2007-12-24 01:29:34 · 13 answers · asked by munamazen 1 in Business & Finance ➔ Credit
Yes, you owe it, but it is very doubtful that they can legally recover now that that amount of time has passed. In most states a creditor has four years in which to collect a debt or sue to collect it. If they has sued you during the four year period and obtained a judgment, then that judgment is good for seven more years and it can be re-recorded for another seven and so forth forever. If they did not get a judgment you are probably free of the debt, legally, but you will have to fight with the credit bureaus to get it off your credit report, even after seven years has elapsed. Good Luck.
2007-12-24 01:36:41 · answer #1 · answered by Buddy A 3 · 5⤊ 2⤋
Check for Statue of Limitation on debt for your state. The statute of limitations on debt varies from 4 to 6 years in most states. It can be longer in some - up to 13 years. The 7 year rule is for credit reporting and the company is no longer allowed to report the debt on your credit report after 7 years. You will still owe the debt though until you pay it back. It should drop off your report 7 years and 180 days after it was reported delinquent by your credit card company.
2007-12-24 01:41:42 · answer #2 · answered by Paul A 3 · 0⤊ 1⤋
Until you pay the debt you will always "owe" the money. They have every right to ask you to pay, until you inform them that you no longer want them to contact you.
But, the question becomes can they do anything to you if you don't pay. The first time period is the Statute of Limitations. This is the legal time period they have to file a suit against you. The time starts from the date of your last delinquency and in most states at 7 years you are past this time. However, if you have made any payments you may have reset the SOL.
The second is the time it can be reported on your credit report. This is 7 years from the date of the first delinquency and can not be re-aged. So once the 7 years has passed it can no longer be reported.
2007-12-24 01:37:13 · answer #3 · answered by OC1999 7 · 3⤊ 2⤋
No, the money owed won't just disappear.
Eventually the company will write off the debt and send you a 1099-C. At that point the cancelled debt is INCOME to you and must be reported on a tax return.
2007-12-24 04:20:20 · answer #4 · answered by Anonymous · 0⤊ 1⤋
You'll know when you try to buy your first house. Before closing ALL debts regardless of how old must be paid in full. Your debt is sitting there waiting on your credit report. If I were you, I would ask for a credit report (TrueCredit.com) and see where you stand. Credit card companies don't forgive and forget.
2007-12-24 01:38:39 · answer #5 · answered by Beach Girl 5 · 1⤊ 1⤋
Yes, you owe the money. Did you expect that the Good Credit Card Fairy appeared out of nowhere and paid the debt for you ?
2007-12-24 01:53:14 · answer #6 · answered by acermill 7 · 0⤊ 2⤋
I guess if you still "owe" them money or not is the least of your problems.
Your credit score is in the gutter now, so you can forget about getting any type of credit, be it a car loan, a line of credit, or a mortgage among others for the next long while.
2007-12-24 01:54:44 · answer #7 · answered by Mo 2 · 0⤊ 2⤋
You owe the money! Can they collect, I wouldn't think so. The Statute of Limitations is probably around 4 years.
2007-12-24 06:16:38 · answer #8 · answered by Excellent Credit Service 2 · 0⤊ 1⤋
You owe whatever collection agency took over the debt...if it's a lot...they hire P.I.'s to scout you out to see if you have assets or money...if you do...they come knocking one day with a sheriff with them...and with your permission...they take inventory of inside of your place...making notes of things you possess of any value (besides essentials...) and then get a court order that you sell your possessions and give them the money from the sale...
If you live very spartan, and have nothing of any much value...just a T.V., old computer, and a tunebox...and a leather couch, and a beat up bicycle, and one cheesy coffee table, with an old CD/DVD player, and a never-returned cable box...
You're what's known as "Judgement Proof," which means you have nothing of any real value for them to collect on...so they usually will leave you alone...for a while...
2007-12-24 01:37:50 · answer #9 · answered by Anonymous · 0⤊ 2⤋
unless you declared bankruptcy, of course you owe the $.
get your credit report and you'll see unpaid collections, contact the collection agencies and pay off what you owe.
Your credit report will reflect that you paid the collections.
2007-12-24 04:40:57 · answer #10 · answered by Shop-o-holic 2 · 0⤊ 1⤋