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How old does a credit card debt have to be before limitations expire and it can be erased off your report? |
I have one card that an attorney firm has found me and is telling me that if I don't pay them 2700, their offer, on a 10,500 debt, I will be taken to court. This is the 4th offer in 4 yrs. Each time it drops in value. What will happen to me if I am served? Why aren't the other debts, 2 more, doing the same? I have not worked for 3 yrs, have no properties or things of value with my name on it. Won't the balance finally depreciate out? What are the best ways to avoid paying the debt? The standard is 10 years but many creditors stop reporting after 5. But since so many companies are so different it's nearly impossible to give you an absolute answer so if you're not paying your bills then assume that they'll remain on your record for 10 years. If you're served you a) go to court or b) settle with the company. The settlement will be much lower than the actual debt. And not having a job is gonna do you absolutely no good in your argument. The best way to avoid paying the debt (at least in a lump sum) is to pay in very small amounts. As long as you pay something then legally you aren't refusing to pay your debt. But if I were you, I'd get a job and settle with the company. You might be able to talk them into a monthly minimal payment. As far as I know, as long as they have contact with you, they can't write it off. (in other words, if they can find you and talk to you, it will never go away) Best bet is to file bankruptsy...but that will cost you about $700 (at least in CA) in the same sinking boat it takes 7 years for you credit score to erase the debt from your credit report. If you had bad credit reported on your report in 2000 it will stay there until 2008. Good credit stays forever and bad credit is erased every seven years from the date of the bad credit. However if the company wants to keep it on your credit after seven years the company will put a new account number to the account and have it replaced on your credit report. If they do this then you make a complaint with the credit bureau and they will investigate it and remove it from your report. degree in accounting Well first off, it is not very responsible to not pay your debt. See if you take a credit card on you are agreeing to pay the money back, when you don't it is basically stealing. You should find a job and make an honest effort to clean this up the right way. You will one day be very thankful you did. People understand that some people fall on hard times and are willing to give honest people a chance. But when you are ducking and hiding from these people, they know your just shafting them, and therefore are not so inclined to give you a break. Debt does not depreciate out, cars, and proprty do! Debt haunts you for a very long time. Do you want to live your life running and hiding from the bill collectors?? Sad life to lead! Just do the right thing, call the people you owe money to and BE HONEST for Pete sakes. Get a job, be a productive part of society, seriously you will feel way better for it. And besides you can see a lot more when you can be proud and hold your head up, than when you are constantly hiding and being a dead beat. I have a Son who found himself unable to pay his credit card bills and I tell him the exact same thing ... BECAUSE it is the good, right, proper thing to do! |
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