Does anyone know if a credit card debt that's been over 10 years old can be purchased and then repurchased

Question

again by some collection agency? Isn't there a statute of limitation of debt was left unpaid for over ten years will automatically be erased or something like that? My credit history has been ruined for that many years and not willing to pay off the debt after all these stress. Appreciate your help! Thx

Answer 1

Wow, some of these answers......

A credit card is considered an open account.
If you have passed your states collecting statute of limitations (SOL) for the account all they can do is bug you by sending letters or calling you (which can be stopped). They cannot legally sue you once you have passed the collecting SOL.

The SOL starts to run the first time you became 30 days late and never brought the account current leading to the charge off.
If it has been that long, you are definately past the collecting SOL for all states.

Once the account is charged off, the collecting SOL cannot legally be re-aged no matter if you make a payment or not.
In a "few" states they do allow it to be (basically) re-aged but that is only IF a person makes an "agreement in writing" to pay the debt. And it basically would not be re-aging as it would actually be making a whole new contract to pay.

You might click on my profile and click on the link provided to learn the collecting SOL in your state.

The reporting period cannot be re-aged no matter if you speak with the collector or if you had ever made a payment to the collector - once an account is charged off, the reporting period for that account cannot be re-aged < period !!! >

The reporting period starts at the first time you became 30 days late and never brought the account current leading to the charge off and runs for 7 years (NOT 7 years + 180 days)

If the account was charged off more than 10 years ago and the collection agency is reporting it, they are in violation.
Send the collector a SOL letter and dispute the trade line with the CRA's.

If the collector verifys the trade line instead of removing it - you do have a legal right to sue them.

I would suggest doing some reading on some of the links I have listed in my profile - to the FDCPA, FCRA and especially do some reading and/or ask any questions you may have in the last link.

Answer 2

Previous person is a bit off the mark. Ignoring the debt as they suggest will NOT make it "go away" after 4 or 7 years. There is no limit on the time you owe the debt. Unlike a mortgage which specifies date due for all payments, a credit card is referred to a an unsecured revolving account, which means open ended, never ending. The only way to get out from under this debt is to pay it off or declare bankruptcy and have the debt discharged via the court. As far as the credit card company is concerned, this is an "account payable" which appears on their books as an asset, which can and very well will be sold for some amount of return on the value you owe. The company that buys your debt thinks they can collect and make a profit on your misery. You are aware that they can go to court and receive a judgment against you and garnish your wages, right? That you are so for lucky that they have not felt like spending the money they would have to, to go through the court, but one day they might decide to? On top of all that, it is ruining any chance you might have for a mortgage and as long as it remains unpaid, it will keep on being the gift that keeps on giving. If you go bankrupt, that stays on your credit record for a fixed time which is probably where the other guy got the idea of 7 years, which is the time a bankruptcy falls out of your credit history provided you did not abuse your credit again in the 7 years it takes to clear your history. Pay it off or go bankrupt or eventually, it will get paid all right, out of your estate when you die leaving that much less for your kids to inherit...

Edit: There is a statue of limitations and depending on your state is either 3 or 6 years provided you have paid nothing during the entire time since your last payment was due and was the 1st payment not paid. Once expired, they can no longer sue you in court, but that does not absolve you of the debt, just that they ran out of time to sue. The debt still remains on your credit record. If you paid so much as a single dollar, the clock starts over with the next missed payment. If they sued in court and obtained a judgment against you within the time limit, there is no specific time limit on that, which is how it could end up being paid out of your estate.

Answer 3

Usually bad debt only stays on your credit report for 7 years. Depending on the type of loan it is it may have other stipulations though--what I would do if I were you is get a copy of your credit report, if it's still on there, dispute it as saying that it's old debt that should be erased. The credit bureau will work with the company and see if it can be resolved.

Answer 4

I went through a similar situation. I hate credit card companies, they keep charging you late fees, and overfies, and then up the interest rate to as high as possible, when you are the most down. Here is my experience. I reserach this thoroughly online. there is a 4 years statue for them to sue you, as long as you have not made any payments during those 4 years. and it takes 7 years for it to disappear from your credit record. But still the credit card companies may send you bills even after the 7 years, the trick is that say 10 years have passed, and you make even a 1.00 payment, the loan is re-affirmed and then they can sue you again, and you have to wait 4 years for them to be able not to sue you and 7 years more for it to disappear. So do nothing, ignore it, its just them trying to trick you to mess up so that they can collect, so dont pay a cent. May be unethical, but so are the credit card companies. Don't contact them, or talk to them on the phone if its been over 4 years, they will mess you up and somehow trick you.

Answer 5

I helped a borrower of mine w/ something he paid through a BK 10 years ago that was recording as a collection/delinquent account a few weeks ago.

You signed one contract for such delinquent account. After not paying they charge off which means they take it as a loss and that’s that. Sometimes it’s sold to a collections agency. You have to call every collection agency shown on your credit report and
Ask for a contract some type of proof that YOU in fact owe them money or agree to pay a debt. COLLECTION agencies don’t because you owed someone else money.. When not coming up with the proof they are obligated to send you something stating you DO NOT HAVE A CONTRACT TO PAY THEM BUT INSTEAD THE INITIAL CREDITOR. Then you can the three credit bureaus and have it deleted off your account

TAKE CARE OF YOUR CREDIT!!!

Answer 6

to handle bill creditors: while it includes sequence efforts, each and each state has its own statute of obstacles governing how long a debt is seen legally collectible. quite often, the shrink is approximately 4 to 5 years from date of your final fee. If a creditor waits previous the time shrink set by making use of the statute of obstacles to sue you, the case could be thrown out of courtroom. to make certain relating to the statute of obstacles on your state, touch the place of work of the State lawyer standard. in case you recognize that your debt has expired decrease than this statute of obstacles and a team business enterprise happens to call you, try this: clarify to the business enterprise which you will pay on condition which you're taken to courtroom and a judgment is gained against you; otherwise, you have not any purpose to pay what you have self assurance to be a legally uncollectible debt. the main right that is to place your argument in writing, including a sparkling call for that the business enterprise end contacting you. The Federal trouble-free Debt sequence Practices Act, yet another federal regulation, proclaims that if the state-regulated hindrance era is up, the business enterprise won't touch you back as quickly because it gets your letter-different than to assert there will be no further touch. If the state statute of obstacles hasn't yet run out, paying something on your charged-off bills won't help sparkling up your credit document and could commence the sequence businesses' clock ticking anew, so as quickly as back, think of complicated earlier you are attempting this. merely time will restoration your credit document-especially, the seven years it takes until the credit bureau ought to, by making use of regulation, eliminate the debt notation.

Answer 7

They can keep calling forever, even after the statute of limitations, but they can't take you to court or do anything LEGALLY. You have to write and tell them to stop calling and sending you bills. Not much they can do after that.
Check this site. Click on 'debt management.'

edit:
'rowlfe' is CORRECT in all he said.