i was told that a creditor has 7 yrs to try to make you pay is that true?
2006-07-03 18:26:17 · 8 answers · asked by susan 2 in Business & Finance ➔ Personal Finance
The truth is a creditor can try to collect on a debt as long as that debt remains unpaid. But more importantly, the bad debt can only stay on your credit report for 7 years from the time it became delinquent (10 years for bankruptcy). Even if you pay on the debt, it still screws your credit rating, so unless it is an auto or real estate loan, which involves real property or collateral that can be reposessed, why bother? Just keep up to date on all your other bills and wait out the 7 years. Your credit rating will soar overnight after this, speaking from experience.
2006-07-03 19:35:28 · answer #1 · answered by hose902 2 · 0⤊ 1⤋
The period when they can try to collect is based on state law. In some states the Statute of Limitations is 7 years, but is different in other states.
Also, if the creditor files a lawsuit against you for the debt and wins, they receive a judgement against you. THis judgement can be renewed several times, so they may be able to come after you for several decades.
2006-07-04 11:26:13 · answer #2 · answered by Mama Pastafarian 7 · 0⤊ 0⤋
that is true for most states unless they reactivate you debt. example they sell it off to another collection company now they will try to get it back from you and will start the whole thing over on your credit. Rest assured if it is a small debt and is over 1 year on your credit it has already done its damage and will not do any more. LET THE SLEEPING DOG LAY
2006-07-10 16:18:20 · answer #3 · answered by Nicholas S 2 · 0⤊ 0⤋
most bad debt is swipe clear of your record in 7 to 10 years.
2006-07-10 21:55:52 · answer #4 · answered by GN 2 · 0⤊ 0⤋
7 years is correct. It can only stay on your credit report for 7 years.
2006-07-04 01:30:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I believe there is'nt any time limit, because if you do'nt pay it will go on your credit report. If you go bankrupt it will stay on your record for 7-10 years.
2006-07-04 01:31:45 · answer #6 · answered by Katherine C 3 · 0⤊ 0⤋
they can try to collect for ever if you do not declare a BK. and then if they are included in the BK then they have to stop trying to get your money that is owed to them.
2006-07-04 01:40:14 · answer #7 · answered by Galaxy 1 · 0⤊ 0⤋
Until they get tired of calling trying to collect it or you get your number changed.....
2006-07-04 01:29:22 · answer #8 · answered by shakayconia 1 · 0⤊ 0⤋