0
If you have a charged off debt past 7 years can a new company get a collection company to collect the debt?
Wiki User
∙ 8y ago
I don't know what state you reside in, or how the debt is classified However, it seems possible that the SOL has expired. Write the company and ask for a confirmation of the debt. Don't do anything until you receive it, and check the SOL in state pertaining to the type of debt you have.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Can a credit card company collect on a debt over seven years old?
Yes. Even though the chargeoff line item should come off of the credit report in seven years, the credit card company may attempt to collect their debt for as long as they wish (assuming no fair credit collection laws are broken in the process).
What happens when a Bank loan is charged off?
It will show on your credit report where your bank loan was "Charged Off". This means the bank wrote off the money and gave up on collecting it. However they can sell that debt to a collection agency to try and collect it. It will show on your credit report for 7 years.
Can a credit card company collect after 7 years?
no
Do you have to pay off your credit card if it has been more than 7 years?
they get turned in to a collection agency and if they cannot collcet a lawfirm will try to collect if they cannot collect you will be served
Can a credit card company sue you after fourteen years?
This will depend on the statute of limitations in your state but there are also other factors that will determine whether or not they can as well. The statute of limitations for your state is dependent on when the last time you made a payment or used the card. So, if you made a payment two years ago on the debt but it's been fourteen years since the last item was charged on your card you only have two years towards the statute of limitations not fourteen. Often, credit card company collection agencies will tell you that they will sue you even if the debt has passed the statute of limitations in order to try to collect on outdated debt. After the statute has passed the company has no legal right to collect it. Additionally, in most cases if the debt is more than 10 years old since the last payment had been made, it is not allowed to be on your credit report. Interestingly, if your states statute of limitations is five years, it can still be posted to your credit report until the 10 years has fully elapsed.
What is the usual action of credit card company's toward nonpaying creditors?
Well after 6 years of not paying a dime to household bank the account has been charged off and the collection company is sueing me.
Can a credit card company collect on a debt over seven years old?
Yes. Even though the chargeoff line item should come off of the credit report in seven years, the credit card company may attempt to collect their debt for as long as they wish (assuming no fair credit collection laws are broken in the process).
What happens when a Bank loan is charged off?
It will show on your credit report where your bank loan was "Charged Off". This means the bank wrote off the money and gave up on collecting it. However they can sell that debt to a collection agency to try and collect it. It will show on your credit report for 7 years.
Can a credit card company collect after 7 years?
no
How long does a third party collection agency have to collect on a debt after the debt is charged off by the original creditor?
There is no time limit placed on their collection efforts to collect a debt. However, there is a SOL for legal recourse and for how long it can report on your credit reports. Reporting time is 7 years and so far as the SOL for legal recourse you would have to check your state laws to see how long.
Can a collection agency try to collect a debt after 7 years?
They can send you a letter, but they cannot sue you.
How long does creditor has to file a lawsuit for a charged off debt Arizona?
In Arizona, creditors generally have six years to file a lawsuit to collect on a charged-off debt. This time period is determined by the statute of limitations for debt collection in the state. After the statute of limitations expires, the creditor may no longer pursue legal action to collect the debt.
Your former insurance co was to have paid the bill five years ago now you are being threatened by a collection agency and this is the first time you have seen the bill?
Before communicating any more with the collection agency, check with the insurance company to see what happened in that case, and/or with the original company they claim you owe. Most companies would have charged off the bill by now, and you owe nothing. The collection agency may have bought the deal for cents on the dollar and the money they collect doesn't go to the original vendor. It won't do you any good to pay this collection agency, since it starts up the payments again. If they continue to threaten, you have rights. Tell them to send you a bill in writing and to stop calling.
Do you have to pay off your credit card if it has been more than 7 years?
they get turned in to a collection agency and if they cannot collcet a lawfirm will try to collect if they cannot collect you will be served
How long can a company hold on to your check?
i wrote a cash check to my self and paid it back 4 mouths later now the collection deptment came back to collect after 10 years and we had a chapter 7 they also said they were the goverment what can i do.
What is the statute of limitations in on medical bills in Kentucky?
Debt collection in Kentucky is long. The creditor has up to 15 years to collect on a written agreement. They have 5 years for an Oral agreement or Credit Card.
Can a collection agency sue to collect an old debt?
If the debt has not been paid on in more than seven years than no. Otherwise yes.
