have no assets making him judgement proof he'll be fine in 7-10 years. Otherwise if he wants job where they check credit, or wants to own a house, rent a car, have a job that pays via a check then he will be screwed as the credit agencies will come after him |
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sweet..dude..sweet..dude
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You can't buy something and not pay it without getting in trouble. Your friend is an idiot and you need to find a new friend, maybe one that has some reason in thier thoughts. |
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Starlight
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No - the creditors will press charges. That's a silly misconception. |
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supercreditguru
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Your friend isn't very educated in the way credit works. I wrote the book, literally. Go to www.LearnAboutCredit.com |
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robert w
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The credit card companies may file lawsuis against him depending on hw much he owes to them. It might be a collection agency that files against him. If he has no assets then a judgement gets them nothing. After 7 years the credit can be rebuilt. There are some companies that might extend credit before 7 years as crazy as that sounds. I dont suggest trashing your credit though. |
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Studly
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Thank you Ken....the only correct answer in this mess!
True! After 7 (not 10) years any negative item will drop from your credit report.
But if he thinks he will have a sweet life for the next 7 years, he's very wrong.
And if (when) he gets sued (depending on the state) the debt will never go away. Once a judgement is issued, they can collect for many years. In Michigan, a judgement last for 10 years, and can be renewed over and over.
So yes, his credit record will reset once the negative entries are removed, but every judgement he has will never go away.
I hope he enjoys playing his game. |
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