How many years must pass until the Credit Card company can no longer attempt to collect a debt? I think I heard Suzie Ormand say 7 years, but not sure.
How many years must pass until the Credit Card company can no longer attempt to collect a debt? 7 years?
until you PAY it
How many years must pass until the Credit Card company can no longer attempt to collect a debt? 7 years?
Um, unless you%26#039;ve declared bankruptcy, they can legally try to collect on the debt until you repay. Usually, they will charge off your debt and send it to collections though. You can%26#039;t just wait around and hope your debt goes away...
How many years must pass until the Credit Card company can no longer attempt to collect a debt? 7 years?
NEVER - the 7 years in what is on your credit report, after you have paid your bill.
How many years must pass until the Credit Card company can no longer attempt to collect a debt? 7 years?
More bad answers! You guys really need to do some research before guessing on your answers.
Take a few minutes to read the link below. It contains a very good discription of the Statute of Limitations law and the credit reporting laws.
In brief, your debt can be listed on credit reports for 7 years, beginning from the day of the delinquincy.
Depending on the statute of limitations for your state (averages 6 years) you no longer have a legal obligation to pay the debt. In other words, after this time period, they can not sue you or do anything to collect.
However, they can continue to try and collect. They can call and write you letters (unless you have sent them a cease and desist letter). But once the SOL has run out they have no way to collect from you.
How many years must pass until the Credit Card company can no longer attempt to collect a debt? 7 years?
I completely agree with Studly!
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