how long before creitd cards stop calling i here in calf after 4 years you do no t need to pay how long ny?

Question

my brother needs to know he been out of work with a bad back . he live on com cheaks and not very much. it been 3 years now help /

Answer 1

They can bother you for 4 years from the date you last made a payment. Then they can sell your bad account to someone and that company can bother you for another 4 years. Call several credit service and see if any have a reasonable fee and they can stop the calls and actually negotiate a small fee to close the account in a settlement. A friend of mine did that and most of their cards were settle for about 20% on the dollar. Only Citi bank refused to settle.

And if you settle and account it is not over. On you federal taxes the charged off settlement is considered income on your tax filing. So if you have a$10,000 balance and they let you pay $2,000 to settle it then you will have to report $8.000 as income. And this is not really fair because most of that was interest and penalties that were constantly added. A Consummer cannot win!! Some rules will change from state to state.