how long before credit card companies give up on late payments or no payments?

Answer 1

Well, it takes 6-months for them to charge off the accounts and sell them to collection companies.

The collection companies have until the statute of limitations runs out to sue you for the balance, after that they can still sue but all you have to do is show the court that the S.O.L. has expired and the case will be dismissed.

There is no law stating how long they can try to collect the debt.

Answer 2

If the credit card company can't collect from you, they will just sell your debt to a collection agency. You don't want a collection agency coming after you. Contact the credit card company, or a credit relief agency and work out a new payment schedule. You will lose your credit card, of course, but it's definitely better than the alternative.
.

Answer 3

After 3 to 6 months, the credit card company will either sue your or sell off the debt to a collection agency who may also opt to sue. More and more creditors are going to small claims court to collect credit card debt.

If they go to court and win a judgment, they can attach your bank account, garnish your wages, and lien your property. You would really be better off to try and work out a payment plan now.

Even if they don't sue you, they can continue to hound you to the grave. But the negative item will fall off your credit report in 7-1/2 years from the date of default.

Answer 4

Credit card companies don't give up. They might discontinue calling you or requesting payment, that is because they are busy calling their debt collectors to collect this amount from you. Or they might be getting ready to issue you with a "suit". This of course goes on your credit report.
Late payments alone get reported to your credit report. You will not be able to get credit anywhere and if you do you will have a very high interest rate. You will be lucking to get a credit card with a limit of $300.00 and interest rate of 29.5%.

So you are not in the clear, some one will be knocking on your doors, soon.
Trying calling and setting up some type of payment arrangement.

Answer 5

Many of the previous responders are correct. It won't stop anytime soon. Yes, generally 7 years after charge off it will drop from your credit report, but.....They will still be able to sue you. It varies from state to state, for example, in Ohio you can be sued for up to 15 years later. I work for a large bank, and we don't necessarily just sell the debt off. We do some research on you and determine our best course of action. More and more, we've been suing people because we usually only get about 10-15 cents on the dollar for debts sold.

Answer 6

Late payments become part of your balance. If you can get them caught up, it is the best for your credit and financial situation. You might even consider credit counseling to help you get caught up.

Once you fall 6 months delinquent, the debt is charged off and sold to debt collectors.

Answer 7

They may stop calling but it will still be on your credit as unpaid. It's better to pay...most companies will work with you on a payment plan or a settlement amount.

Answer 8

they wont stop... they will attempt to collect it, then send it to the attys who will sue you and the judgment will be enforcible for 15 years. or sell it collection agency to agency for the next 20 years with each purchaser reporting it to your credit..

Answer 9

The minute they turn them over to collections. Those guys never give up.

Answer 10

They never give up. They will send you out to a collection agency and those bastards will hound you to your grave.... day and night. Nasty folks!