How many years can go by before a collection agency can not take you to court and you do not have to pay them money at all.
2007-02-19 11:39:47 · 5 answers · asked by Janet H 3 in Business & Finance ➔ Credit
I live in California.
2007-02-19 11:58:13 · update #1
Statute of limitations for different types of debts vary state to state. Just type " Collection Statutes " in any search engine and you should get a list. But keep in mind - it only pertains to lawsuits. Collection agencies can keep calling you even after the statute of limitations has expired. They just wont be able to sue you. 99% of the agencies out there now - do not go beyond the statute of limitations if the legal avenue is exhausted.
2007-02-21 10:57:31 · answer #1 · answered by JD 2 · 0⤊ 0⤋
you'll always owe them the money. Just because a great deal of time has passed doesn't mean that it will go away. At some point when you try to buy a house or refinance the lender may require you to pay off your debt. Sometimes bank due profit/loss right off but that doesn't mean it goes off your credit. The best thing to do is settle with them and make a deal to pay off a portion of your debt.
2007-02-19 19:46:15 · answer #2 · answered by HBSL621 3 · 0⤊ 0⤋
It depends on the state you are in. It’s called a statute of limitations. Please write back and tell me what state so I can complete the answer.
2007-02-19 19:53:50 · answer #3 · answered by John B 1 · 1⤊ 0⤋
why don't you just try to renegotiate the debt? they buy it for pennies on the dollar, try to name your price and see what they say
2007-02-19 19:44:16 · answer #4 · answered by Sundown 3 · 0⤊ 0⤋
I have herd two years ?? good luck !!!
2007-02-19 19:47:30 · answer #5 · answered by Iroc Z man 2 · 0⤊ 0⤋