they fall off 7 years from the first deliquecy. You could also try disputing them with credit bureau. Since they are so old the creditor may not even bother to respond and they will be deleted.
by outlawimmortal2 - 18 hours ago
Depending on your state laws it could be between 5-7 years, then companies cannot report that debt to the Credit Bureau's. For example, in my state it is 7 years before the debt falls off and cannot reappear on the report. How long ago did she try to make arrangements with the collection agency? Because this is when it gets dicey. No contact at all is better than contact. Unless she truly plans on paying the money back then DO NOT CONTACT. They can then start a new cycle making the debt practically new just because of the attempted negotiations. If I were her, I would ride it out if like you said it is debt that has been default for 4-7 years. Towards the end of statute of limitations the collection agencies will file motions in court to sue. But those are just scare tactics. Unless she has stuff that can be seized for payment then don't sweat it. Paying at this point will probably hurt her credit even more unless she makes a deal in writing that all the negative reports are erased.
by Veritas et Aequitas () - 18 hours ago
Most debt will fall off in 7 years ... Bankruptcies generally fall off in 10 ... There are statute of limitations that restrict the timeframe in which the creditor can legally sue for non-payment of the debt ... You might want to check the SOL for the state where you live to see what they are in your area. Here are some really good forums that you and your friend might want to check out ~ CreditBoards.com & Creditnet Credit Forum. Both of these groups are laypeople just like us who are either working through repairing their credit or have successfully repaired their own credit. Lots of really good information on both sites ....
by Nobody's Fool - 18 hours ago
Payments or offer of payment does NOT reage items on your credit report. It will however restart the clock on the statue of limitations. Many collection agencies are suing for smaller sums and older debts. If you don't show up in court, they will get a default judgment even if the debt is beyond the statue of limitations (SOL). Also, charge accounts are normally considered "open" accounts and have shorter SOL but collection agencies have been successful in convincing judges that credit card accounts are written contracts which have much longer SOL. Your friend should make sure all her current bills are brought up to date and paid on time. Then work on settling the bad debt one account at a time, working back newest to oldest.
by bdancer222 - 18 hours ago
seven just like the move seven year itch
by mister ed - 18 hours ago
If you do not know what you are doing perhaps you should not be attempting to help. Your "HELP" could cause serious problems if you make a mistake out of ignorance.
by Rebecca - 18 hours ago
A couple of things you need to think about. First the statute of limitations on credit card debt in most States is between 3-6 years. Anytime this time has passed there is nothing that the creditors can do to your friend. Second after 7-years all of these accounts will drop off of her credit report. If she contacts them or makes any type of payment the time starts over again. So, if the S.O.L. has passed, she should simply wait until the accounts drop off be their selves.
by SPIFIMAN1 - 18 hours ago
6 years til the debt clears xx
by TigerLilyPixie - 18 hours ago
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