2006-07-03 08:59:25 · 12 answers · asked by tsccbass 2 in Business & Finance ➔ Credit
If you owe it you owe it.
2006-07-03 09:02:15 · answer #1 · answered by Nelson_DeVon 7 · 0⤊ 0⤋
That depends upon the statute of limitations on the collection of the debt.
Adverse information falls off your credit report 7 years after the date of last activity. However, some debts in some states can be pursued for collection well beyond 7 years. In that case, they certainly CAN continue to collect on the debt.
If you do anything that changes that date of last activity, such as admit to the debt or attempt to make payment arrangements, then it will pop back up on your credit report. Also, if they decide to file suit, it will pop back up on your record.
There is a growing industry that attempts to collect old debts that are past the statute of limitations. The creditors typically sell this debt off for less than a penny on the dollar. The companies that buy this debt only need to get a very small response rate to realize a huge return on the investment.
Check with a local attorney to determine what the statute is in your state as it applies to the debt in question. If the statute has expired, you should not have any contact at all with the collection agency, other than do say, "Do not contact me again."
2006-07-03 09:17:58 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Not unless you have agreed to pay the debt to them, in which case you have given them permission to get their money. Never, ever deal with collection agencies - you don't have to do so legally. Just tell them in writing that the debt is not with them and they are hereby barred from contacting you in any way, shape, or form. Send it certified mail return receipt. This has to be done at first contact or they have every right to get their money. However, there is a statute of limitations on for how long they can pursue you.
2006-07-10 04:11:51 · answer #3 · answered by ginabgood1 5 · 0⤊ 0⤋
It takes 7 years for all debts except financial disaster. 10 years for financial disaster. notwithstanding, purely because you pay the debt would not propose that it's not a unfavourable account and it does no longer replace the date that they get rid of it out of your credit. no matter if that is a collection account they pass 7 years from the date it became printed on your credit so in case you pay it it gained't make it pass away any swifter nor will it make it longer for it to go back off your credit. also the perfect 2 years of interest good or undesirable is what impacts your credit the most. desire this permits!!!
2016-11-30 05:35:28 · answer #4 · answered by policastro 3 · 0⤊ 0⤋
Yes, they can. A friend had an XYZ credit card that he maxed out in college. He didn't pay a dime on it. After it fell off of his credit report, he bought a car financed through XYZ. He also got another credit card from XYZ. By this time, his credit was good.
Years after he purchased the car, a collection agency called him about his first card. Nothing happened.
2006-07-04 08:03:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes. The agency will continue to pursue and also put it back on your credit if you don't pay in full in a timely fashion. A payment plan is always an option so ask them to see what choices they have.
2006-07-03 09:08:35 · answer #6 · answered by marie 1 · 0⤊ 0⤋
Yes they can collect indefinitely. As I understand it, the statute of limitations applies only to filing suit against you. They can try to collect until you die... that's why you people who think you can just wait it out are going to be in for a rude awakening when you're 90 years old and have collectors STILL beating down your door.
2006-07-03 10:04:21 · answer #7 · answered by inaccord18 3 · 0⤊ 0⤋
I agree with bostonianinmo.
I'm including a link where you can find the statute of limitations to your state. The site also has great information on how to deal with collection agency.
Everything on that site is free to use. Never pay for info that you can get for free.
2006-07-03 11:36:04 · answer #8 · answered by echo 7 · 0⤊ 0⤋
Just because the debt is no longer on your credit report does not mean it was magically paid by a Leprechaun. (They have a lot of gold)
2006-07-03 12:22:09 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I do not know where you are so this might not aply.Not only can they still hound you but you can be put back on the list of defaulteers.Here we call it being blacklisted.It is possible to stay on that list as long as there is any monies outstanding even utill after death.Then they can claim from your estate.
2006-07-03 09:08:24 · answer #10 · answered by Snowey 4 · 0⤊ 0⤋
Nope
2006-07-03 09:02:37 · answer #11 · answered by Anonymous · 0⤊ 0⤋