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Excellent question!
The answer is YES!
A debt can only be reported for seven years on your credit report, and then, by law, it must fall off your report. But this has nothing to do with the viability of the debt, which remains collectible, theoretically forever.
However, once the debt passes the state statute of limitations, the collector may no longer sue to collect the debt. At this point, many collectors will write off the debt, and issue the debtor a 1099 form for the debt as income. Recent changes to the IRS tax laws make this more likely to occur.
Once this happens, the debt is null and void, as it has been forgiven by the collector.
Laverna Zieme
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How long after bad debt can it be collected?
A bad debt can be collected on indefinitely. The debt is owed until it is paid or written off by the creditor or individual.
Can a debt be collected after 6 years in the UK?
I have just received a letter from a company chasing a debt of £1056 from a product I sold in a business in 2003. the new owners of the company it seems did not carry on the payments. this is the first time I have heard of this. can you help as I have heard that they can not chase a debt of over 6 years.
Will credit card debt go away after 7 years if unpaid?
No it will not go away in 7 years if it is unpaid. If debt is lft unpaid, the interest rates will continue to go higher and higher.
How long does a debt stay on your record?
How long before they take debt off of your report is 7 or 10 years.
Can a credit debt be collected after 7 years?
Excellent question! The answer is YES! A debt can only be reported for seven years on your credit report, and then, by law, it must fall off your report. But this has nothing to do with the viability of the debt, which remains collectible, theoretically forever. However, once the debt passes the state statute of limitations, the collector may no longer sue to collect the debt. At this point, many collectors will write off the debt, and issue the debtor a 1099 form for the debt as income. Recent changes to the IRS tax laws make this more likely to occur. Once this happens, the debt is null and void, as it has been forgiven by the collector.
How long after bad debt can it be collected?
A bad debt can be collected on indefinitely. The debt is owed until it is paid or written off by the creditor or individual.
What happens after 7 years of debt?
After 7 years of debt, the debt will be wiped off a persons credit report. There are some instances that certain types of credit will stay on the credit report for up to 10 years.
Can a debt be collected after 17 years?
In the United States, the statute of limitations on collecting a debt varies by state but typically ranges from 3 to 10 years. After this period, the creditor may no longer legally sue you for the debt, but they can still attempt to collect it through other means like contacting you for payment. It's important to check your state's specific laws on debt collection for accurate information.
In debt again how many years do you have to wait?
7
How many years is it when a debt is null and void and cannot be collected?
The law varies from state to state in the US. It could be as little as two years or as long as 8. And the time from which it is measured varies, usually from the last acknowledgment that it is a valid debt.
What is the statute of limitation for a debt to be collected in Pennsylvia?
Most debts would be a written agreement. In Pennsylvania they have set the limitation at 4 years.
Can a debt be collected after 6 years in the UK?
I have just received a letter from a company chasing a debt of £1056 from a product I sold in a business in 2003. the new owners of the company it seems did not carry on the payments. this is the first time I have heard of this. can you help as I have heard that they can not chase a debt of over 6 years.
Can a debt be collected after 18 years?
In the U.S. the answer is yes. If you OWE the IRS or your states Dept. of Revenue, there is no statute of limitations. If they OWE you, it's only a "sol" of 3 years.
Will credit card debt go away after 7 years if unpaid?
No it will not go away in 7 years if it is unpaid. If debt is lft unpaid, the interest rates will continue to go higher and higher.
How long does a debt stay active?
Unpaid debt can remain on your credit report for 7 years. If you have a bankruptcy this can remain on your credit report for 10 years.
How long does a debt stay on your record?
How long before they take debt off of your report is 7 or 10 years.
What is the statute of limitations in connecticut for credit card debt?
7 years
