I've heard if you have a past due bill, like to the power company or such, and you dont respond to there requests to pay it. After 7 years it goes away. Is that true? Does it work for all bills, like medical, or school also? Hows that work?
2006-08-25 08:59:11 · 11 answers · asked by LolaStar 2 in Business & Finance ➔ Credit
Actually, once its disappeared from your credit report (it must be gone from all 3 Bureaus) you are in fact NOT legally responsible for that debt anymore. If a collection agency is trying to collect on a reportable debt, that previously appeared on your credit report, but has fallen off due to the statute of limitations for your state, they legally cannot force you to pay that. They will try to collect it anyway, but, if it no longer appears, you can tell them to take a hike. Whatever you do though, DO NOT ADMIT YOU OWE THE DEBT! If at any time, you admit the debt for an account that has lapsed, they can legally restart the seven year period.
2006-08-25 09:37:56 · answer #1 · answered by Anonymous · 0⤊ 1⤋
There must be some rationalization. An Unpaid invoice in no way is going away. that's a creditor can attempt to carry mutually on it until eventually that's paid. notwithstanding, there is the form of aspect that you not favor to pay the invoice. If the delinquency is previous the Statute of obstacles they won't be able to do something legally to get you to pay. they could report a more beneficial healthful adversarial to you, yet you may have it brushed off because that's outdoors of the SOL by using going to courtroom. looking on your state and grace of debt it truly is everywhere from about 2 to fifteen years, yet for mastercard costs it truly is oftentimes in the three-6 365 days variety. This time must be reset in circumstances alongside with making a fee or perhaps a signed promise to pay. Now, the 2d time, that's what you're deliberating, is the credit reporting era. A delinquency can't be suggested on your credit rfile for more beneficial than 7 years from the date of the cost-off, which matches out to be about 7.5 years from the date of the delinquency. it truly is an similar for all states and ought to not be reset. when you're previous the SOL and credit Reporting era you may deliver the creditor a end and Desist letter in the adventure that they attempt to the contact you. This truly tells them that they don't look to the contact you about the debt anymore.
2016-11-27 21:09:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
NO! Bills NEVER actually go away. They may come off of your credit report after 7 years, but the creditor can still come after you. In reality, most creditors write off the debt after a period of time. However, at any time, a creditor can "Sell" your debt to companies who will come after you for the debt. Sooo, imagine getting hammered 10 years from now for that thing that you thought/hoped went away.
If you go Bankruptcy route, make sure you find EVERY possible creditor you ever owed. If not, once your bankruptcy is final, they can all come out of the woodwork.
Main thing...pay your bills, don't avoid them...deal with the creditor head on. It's painful, but not as much as living a new life with old life crap coming after you.
s
2006-08-25 09:33:03 · answer #3 · answered by sj49333 1 · 0⤊ 1⤋
Reporting rules for your credit report have no impact on the creditor ability to collect. Some states have a statute of limitations the prevents collection after a certain period of time. If the creditor is actively attempting to collect, the statute of limitations does not start just because you are not paying.
2006-08-25 13:27:10 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
though the bill is never paid it can fall off your credit report, it can still be collected as it was never paid, you just do not have that ding on your credit score. Also for your information, it is not always 7 years, different states have different limits some more some less(Arizona is technically 6 years-found it on MSN.com).
2006-08-25 10:49:04 · answer #5 · answered by rhlkale 3 · 0⤊ 0⤋
Some it does. But since the new bankruptcy bill went into effect last October, creditors have the right to hound you apparently forever.
2006-08-25 11:06:34 · answer #6 · answered by Big Bear 7 · 0⤊ 0⤋
NO, they do not and they shouldn't. To understand what you ask, try understanding the "statute of limitations" as applied to debt. Research the web on that subject. You may become an expert so you know how to respond to others' opinions on the subject.
2006-08-25 09:12:10 · answer #7 · answered by 'stavo 2 · 0⤊ 0⤋
After 7 years they disappear from your credit report, they dont go away. You are still legally responsible, and morally responsible to pay your debts.
2006-08-25 09:04:15 · answer #8 · answered by Anonymous · 3⤊ 0⤋
No you owe the money. Trying to scam out of some unpaid bills?
2006-08-25 09:04:53 · answer #9 · answered by ? 6 · 0⤊ 0⤋
you will cause a nasty train affect this way. It's just best to talk to the financial intitution that you are having problems with, and compromise on a better financial way to handle the current situation, it's better to deal than to steal :)
2006-08-25 09:30:10 · answer #10 · answered by lachefderouge 3 · 1⤊ 0⤋