I have been late with payment for over 120 days with my credit card. My credit card company send my record to collection agency. what is the " statue of limitation" that I can pay off my account?
2007-05-19 06:56:08 · 3 answers · asked by Joes 1 in Business & Finance ➔ Credit
Statue of limitations very by State. Go to NDRC.com and look up your State.
Collection accounts stay on your credit for 7-years from the date of first delinquency.
After the Statute of limitations runs out they can continue to try and collect the debt, they just cant sue you over it anymore.
Depending on the amount of your debt, you really should consider making some kind of pay plan with the collection company. If they sue you and get a judgment they can attach bank account, garnish wages (if your State allows it) and file liens on any property you may own like vehicles, boats, land and homes.
2007-05-19 07:20:16 · answer #1 · answered by ? 7 · 1⤊ 0⤋
You now have a stain on your credit report for the next seven years. You will for this period be classified as a poor risk, which means any terms are going to be very expensive in terms of interest charges.
However, should you fail to repay the amount (in full!) at all...it will follow you for the rest of your life, as they simply have to keep refiling the claim every so often. Perfectly legal.
Consult with a Credit Counsellor. They can help you structure your finances to pull you out of debt - as long as you follow their plan(s)... Incidentally, the first step in this situation will always be cutting up plastic...ESPECIALLY if you have more tan one card.
2007-05-19 07:06:31 · answer #2 · answered by jcurrieii 7 · 0⤊ 0⤋
As long as it takes unless you file for bankruptcy send them something 10 bucks to show you are trying
2007-05-19 07:05:36 · answer #3 · answered by heartache53 2 · 0⤊ 0⤋