how long does it take for a credit card debt to be written off ?

Question

in the U.K.

Answer 1

the answer you always hear is: 7 years....however this no longer
applies, as the government now lets firms (credit card companies, stores, whatever) write off the debt as a loss and then sell the debt to a recovery (collection) agency. In effect, your
bad debt could last for years, as one agency resells to another.

Answer 2

You make it sound as though it is automatic. The very best that you would come away with is a bad credit report. But before that they would have tried every which way to get the money off you. If the debt was large enough they might apply for bankruptcy. It would also be accruing interest whilst it is unpaid. They may even regard your activities as fraudulent. I don't know your details so I am just talking around the possibilities.

Answer 3

It will take 7-10 years for the credit card debt to come off of your credit report. Depending on your state residency, the credit card company will be able to try to collect the debt from you for a specific number of years. Check Yahoo Credit in the Finance Section for your state specifics.

Answer 4

I have never heard of the practice of "writing off" credit card debt. It nearly sounds fun.

Most banks have loan policies. They usually state that if the debtor does not become current within a certain threshold, the account is charged off. At that point, the debt it written off as a bad loan against the bank's "provision for loan losses." The bank then reports your account to the three major credit bureaus as an unpaid charge-off. You can contact the credit card porfolio manager and see if they will settle--that might be something they would do--but a write-off--i doub't it. To settle, you might explain your dire financial circumstances and offer them $0.60 on the dollar. So if you owe $8,000.00, if they will accept sixty cents on the dollar, then you could pay out $4,800.00 and it is settled. However, once a charge off is on your credit report, it is there. The only difference is the adjective that preceedes it. "Unpaid charge-off" or "Paid charge-off."

Answer 5

It normally takes about seven years. If another debt collection agency buys the account from someone else it could be longer. The best thing to do is contact your credit card company and make some type of arrangement with them.

Answer 6

well, a very long time. and something like that will not look good on your credit report. the credit card company may even turn it over to a collection agency and then you would have that to deal with and the credit card company may even sue you for it.

Answer 7

It says on fro seven years. The best thing to do is just pay it off but keep it open and a little dept on it, to make your score go up.

Answer 8

I was told buy a bankrucy case worker that it takes 7 years.

Answer 9

If you've paid them off, don't ever get them again!! If you've filed bankruptcy, this all will show for up to/including 10 years.

Answer 10

In Canada, it can take up to 7 years... depending on whether or not you declare bankruptcy.