2006-12-23 03:17:34 · 13 answers · asked by martyn k 1 in Business & Finance ➔ Credit
Some debts have a Statute of Limitations ranging from 2-6 years, some go as high as 10 years and others such as Governmental debt has no Statute
Do a search on "statute of limitations consumer debts", or old debts etc to determine what if any regulations are in place in your Country/State/Province.
Legally you may not have to pay the debt if it falls within certain guidelines however morally the debt is on the books forever and I guess it depends on how you look at this.
The debt collector has purchased your debt from the actual business where the debt was incurred originally...the company is now happy and the collector has to recoup it's money so they will do what it takes to make that happen. They may call every week, send letters, etc., trying to get you to own up to the debt first then to pay up.
Check the statutes, consider if you really want these people chasing you down every week or so and go from there.
Good luck
2006-12-23 03:32:12 · answer #1 · answered by dustiiart 5 · 1⤊ 0⤋
Do you owe a debt to washington mutual? I would not pay Any one unless they can verify that it is your debt! washington mutual is a credit card, I have one. But if you do owe them money you can see If they will accept a pay off. Schould be less than you owe, Also If you Owe a dept but don't pay I think for seven years THey can no longer collect It from you, But If you start paying on that debt and then stop You will have to wait another seven years Check with suze orman She is a financial specialist, Also It is against the law for them to harass you. They are not allowed to call you at your work. Or say anything about putting you in jail or taking money out of your account. Best of luck, Don't be so worried, Every one owes money Also those dept collectors usually buy those accounts up from financial institutes for pennies when the seven years is almost up and make big profits Best of luck
2016-05-23 01:47:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Actually there is no time limit on how long you "owe" a debt. Until it is paid, it exists. On the other hand, there are time limits on the steps that may be taken to collect it.
For example, a lawsuit generally must be filed within four years of the time you default. If the person waits longer, they will be "barred" from filing a suit. Also, negative information on your credit report becomes obsolete after seven years and generally may not be reported.
There is no time limit, however, regarding when a creditor must stop asking you to pay. Also, as long as you do not pay, that creditor does not have do business with you.
2006-12-23 03:20:45 · answer #3 · answered by Starbucks27 3 · 0⤊ 0⤋
In California, the statute of limitations for a debt is four years.
You're not going to like the rest, but read on..........
If you made the debt, don't hide behind time. Grow up and pay it. The company that extended you credit did so on good faith that you would pay them back and you didn't. Why not just break into your neighbors house and take what you want? It's the same... stealing. Settle for paying just the principle if there are late fees and and that other crap piled on.
2006-12-23 03:24:48 · answer #4 · answered by Mike R 2 · 0⤊ 0⤋
Depends on the kind of debt. The statute of limitations on a written note varies by state but usually 10 years. A payment or acknowledgment of the debt may start the limitation period starting to run anew.
2006-12-23 03:26:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It depends on what kind of debt. Car repos the statute of limitations is 4 years, unless they've sued you. Credit cards and other debt have their own statute of limitations depending upon what state you're in. Look and find out what your states SOL is and act accordingly. If it's out of SOL I'd write a letter telling them so. Then if they decide to take you to court you can use that and actually get money from them.
2006-12-23 14:56:39 · answer #6 · answered by NETTA M 3 · 0⤊ 0⤋
In most states, it is a 7 yr. limitation. Check with you public defender. Or try different lawyers, some may give you free information. Don't make any payments if you don't want to pay it. If you make a dime payment, you admit you owe it and are paying on it and they will expect the full amount. Don't do anything untill you talk to a lawyer. Good LUck.
2006-12-23 03:22:27 · answer #7 · answered by ruth4526 7 · 0⤊ 0⤋
There is something known as the statute of limitation. But, it varies widely from one state to another. Maybe take a look at this website for more information on the topic....
http://www.creditmanagementworld.com/legal.html
2006-12-25 14:07:02 · answer #8 · answered by pagamenews 7 · 0⤊ 0⤋
A debt stays on your credit report for 7 years, unless you go onto all 3 reporting sites and dispute the claim and have it removed.
2006-12-23 03:20:51 · answer #9 · answered by Billys girl 3 · 0⤊ 0⤋
think a debt can still be claimed for up to 7 years!
2006-12-23 03:19:54 · answer #10 · answered by untanuta 5 · 0⤊ 0⤋