Is it true that if you dont pay your credit cards bill for 6 years they just take it off your credit report and stop asking you for the money, cause its unsecured line of credit???
Cause someone told me husband that you can do that so now he doesn't want to spend money on a lawyer to do bankruptcy.
2006-12-19 12:08:01 · 10 answers · asked by muwah22 2 in Business & Finance ➔ Credit
After 7 years, any INACTIVE accounts on your credit report falls off. If you default on a card this month, seven years from now the account for the credit card will fall off, but the collection agency that currently owns the debt will be active on your report and on your phone looking to collect the debt. On top of that, any and all court actions they take against you in getting you and forcing you to pay will also be on your credit report. Whomever told your husband that is a total idiot. Following their advice will ruin your credit and a chunk of your life for a minimum of the next seven years.
Tell your husband to tell this guy to accompany him to a lawyer and sign a valid legal contract stating he will be financially liable if his advise is wrong. I bet he changes his tune.
2006-12-19 12:55:31 · answer #1 · answered by dougzinboston 4 · 0⤊ 0⤋
You should visit SALESQUOTES.INFO- I am sure here you can find the best option for you
RE Credit Debt?
Is it true that if you dont pay your credit cards bill for 6 years they just take it off your credit report and stop asking you for the money, cause its unsecured line of credit???
Cause someone told me husband that you can do that so now he doesn't want to spend money on a lawyer to do bankruptcy.
2014-10-12 02:35:26 · answer #2 · answered by ? 1 · 0⤊ 0⤋
What I don't understand about people not wanting to pay their bills is this: When you used that credit card, someone was trusting you to pay the money back. The thanks they get for their trust is some people think its OK to just walk away or file bankruptcy. The easy way out of course. To my way of thinking, if you write a check and you know its no good, then you just stole from that person, plain and simple. You wouldn't like anyone doing that to you. No different from bankruptcy, your just walking away from all the stores and people that trusted you and leaving them with your bill. To bad, their problem. Shame on you.
Quite frankly, I think if I was you, I'd get off this web site and use my time to get a second job and try and pay back the people I was trying to take advantage of.
2006-12-19 21:42:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I have heard this too but I have heard that it's 7 years. I don't know if they just take it off your credit report but they may just have it on your credit report as an unpaid bill that may count against you for future credit. I would definitly tell your husband that bankruptcy would probably be a better choice than not paying the bills
2006-12-19 20:13:13 · answer #4 · answered by kerrberr95 5 · 0⤊ 1⤋
The Fair Credit Reporting Act, delinquent debts can only remain on your credit report for 7 years from the date of 1st delinquency. After 6 years, you are probably in the clear if you haven't paid them.
2006-12-19 20:46:55 · answer #5 · answered by Kevin K 3 · 0⤊ 0⤋
Once upon a time after 7 years. Since congress has passed a law making people pay for their debts owed. Companies no longer do all of the write offs that they used to do.
2006-12-19 20:41:48 · answer #6 · answered by Chillin-it 7 · 1⤊ 0⤋
It depends on your statute of limitations for the state you live in. The item stays on your credit report for 7 years, but you can be sued by the credit card company until the statute of limitations has expired. Listed below is a link which lists the statutes of limitations by state.
2006-12-19 21:49:05 · answer #7 · answered by Mariposa 7 · 0⤊ 0⤋
Yes and No. IT is 7 years and then you have a 50 / 50 chance of your creditors suing you and trying to garnish your wages. if you owe any single card over 9,000 then chances are you will go to court over it. I have seen people sued over as little as 500 dollars.
We have a great alternative to bankruptcy.
Kourtnie Donihoo
The EDA Group
"Helping people become debt free"
1 866 605.0753
www.enhanceddebt.com
2006-12-20 05:04:42 · answer #8 · answered by Kourtnie D 4 · 0⤊ 0⤋
HALF TRUE AFTER 7 YEARS YOU COULD GET THE NEG REPORT OFF YOUR CREDIT REPORT U DO STILL OWE YOUR CREDITORS BUT IT WILL BE ERASED OFF YOUR REPORT, U HAVE TO REQUEST IT OFF THEY WONT ALWAYS DO IT THEMSELVES.
2006-12-19 20:20:56 · answer #9 · answered by sa714oc 1 · 0⤊ 0⤋
lol...
not until they take your home and your livelihood.
2006-12-19 20:11:33 · answer #10 · answered by Anonymous · 1⤊ 0⤋