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Heather J | What can I do once my debt has reached the seven-year mark? The debt collectors won't stop calling!? |
I have old credit card debit that has been considered past due for about eight years now. How do I know if it has been removed from my credit report (or if I need to do something to have it removed). Also, how do I get these debt collectors to stop calling me?! |
 |
 
SPIFIMAN1
|
Except for Beverly nobody else knows what they are talking about.
There are 2 time lines involved the first is per the Fair credit Reporting Act and it says that derogatory accounts drop off 7-years from the date of first delinquency which works out to 7-years and 180-days. Nothing resets this time line.
The other is the statute of limitations and this varies by State and type of loan, this is the time that creditors have to legally sue you in court and win any accounts that are past the S.O.L. you can still be sued for but all you have to do is show the court that the account is past the S.O.L. and it will be dismissed. Any payment made resets this time line.
As far as getting them to leave you alone, send them a certified letter return receipt requested telling them to cease and desist all contact with you except by U.S. mail.
I have posted a link in the source box so you can look up the S.O.L. in your State.
Good luck. |
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bdancer222
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Negatives fall off your credit report 7-1/2 years from the date of first deficiency. NOTHING can restart this clock. Public record items like bankruptcy and judgments stay on your reprot 10 years.
Get a copy of your credit report (AnnualCreditReport.com) and see what is showing up on your file. You can dispute anything older than 7-1/2 years as being beyond the reporting period.
Collectors can still call trying to collect. If you want them to stop, send a certified, return receipt letter telling them to cease and desist all contact. Before you send that letter, you should make sure the Statute of Limitations (SOL), the timeframe to bring lawsuit, has passed. Check your state: http://www.fair-debt-collection.com/SOL-by-State.html.
Chances are the collection agency will sell you debt to another collection agency and you will have to send them a cease and desist letter as well. |
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Sgt Big Red
|
As SPIFFMAN has stated, most of the answers given are incorrect and should be ignored.
You do not have to pay debt that is considered too old by your state. Every state has laws governing the time in which a person or entity can file suit to collect a debt. Generally, a creditor or debt collector gives up his right to file suit to collect a debt after a period of six years from the time the debt was written off (or the date of last activity on your credit report), but various states allow anywhere from 2 to 15 years to collect delinquent debt.
Here is a link to locate your states SOL
http://www.fair-debt-collection.com/SOL-by-State.html
If this debt is beyond your states SOL simply send them a certified/return reciept letter. Here is a sample for you to use.
Today's Date
Your Name
Your Address
Collector's Name
Collector's Address
RE: [insert account number or name of account or name of debt]:
Dear [insert collector's name or company name],
This letter is in response to your [letter dated xx-xx-2005] (copy enclosed) or [phone call on xx-xx-2005], concerning the collection of the above referenced [account or date].
I do not believe I owe what you say I owe therefore I dispute this debt. I am well aware of my rights under the Fair Debt Collection Practices Act (FDCPA) and my state laws so I hope to save both of us a great deal of time by letting you know that not only do I dispute the validity of this debt, I have also checked with my State Attorney General and verified that the Statute of Limitations for enforcing this type of debt through the courts in (insert your state or the state in which the contract was signed) has expired. Therefore, should you decide to pursue this matter in court I intend to inform the court of my dispute of this debt and that the "statute of limitations" has expired.
This letter is your formal notification that I consider this matter closed and demand that you, or anyone affiliated with your company, stop contacting me regarding this or any other matter except to advise me that your debt collection efforts are being terminated or that you or the creditor are taking specific actions allowed by the FDCPA or my state laws.
Be advised that I consider any contact not in accordance with the Fair Debt Collection Practices Act a serious violation of the law and will immediately report any violations to my State Attorney General, to the Federal Trade Commission and, if necessary, take whatever legal action is necessary to protect myself. Be advised that I tape record all phone calls and violations of the FDCPA can result in you or your company being personally fined up to $1,000 per incident.
(Sign above name)
Printed Name
Hope this answers your question
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice. |
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$m¤¤v¥ £¤¢¤
|
There's 2 things that you need to understand:
1. The Fair Credit Reporting Act allows debts to be reported no more than 7½ years from the date of first missed payment to the ORIGINAL CREDITOR. So, no matter how many times it get transferred to different collection agencies, the first date is what matters the most.
2. There is a seperate Statute of Limitations for legally enforcing debt in a court of law. These can vary by state, and most times are shorter than the FCRA. But there are some states, like Wyoming for example, where a debt can still be legally enforcable well after it stops reporting on a credit report.
Now, what this means to you is that more than likely the debt should stop reporting on your credit soon, however depending on the state, the SOL should be expired already. But you may want to double check. (I posted the link to check your state below) As far as the collection calls, I would either simply ignore them, or you can write a "cease and desist" letter telling them to end all communications with you. |
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Beverly S
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It's actually 7.5 years from the date of delinquency. Judgements and Bankruptcies are longer. Pull your own credit reports for free once a year at www.annualcreditreport.com - they do charge if you want your scores though. They are calling more because you are close to 7.5 years- if you write to them telling them to stop calling they have to, but then they may/or may not sue. |
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Reality Check
|
You need to obtain your credit report for all 3 bureaus.
You can do this FREE once per year, from each (Experian, Equifax and TransUnion) at:
http://www.annualcreditreport.com |
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Fred C
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If they have been contacting you, the debt does not expire. It only expires if they have let a time period go by without contacting you. Pay your debt, they won't call, and then you won't be a deadbeat any more. |
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triffid
 |
I cannot believe the number of answers here where people tell you to pay something on legally expired debt.After the 7.5 year mark .Once your old debt is written off by the original
outfit you made it with and sold to a third party.You do not owe it anymore.Anything a bill collector can get out of you is pure profit for them.Get ahold of Kevin Trudeas'book"Debt cures they don't want you to know about".He outlines details on how to bring your credit score back up.One thing you can tell the bill collectors is that you do not owe the debt and do not call again. |
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mandy S
 |
pay on your bills my dear....they will usually stop calling if you make even a small amount of effort.. |
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naplliny
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Pay them off |
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Katie M
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It should be removed from your credit, be aware that if you start making payments now they will restart the 7 years. If you want them to stop calling write them a Cease and Desist letter requesting that they stop all communication with you. At that point they are no longer aloud to call you. If they continue file a complaint with the ACA and the Better Business Bureau, and the Attorney Generals Office. |
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dimitriskats
 |
Deposit the smallest amount with the biggest note thanking them for their concern and their services, showing that you are taking it seriously |
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onandonandonanon
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Paying the bills you OWE will make them stop calling, and you can get a free credit report every year, might be a good idea to check it, huh? |
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MiaKnight
|
the seven year thing is a myth....somewhat..
different kinds of debt have different statutes of limitations like bankruptcy stays on your credit for ten years, and their are some that stay on longer...credit card charge offs can stay on longer than seven years depending on when your credit card company actually considered you a default. It may be a few more years before you lose the debt collectors. |
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JM
|
it gets removed 7 years after the account is CLOSED. if you haven't paid it, it will stay open forever unless the company agrees to a settlement. the only real thing you can do to make them stop calling you is to start paying. |
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Liz T
 |
You need to contact them, if not debt collectors have the right to take things from your home equal to the amount you owe |
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Hokie_Pokey
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It will NEVER get removed from your credit report until you PAY the debt. And then it will take 7 years for your credit to improve to an acceptable level.
Debt does not just disappear. Your credit must stink. Good luck with that. |
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♥ Indigo ♥
|
Have you made ANY payments in the last 7 years? That will start the 7 years over, I think.
You can check your credit report free at 'annualcreditreport.com'
To get them to stop calling, you'll need to send a letter stating that any future contact must be made via mail. Send it certified so you're sure they got it. |
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linz_b
|
they won't stop calling until you pay off the debt. just because you have had the debt for 7+ years does not mean it magically disappears from your credit report. what you are probably referring to is when you declare bankruptcy it stays on your credit report for 7 years or more. sorry girlie but you have to straighten out your finances. why don't you answer the phone next time they call and see if you can work out some sort of payment plan? |
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kwazywabbott
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But you can stop answering! And isn't that the "Good News?" |
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Cobalt Daisy
|
Any outstanding debt you owe will not disappear from your credit report. Also your credit score will reflect your debt.
If you are in such serious debt that you are being constantly harassed by debt collectors and you are only able to make minimum payments then you really should contact a debt counseling agency. They are non-profit and won't cost you a thing.
The stipulation from seeking their help is that you will have no more means of credit. All of your credit cards get cancelled and you can no longer apply for credit. They assume "control" of your balances and work with credit card companies to reduce your interest rates and penalties. You then send them the money toward your debt and they apply to the various accounts (or one account). They will send you financial statements as well.
You have to be careful of course and not pick just any credit counseling organization. Good places to start are:
http://www.nfcc.org/ and www.aiccca.org
Were you looking to file bankruptcy?
http://bankruptcy-law.freeadvice.com/consumer_bankruptcy/should_file.htm
Perhaps I misunderstood you and you already paid off the debt? If so to get the collectors to stop harassing you, this is a good place to start arming yourself with information:
http://credit.about.com/od/debtcollection/a/stopcollectors.htm
So you can see the actual standing of your credit you are entitled to a free credit report once a year:
https://www.annualcreditreport.com/cra/index.jsp
Look over it carefully to make sure that there are no discrepancies between the report and your own financial records / files. If you do find any discrepancies contact a credit bureau for assistance (i.e. Equifax, Experian, or TransUnion; they sponsor annualcreditreport.com).
I hope this helps, I think I covered all arenas. Please let me know if you need more information.
:) |
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