how long are you responsible for a credit card debt???
2007-04-14 19:58:15 · 8 answers · asked by peytonpl2 1 in Business & Finance ➔ Credit
Yes there is a collecting SOL for credit card debt.
How long depends on your states SOL statutes. You might click on my profile and click on the link I have listed to check the SOL in your state.
When the SOL starts to run can either be from the first time you became 30 days late and never brought the account current leading to the charge off OR from the last charge or payment you made on the account "before" the charge off.
Which one yours would fall on depends on your states statutes.
2007-04-14 20:10:08 · answer #1 · answered by echo 7 · 1⤊ 1⤋
Their is no Statute of Limitation for debt. You are responsible for the life of the debt (until you pay it off). Filing for bankruptcy may offer some options for you, howver the federal government just made some critical changes about 2 years ago to make it harder for you to get out of debt.
2007-04-14 19:59:44 · answer #2 · answered by mysterrourke 2 · 0⤊ 1⤋
as quickly as the statue of limitations has expired, the debt creditors grow to be legally powerless over you. they might nonetheless attempt to take you to courtroom...yet while they do, all you are able to desire to do is ensue and state that the debt is time barred and previous the statue of limitations as an affirmative protection. The lenders might loose. in the event that they took you to courtroom and additionally you probably did not hardship to ensue, then they might win a default judgment against you.
2016-10-22 05:09:44 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Yes, and no.
Most lenders don't follow individual states' regulations, but are bound by federal regulations. According to fed regulations, they must stop reporting negative debt after seven years. However, they will most likely sell the debt to a collection agency and the clock starts over.
2007-04-14 20:52:23 · answer #4 · answered by Fearless Leader 4 · 0⤊ 2⤋
until it is paid lol or until it drops off your credit bureau. After..and I said AFTER it is turned over to collections and reports on your credit bureau it is supposed to drop off after 7 years. They will drive you nuts trying to collect it..but just before it drops off they will offer you a deal to pay it off. Let it drop off. Some people consider that in 7 years or less you can save some money and negotiate with them for a lower payoff?? it will still show on your credit report but it will show it is paid. don't file bankruptcy on credit card debt alone.
2007-04-14 20:12:50 · answer #5 · answered by Don't even think about it 2 · 0⤊ 1⤋
The interest just keeps compounding and then you die. But seriously, see a not for profit Credit Counselor listed in Social Services.
2007-04-14 20:01:14 · answer #6 · answered by Over The Rainbow 5 · 0⤊ 1⤋
statute
2007-04-14 20:01:09 · answer #7 · answered by Anonymous · 0⤊ 1⤋
no not really
2007-04-14 20:05:17 · answer #8 · answered by daddyspanksalot 5 · 0⤊ 1⤋