2007-01-31 00:01:19 · 4 answers · asked by ericnbeth2003 1 in Business & Finance ➔ Credit
Technically there is no statute of limitations. The credit card will have sold your account to an agency who will now has the right to pursue you for the debt. As long as they report your account with them as open and active, they will report it as such on your credit report and retain the legal right to pursue you for the debt.
The original credit card account will have dropped off your credit report 7 years after the date of closing.
2007-01-31 08:38:29 · answer #1 · answered by dougzinboston 4 · 0⤊ 1⤋
3 years.
If the agency is still contacting you, you should write a 'Cease and Desist' letter and let the collectors know that statute of limitations is up.
Don't make any payments at this point. For one, making a payment now will make the activity current and your score will drop. Second, making a payment will reset the clock for collecting the debt. It will not restart the reporting period on your credit reports.
If they try to take you to court, you can use the expiration of the statute of limitation as your defense.
You should also check your credit reports to see if the collection has dropped off. All derogatory accounts, except bankruptcy, must be off your credit reports after 7 years; as per the Fair Credit Reporting Act.
Get your free reports at AnnualCreditReport.com. This site is free and will not ask for any credit card or require you to join any service.
2007-01-31 13:29:57 · answer #2 · answered by Celeste 6 · 2⤊ 0⤋
There is no statute of limitation applied to debt in any state of America. Sorry. If you racked up the debt, you must be responsible for your action and pay it back. It will follow you around until you take care of it. It won't drop off your credit in 7 years either. Pay them, that's my only advise.
You can call them and ask them to make you an offer. Let's say you owe $4500.00. Ask them to make you an offer to pay it off. They may tell you "Pay $3000 and we will mark it paid in full." If they do this....get it in writing before you pay them.
2007-01-31 10:09:40 · answer #3 · answered by Marianimal 3 · 0⤊ 3⤋
I'm pretty sure if you owe, you owe! So, it's off to work you go!
Sorry. If you truly want to rid yourself of it, the only answers I know of is either debt consolidation (which doesn't really get rid of it) or bankruptcy (which does).
2007-01-31 08:36:43 · answer #4 · answered by tdmatte 2 · 0⤊ 2⤋