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What if the debt company knows where you live do you still have to pay the debt after six years?
Wiki User
∙ 12y ago
Generally speaking, your assets, (current and future), as well as your income (current and future) can and will be subject to seizure (termed garnishment when wages) to satisfy the debt they get a judgment for. Obviously, they can (and as it is there business, very good at) using all legal methods to enforce the right, or compel you to pay...(of which there are many).
You will be entirely responsible for any costs they incur to enforce and collect the full amount of the debt, interest, penalties, legal fees, etc. too. So a small debt for something you bought can grow very large, very quickly. Of course, they may just sell the right to collect to a third party, but the result is the same.
And while you may feel you simply don't have anything to take (or even a wage they can garnish)...a judgment stays in force for 20 years (and can easily be renewed)...so you better want to be poor, have nothing and be worth nothing for a verylong time! It isn't unheard of for some collection agency to find you have an outstanding judgment from years ago...now that they see you have something...(a car, a house, a lottery winning...anything) and get their fee by collecting it with all the back interest.
Your best served by paying, and if you really can't, contact them to work out a plan to do so you can live with.
Wiki User
∙ 12y ago
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Can you still talk to the credit card company directly for paying off an unpaid debt or do you have to talk to the debt collection company?
Once the debt. has been charged off and sold to a outside collection source you must talk to them.
If you have a charged off debt past 7 years can a new company get a collection company to collect the debt?
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.
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.
Are you still obligated to pay a debt after seven years?
If you are able to pay them then you should.
Do you still owe your debt if the credit card company went bankrupt?
Yes. Unpaid accounts with a company that has filed for bankruptcy are still collectible. Outstanding accounts become part of the bankruptcy proceedings.
Tax debt is what type of debt to a company?
Tax debt refers to the tax paid on the amount of debt the company has outstanding still. This varies significantly by company and non-profits do not pay tax.
How do you find the company that is holding the debt from someone that has gone into recievership?
You will need to begin by contacting the company in where the debt originated from. They can tell you if they are still holding the debt collection or if it has been released to another company.
When you acquired debt on your company before making it an LLC are you responsible for the debt after the company has been dissolved?
Yep....It is still your responsibility to pay your debts...
Do providers have to repay company that goes into bankruptcy?
I am not an attorney. But my thought is, yes of course. You still have a debt and you made an arrangement to pay it back. The company still has assets in the form of outstanding debt, and these assets will be used to pay the company's own debt. If I were one of the company debtors, you can be sure I'd be expecting people to pay the company what is rightfully owed. Again, I am not an attorney.
Can you still talk to the credit card company directly for paying off an unpaid debt or do you have to talk to the debt collection company?
Once the debt. has been charged off and sold to a outside collection source you must talk to them.
Give two reasons why a business can be profitable for many years and still have a cash shortage?
The company can possibly be issuing shares and or suffering from previous years of economic losses and now be paying down their debt.
If you have a charged off debt past 7 years can a new company get a collection company to collect the debt?
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.
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.
Is a debt that is ten years old still owed?
Yes it is pay it now
Are you still obligated to pay a debt after seven years?
If you are able to pay them then you should.
Can the insurance company owe you money if their check is no good?
If the insurance company owed you money and they attempted to pay that debt with a cheque that was not honoured the the debt is still outstanding. They may also be liable to other charges.
Can a lien on your car be enforce if company sold debt?
i have been repoing cars for ten plus years ,and yes they buy the rights along with the debt
