Tammy W
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That is very subjective. It really depends on the company. Some write debt off after a year and some never write a debt off. Your best bet is to pay it and get it off your credit rating. Good luck to you. |
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Studly
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Icsowesmemoney is correct...mostly.
Just because a debt is written off does not mean they will stop collecting. It only means they are removing it from their books for tax reasons. They can do it at any time, but from what I've seen it usually occurs within 2 years.
All of this talk about responses about time periods is mostly wrong. Please take the time to read the link below.
Depending on the Stutute of Limitions (it varies from state to state), you no longer have a legal obligation to pay once it's run out.
As for reporting on your credit report, it will stay there for 7 years beginning on the date of delinquincy (see the Fair Credit Reporting Act, it's very clear on this).
Icsowesmemoney is incorrect that judgements will stay on your credit report until "satisfied". By law, those come off after 7 years. However, with a judgement they can legally come after you for an awful long time, so the credit reporting period is the least of your concerns. |
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tiffiek
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5-7 years. In most sates a dispute is not actionable after 5 years. Collectors can try for the full 7 an account appears in you credit report and they will even try to revive it by claiming the account was sold to another company, but that is not legal and you can still dispute it away. For something from 2000.. I ignore it. There is nothing they can do at this point except send letters. |
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icsowesmemoney
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I LOVE SOME OF THESE ANSWERS!! SOME OF THESE PEOPLE HAVE NO CLUE WHAT THEY ARE TALKING ABOUT. "BANKRUPTCY" "FOREVER" "DEPENDS ON THE DEBT" WOW!!
IT REALLY DEPENDS ON WHAT YOU ARE ASKING. WRITTEN OFF FROM THE CREDITOR OR GONE COMPLETELY?
A CREDITOR WILL WRIT OFF DEBT USUALLY AT THE END OF FISCAL YEAR. SOME SOONER SOME LONGER. JUST BECAUSE THEY HAVE WRITTEN IT OFF DOES NOT MEAN THAT IT IS GONE. MOST CREDITORS WILLS END IT TO A COLLECTION AGENCY AND LET THEN COLLECT IT. THE STATUTE VARIES FORM STATE TO STATE AND RUNS ANYWHERE FROM 3 TO 5 YEARS. IF THEY CUE YOU ON IT THEN THEY CAN HAVE OVER 30 YEARS TO COLLECT.
THE STANDARD FOR FALLING OFF YOUR CREDIT REPORT IS 7 YEARS FOR AN ACTIVE ACCOUNT, FOR A JUDGMENT-- AS LONG AS THE JUDGMENT IS ACTIVE AND UNSATISFIED.
SO, IF THE STATUTE IN YOUR STATE IS SAY 7 YEARS, THEN, YES, THEY CAN STILL COLLECT IT. IF THE DEBT IS LARGE ENOUGH, THEY MAY FILE SUIT AGAINST YOU JUST TO PRESERVE THE STATUTE ON THIS. I WOULD MAKE ARRANGEMENT TO RE-PAY THE BILL OR TRY TO SETTLE IT. |
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magicsbadboy
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If ddebt owed is on creditcard or personal of say $50,000.00 or whatever and you die that means. YOU WIN |
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olderbutwiser
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The standard in the industry is 7 years. |
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Gary
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You have to file bankruptcy for that to happen....and in the old days it was 7 years.
New laws have been passed that makes you pay the money back in payments, even when filing for bankruptcy.... |
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avasmava
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it varies from state to state. a lot of places sell their debts for pennies though and the collection agency hounding you will not pay the company to whom you owe the debt.
before you do anything about this debt, read this article... i have saved it in my favorites bc it was so interesting... hope it helps!
http://moneycentral.msn.com/content/Savinganddebt/Managedebt/P74812.asp |
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mono
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it gets taken off your credit report in 7 years but they are still able to come after you on a written contract anywhere from 7-15 years depending on your states statute of limitations |
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texasgrey45
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Bad debt has to be errased from your credit report after 7 years. Except in the case of Bankruptcy which stays on for 10.
Here's the catch, if you respond to the letter you recieved and either set up payment arangements or actually send them some money.....the 7 year period starts all over again.
So, not incouraging any one to be a dead beat, but if you are in the 7th year of this debt already, you would be better off ingnoring collection letters and let this debt fall off your credit report. |
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ongchhh
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depends on the type of debt
general accounting practice for bad debts state that only on or before 7 years from the date of issuance of a promissory note can debt be collected. it's written off otherwise.
however, for bankruptcy, 10 years. |
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Nikkole J
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7 years |
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Snap
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7 to 10 years depending on the type of debt |
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gg
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your credit report is as long as you are alive. sorry to break the news to ya. |
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