One of my best friends and I got into huge credit card debt about, where we could not pay four years ago. we were up to about 30k each. I had them just about go into to charge off, where i work full time and a part time job to keep up. Now i owe about 9k. My credit is crap. Now Jan my friend has married a successful business man that has good credit. She told me that she has not paid a dime, she claims that all of here debt is now passed the SOL of south carolina. She said that heck my credit is junk but i will not get sued. Thats why i got on the ball with my situation because i was threaten of being sued all the time.
2007-09-29 13:43:58 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
Here is how it is the collection stays on your report for 7 years after the last transaction. or date of lateness. There is a statute of limitations which is different by state the average is 4 years after which although they can hound you and take you to court you only have to state that the SOL has passed and will win the case. They will threaten but cannot do anything about t They buy these debts for penny's on the dollar and through intimidation hope to get the money and in most cases it works. Only because the consumer is not educated in the laws. If they say they will put it on your credit report sorry illegal, you can dispute and winin a heartbeat. When they call or write either ignore or dispute then they have to prove, then you come back with the SOL has passed, case gone
2007-09-29 14:52:42 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
Say Rick..you wanna borrow my crying towel? It's the least I can do for you...what with you paying extra because some folks can't pay off their debts.
Even with the knowledge that credit card companies are making BILLIONS of dollars in record profits, but insist on passing on the losses to idiots like you...you still agree to pay their high rates.
But to answer this question....who is the real loser here? Jan was given an option...pay the debt have your credit ruined for the next 7 years. She decided not to pay it, and now here credit is toast...but at least she has money!
You, on the other hand, accepted the hits to your credit report, PLUS you decided to pay them! In effect you are paying the debt twice? Unfortunately, as you continue to make payments you also reset the SOL....they can sue you at any time. Jan, on the other hand, can't be touched.
Sorry, it's a hard lesson to learn. The sad part is that when you finally get your debt paid off, this will drop off your credit reports automatically. All these years of suffering and struggling did you no good.
2007-09-30 11:09:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If the account goes delinquent and you pay on it along but never bring it current, then the 7years plus 180 days for reporting on your credit report is NOT reset.
Sometimes that is why a creditor will say send us 50 (or whatever amount) and we will bring the account current for you. You then pay 2 months and are back in trouble. Since you made the deal and paid 2 months then your NEW date of removal from your credit report is almost 7 years again.
Your SOL for collections can be reset based on your state guidelines. Usually making an arrangement to make payments, making ever 1 payment, etc. can reset the period for collections in some states.
If one of your creditors is given a judgment against you in a court of law then the judgment has far reaching consequences.
Your friend is a LOVELY human being!
LT you haven't a CLUE!
2007-09-29 14:02:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Maybe she didn't pay a cent, but, how many judgments are on her record? This is when a creditor goes to court to prove that the money is owed them, and the Court makes a judgment that the creditor is correct. That stays on your credit record forever. She may not need to have her own credit right now. But, there is always the chance that she will one day be on her own. Then she will have to face the past. You, on the other hand, will have your record cleaned up, and if you keep your nose clean from now on, you will be able to rebuild your credit. I'd rather have your credit record than hers any day. And, for people who think all bad debt falls off your record after 7 years. Not so. Creditors sell, and resell accounts to different collection companies. Every time your account is sold, it automatically renews the debt for another 7 years.
2007-09-29 13:51:32 · answer #4 · answered by Anonymous · 2⤊ 0⤋
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2016-12-14 03:45:56 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Your friend may not be out of the woods just yet. Collection agencies can hound her to the grave trying to collect. Some of the less reputable collection agencies will file suit anyway, hoping she fails to show up. Then they get default judgments and can attach her bank accounts, wages, and property.
In you case, your credit may be crap but if you are working on paying off that debt, it won't always be crap. If something happens and your friend finds herself on her own, that bad credit will haunt her.
2007-09-29 13:52:14 · answer #6 · answered by bdancer222 7 · 3⤊ 0⤋
She sure has some morals there. Charge things and take the merchandise or products then decide she does nto want to pay? Wow. Tell her thanks for making all of us pay for her lack of integrity through increased prices.
And I'm pretty sure that debt has a seven year life. This is from the last TRANSACTION. IF you are making payments, that resets the clock.
2007-09-29 13:47:08 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Credit cards are a really bad way to borrow. You should look at the APR and compare it to other ways of borrowing. You will see. Your best bet is to pay it off as soon as you can.
2007-09-29 13:48:12 · answer #8 · answered by dizzzybubble 4 · 0⤊ 0⤋
Stay on the ball. Pay them off.
2007-09-29 15:42:29 · answer #9 · answered by SandraD 3 · 0⤊ 0⤋
read thru creditinfocenter com
2007-09-29 16:06:29 · answer #10 · answered by Anonymous · 0⤊ 0⤋