I heard that a Credit Card bill is wiped off your report after 7yrs. Is that true?

Question

I don't owe them right? I have a lawyer asking for money for a bill that is at least ten years old. When he calls it doesn't even show up on my caller ID and he won't send me anything in writing. But is threatening to take me to court if I don't pay him three thousand dollars--twice what I owe the co. he is collecting for.

Answer 1

There is no way a credit card debt can legally be re-aged and report for longer than the original 7 years. If it is placed on your reports it would be a violation and actionable by you if you wish to persue it.

Credit cards are open accounts and if it has been 10 years since you were 30 days late and never brought the account current leading to the charge off - you are out of the collecting SOL for all states.
Which means that they can call you or write you (but you can stop that) but they cannot legally sue you.
Though collection agencies are known to file suits on time barred debts.
Because of that, it would be in your best interest to not ignore them, but to inform them that the collecting SOL has passed and to take a hike.

Order your credit reports and make sure that they have not place the account on them.

You might go to the last link I have listed in my profile and do some reading. You will also be able to find the sample letter templates to send them.

Answer 2

i don't know about cc, or even rules every where.

i know about what applies to me though.

i had a judgment against me in 1996 for money i owed on a repoed car (lost job), well, i never paid them because i didn't have any money and the heck with it, what are they going to do.

after 7 years it went off my credit report

however, just in the last month, i got something from some creditor saying they now own the loan and want thier money, i looked into it and since there is a limitation on the judgment, there is nothing they can do legally.

i looked more and to find out that the new fad going around is for some debt company to buy outstanding debts for pennies on the dollar and then go after the person that owes it.

Answer 3

About the credit report, what it means is that if he/she were to report you to a credit bureau for nonpayment, the bureau won't add it to your record because it's past 7 years.

Whether he can take you to court or not 10 years after the fact depends on your local laws (statue of limitations). I don't know what your local laws are like but I highly doubt creditors are allowed to collect ten years later.

Personally, I would not worry about paying the lawyer.

Answer 4

i'm a CPA, and that i've got seen a pair issues that bend the final rule. some places like the Federal pupil loan software, will re-classify an older college loan, ending in "A", and get in touch with it "B". no longer only has the older debt been renewed yet another 7 years, it now consists of interest and penalty. I additionally had a consumer that had many smaller scientific costs on her checklist. I cautioned her to pay them, some by using a set company... does no longer you already are conscious of it - yet another sequence company smelled blood interior the water, and tried to collect debts on a furnishings loan - that become older than 7 years and not even on the Equifax checklist! long tale short, pay what you may, esp. if a small volume reward its very own row or itemizing. the only particular thank you to make stuff bypass away is by using paying, no longer waiting for lenders to renounce!

Answer 5

Debts are waived after 7 years but it will still appear in your credit records. If the lawyer is able to proof that he's being trying to get in-touch with you these 7years to pay up then you'll still be liable for the amount owed.

Answer 6

It's a scam. Just don't answer the phone.

Answer 7

Echo is correct.