2006-06-28 08:11:32 · 6 answers · asked by heolyreos 2 in Business & Finance ➔ Personal Finance
7 years
2006-06-28 08:14:39 · answer #1 · answered by thecharleslloyd 7 · 0⤊ 0⤋
It is completely up to the creditor on when they write it off. But getting it written off will not fix the problem. The collection/debt will still show on your credit report for anywhere between 7 to 9 years.
2006-06-29 08:41:26 · answer #2 · answered by bee_mcrae 1 · 0⤊ 0⤋
If "you owe" the debt, you can write it off at will.
I doubt that your creditor, the person you owe will do that as quickly. If all attempts to collect from you fail and you are not sued by their attorney, your creditor can charge it off from his receivables anytime at his/her desecretion. It also may be referred to a collection agency and recorded on your credit history for 7 years.
You cannot write it off. Only the creditor can do that.
2006-06-28 08:23:05 · answer #3 · answered by ed 7 · 0⤊ 0⤋
Do you mean if someone owes you money? You can write it off whenever you want to. It just gets to the point of diminishing return; the continuing effort/cost to get repaid versus the tax benefit of writing off a bad debt.
If you owe the money, it's up to the lender when they write it off. If they do, it stays on your record for seven years.
2006-06-28 08:15:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There is no legal time. The debt can last your lifetime, and in some cases can be passed on with the rest of your estate to your heirs.
2006-07-01 01:46:22 · answer #5 · answered by Neil 7 · 0⤊ 0⤋
6yrs
2006-06-28 09:44:53 · answer #6 · answered by kingster56uk 1 · 0⤊ 0⤋