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If a charge-off is over seven years old and no longer on your credit report can the creditor still harass you about it?
Wiki User
∙ 8y ago
No. Unless this debt includes a court ordered judgment. In that case it would still be on your CR. It would appear the SOL has expired, but there are different time limits imposed on SOL's. related to the type of debt. W/O knowing the state of residency more specific information cannot be given. It is possible to check your state statutes by doing a simple web search. The query .. Name of State, statute of limitations on debt.
HeadlineCollection agencies are permitted to pursue accounts until the debt is paid. They are not allowed to report to the bureaus or pursue legal action after each respective statute has expired. Parties are responsible for debt, however, until it has been adequately disputed or paid.Wiki User
∙ 8y ago
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What does it mean when it says credit revoked by creditor?
It means that you can no longer purchase goods on credit. You will have to make payment for the items you get immediately.
What should you do if a creditor listed on your credit report is no longer at the location shown on the report?
Sumbit a dispute based on inaccurate information and let the credit report agency find them for you.
If a chargeoff is removed from your credit report after 7 years do you still legally owe the money?
Perhaps. It would depend on the type of debt and the laws of the state in which the debt was incurred. It could very well be that the SOL has expired and the debt is no longer valid.
Will the the credit of the co-owner affected if a co-signor files bankruptcy?
No. The co-signer is no longer responsbile for any part of the loan. If you default, the creditor can not attempt to collect from them.
Is there a form letter a person can write to close old charge accounts?
It doesn't need to be anything fancy. Just keep it simple. "Dear Creditor: I will no longer be using your credit card. Please close my account and report the account to the creditor bureaus as being closed at my request."
What happens if I do not pay my credit card bills?
The first thing is that the original creditor will charge this off. Which means that the original creditor is no longer financially liable. This credit card will remain closed; which will decrease your credit score. Non payments for each month will also decrease your credit score each an every month. Late payments give you the same results. If this account is sold to a collection agency then your best bet is to negotiate a settlement, and get everything in writing before making a final payment.
If the principal is paid in full and the only payments left are interest from late charges can they repossess your car?
YES. Not usually. In New Jersey if you have more than 90 % equity in the vehicle they can no longer take the car. BUT they can still damage your credit for 7 years and try to collect in court. In practice they almost always damage credit with a chargeoff or a closing of the account but they rarely sue for small ammounts though they still can.
What can a creditor do if you are in default on a credit card?
A creditor can turn you over to collections and report you to the credit reporting agencies. Depending on what type of credit card you are talking about, the creditor can also demand return of items purchased on the card (such as an appliance store account). If you are getting harassing phone calls at home or work (yes, they are allowed to call you at work), you can send them a written letter stating that you no longer want them to call you at home or work (sent via registered mail with return receipt). The creditor would then be allowed to call you one more time to verify receipt of your letter. Creditors are also not allowed to call you before 7am or after 9pm. Due to privacy isses, creditors are not allowed to tell your employer or others not listed on the credit account why they are calling.
Do you contact the credit bureaus to get rid of your debt?
Yes, but only if you do not legally owe the debt. And if that were the case, it would be easier to go straight to the creditor to have them remove it from your credit report. If you legitimately owe the money, then it becomes much more difficult to get rid of this information, since legally it can remain on your credit history for 7 years, and sometimes longer.
i want to know after my creditor meeting and all is done (approx 90 days) can my case be reopended once i get the letter of discharge is there a timeframe for final closeure?
No, your case can't be reopened once you receive the Federal letter of discharge, and it is against the law for your creditors to harass you after you have this letter. The letter should take no longer than 6 months from start of filing.
What was the main reason the great depression spread overseas?
After WWI, the US was a major creditor of Europe and other areas of the world. When the US banks and economy started to fail, the economies of Europe could no longer rely on the US for credit. This caused many European economies to falter as well.
Can a credit card company still continue to charge interest if the debt has been charged off?
Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.
