2007-03-12 08:05:32 · 6 answers · asked by Elfie 1 in Business & Finance ➔ Credit
They can ask you forever unless you utilize your rights.
If you are still within the collecting SOL, they have a legal right to sue if they wish. If you are past the collecting SOL they no longer have a legal right to sue (but that usually does not stop them)
As the others stated, it will remain on your report for 7 years - that cannot be re-aged and reported for a longer period.
If you are past the collection SOL you are not legally bound to pay and you have a legal right to send them a SOL letter which tells them the debt is legally noncollectable
If you are still within the collecting SOL and you want to pay, you should request that they remove any negative reporting with the credit reporting agencies upon payment (a paid negative is no better than an unpaid negative)
Know your state statutes before you start talking payment. In some states making a payment will re-set the collecting SOL, so if you make a deal to pay a portion of the debt as payment in full and you live in a state that the debt SOL would be re-set - you may find that they will either continue to try to collect on the remainder, sue or sell the remainder.
You might click on my profile and do some reading in the links listed - the FDCPA, FCRA, etc.
Learn your rights and learn how to use them.
2007-03-12 10:26:52 · answer #1 · answered by echo 7 · 0⤊ 0⤋
They can keep asking for awhile. The 7 year mark is to have anything bad taken off your credit report. However, they can keep asking for now and even sell off your debt to a collection agency which gets much more aggressive. Basically, right now, you owe them money and they can keep asking until you give it to them. Read through all the fine print on your statements and even on your card...when you sign your name on a bill from a store or restaurant, you say you agree to pay the creditor.
If you can't pay it, then seek out help with the credit counseling companies or ask the credit company themselves. They can send you to collections, garnish wages (depending on states), and in general make it really tough for you. Pay it, because they have a right to find a way to get it through you voluntarily or through going to court.
2007-03-12 16:05:47 · answer #2 · answered by Kathy G 2 · 0⤊ 0⤋
For 7 years. It is a bad mark on your credit report..
If you have unsecured credit card debt i suggest you to join a debt settlement company.
They will negotiate with your creditors on your behalf and bring down your principal debt by around 30% to 70% depending on your credit companies. You can make affordable monthly payments and get out of debt within 36 months.
There are no hidden costs, upfront costs and penalties associted with the monthly payment.
Check out this debt settlement company who has helped me out with the unsecured debt problem.
http://www.debtfreeafterall.com
Good Luck
2007-03-12 15:52:40 · answer #3 · answered by Hima K 2 · 0⤊ 0⤋
It can take 7 years that it can stay on your credit report. But every state has a different SOL (Statue of Limitations) that ranges from 4 years to 10 years.
2007-03-12 17:05:18 · answer #4 · answered by ♥ Mary ♥ 4 · 0⤊ 0⤋
it stays on your credit for 7 years they usually write it off before then unless its real serious debt, they wont come after ya, just report ya and lower ya credit score
2007-03-12 15:11:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
until u pay it off, i know it sucks
2007-03-12 16:24:03 · answer #6 · answered by shorty21 5 · 1⤊ 1⤋