Does an unpaid credit card get forgiven in 10 years?

Question

Hi. Someone I know just got a letter about an account she owed money on 20 years ago. She thought she paid it off. I thought if you owed money on a credit card, that the debt is forgiven if you don't pay for 10 years. Now they are looking for 150 bucks 20 years later. Very odd.

Is debt forgiven in 10 years if you don't pay?

What do you do if there is an account with such a small amount of money that is saying you owe when you don't think you do and can't remember something that may have happened 20 years ago?

Answer 1

Check your state's statute of limitations. Most states are 5-7 years. I HIGHLY doubt that they can still collect on that debt.

Send them a letter letting them know of their violation of your rights and ask them to cease and desist all collection and communication activities.

Answer 2

No the credit card company doesn't forgive the debt. They have written it off as a loss after this much time. Believe me, the amount owing after all this time would be much higher, and would include thousands for not paying each month, and late fees each month, and then compounded monthly at the highest interest rate. This is A) a scam, or B) a collection company that bought a list from credit card companies for pennies on the dollar, and then they try to collect anything they can. Just ignore it, they are harmless, even though they will try to lie to you. They to will go away in awhile.

Answer 3

No such thing as forgiven debt. The debt is outstanding until it is paid in full.

Answer 4

You are protected under the Statute Of Limitations Law on old debt.

Answer 5

it's different from state to state.
However, just because the statute of limitations is up on a debt doesn't mean they can't continue to try to collect on it and a lot of times they'll actually try harder as the time starts running out.
Beware, if she does send them any money she's basically "renewed" the account and will have to start all over again.
check out this link for info on your state.

http://www.fair-debt-collection.com/statue-limitations.html

Answer 6

The debt remains open and due until paid in full. It will not become forgiven, it will not be 'forgiven' until the debt is paid off, you are responsible for the debt.

Answer 7

the way it works, once you are the owner, are the determination maker with regard to the valuables... you may forgive and waive fees. i do no longer advise even with the undeniable fact that. you nevertheless carry the debt, in limbo then write if off the tip, with the aid of fact it you look mushy they'll think of roughly utilising this whilst they get into some bind. You hate to be certain somebody do without, yet a condo is YOUR earnings. somebody as quickly as advised me a renter grew to become into 6 months at the back of and he grew to become into feeling the sob memories, yet he dropped with the aid of at the same time as in the section walking in on a cookout of best steaks and a case of beer. He particularly paused to choose this, yet grew to alter into angered that he may well be annoying-pressed to purchase steaks that looked like that, and that beer is a severe value beverage. pronounced he does no longer have even theory two times a pair of 6pack, yet a case for 2 human beings he got here upon unacceptable, and started out eviction instantaneous. there's a extensive distinction between being a charitable individual, and being taken for a experience. in case you waive the value on the 1st previous due, in fairness you surprisingly lots ought to do this for each individual. persons that are undesirable (non-paying tenants continually look to fulfill their fee for numerous months without difficulty. I even have even heard some renters conversing that had already discovered the style and order of whilst they might supply up paying, experience it out and then circulate on.

Answer 8

it used to be after 7 years they wiped the bill off but with the new laws that changed. I would imagine after 20 years they would give up. Go to your states government page and you should be able to find something sorry i couldn't help more.

Answer 9

Debts are not forgiven automatically after any period of time. They can attempt to collect from you until you due, and even after that, they can collect from the estate if it has sufficient value.

Answer 10

american business never forget...hence how they've managed to rip off the people more and more each year. hell if you open a bank account and never close it or never use it THEY'LL ACTUALLY CHARGE YOU FOR NOT PUTTING MONEY IN IT.