0
It depends on what "this debt" is. If it is a simple unsecured debt, 7 years from the last payment it has to be removed from the credit report. In most cases the state's statute of limitations will already have expired, so it cannot be collected by legal action.
If it is a judgment debt, either after a trial or a default judgment, it is usually valid for 10 or 20 years after the default was entered and the creditor can always try to collect it.
If you file bankruptcy and get the debt discharged, no legal collection action can be taken, although there is a growing collection industry designed to get people to pay even though they can't force payment. They often send a demand for payment and offer to take half. Most people don't bother to check with a lawyer and just pay it.
What else can I help you with?
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.
Does a debt ever go away?
no you got to work hard to pay it off.
Your mother-in-law was told that If she doesnt pay her creditors that debt would go away after seven years is that true?
Sorry but that is not true.. although the debt may disappear from her credit file after seven years(negative statements are usually removed by the 3 major agencies after seven years).. The original creditor or one of its agents(a collection agency or debt purchasing agent) has up to her states statute of limitations to bring action to collect the debt.. anywhere from 3- 15 years
How long can a debt collector chase a credit card debt?
As long as they are actively pursuing it, they can chase it until the debt is paid. There's no way to simply keep avoiding the debt, it won't just 'go away'.
Does your credit card debt fall off after 7 years automatically?
No. If you wish to redeem the debt you need either to go bankrupt (legally) or enter into an arrangement to pay off the debt. If you livew in the UK go and see the Citizens Advice Center to help you with this.
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.
Is there a time limit in Pennsylvania for a credit card or debt claim after an estate has been settled in Pennsylvania?
go away
Does a debt ever go away?
no you got to work hard to pay it off.
Your mother-in-law was told that If she doesnt pay her creditors that debt would go away after seven years is that true?
Sorry but that is not true.. although the debt may disappear from her credit file after seven years(negative statements are usually removed by the 3 major agencies after seven years).. The original creditor or one of its agents(a collection agency or debt purchasing agent) has up to her states statute of limitations to bring action to collect the debt.. anywhere from 3- 15 years
What is the statute of limitations in California for credit card debt Is it true that a Junk Debt Buyer can collect the debt if you don't have a signed contract with them?
7 years from charge off as long as it is not gov't debt which never go away likwe student loans, and trye-debts are sold to other agencies routinely; however they must disclose source of original debt.
If you have bills in collection after 7 years that were not paid does the debit just go away?
Nope ... they remain due until paid, and will remain on credit rating until the debt is settled.
How long can a debt collector chase a credit card debt?
As long as they are actively pursuing it, they can chase it until the debt is paid. There's no way to simply keep avoiding the debt, it won't just 'go away'.
When does your soft spot go away?
Usually been 1 year and 2 1/2 years old.
Why has the tax burden on Americans grown over the last 30 years?
The US has been racking up the national debt over the years; thereby causing the interest to go up, and placing this burden on Americans.
Does your credit card debt fall off after 7 years automatically?
No. If you wish to redeem the debt you need either to go bankrupt (legally) or enter into an arrangement to pay off the debt. If you livew in the UK go and see the Citizens Advice Center to help you with this.
If your bank charged off your bank account and was bought out by another company do you still have to pay?
yes the debt does not go away, the bank simply sold the debt to an outside collection agency.
Is there a statute of limitation in Pennsylvania for someone trying to collect a bill?
You can check out your state specifically, but typically it is 7-10 years for any legal charges or credit recording. However, the debt will never just go away.
