What is the statute of limitations on credit card debt?
79751
ACTUALLY THERE IS A STATUTE OF LIMITATIONS ON CREDIT CARD DEBT! \n\nIt depends on the state you live in.  You would have to look it up some how.  I know that some states it is 4 years some 5 and others may be a little longer.  \n\nIf you have not recently been contacted by the creditor in relation to the 12 year debt and then PROMISED to pay it - then no.  If you HAVE been contacted and then you said you would pay it.... you just may have screwed yourself.  \n\nThe main thing with old debt - if it is near the statute of limitations, the creditors will start to call you about it.  If you promise to pay it in any way or say you have the ability to do so it opens your statute up again for another "how many" years.  (what ever the statute of limitations is in your state)  \n\nExample on your 12 year debt. If you lived in a state that had a 4 year time period...and  If you hadn't paid anything on that debt, then right around the 4 year mark you would start getting phone calls about the debt - If then you promised in some way  you would pay it... it would extend your statute for another 4 years... then once those 4 years passed & you never paid, you would be nearing your new 4 year statute of limitations they would start calling you again.  If you then promised yet again that you would pay - You just extended that statute Yet AGAIN.  So if you have 12 year old debt and they are calling you on it... this may be what is happening to you.  If you have promised to pay this debt off in the past, you have extended your statute of limitations each time.  \n\nIf you don't intend on paying it cause you just CAN NOT and have no money to do so - DON'T promise that you can.  Tell them "NO - I CAN NOT PAY it".  They will write off your debt.  Once the statute of limitations is past it will be illegal for them to pursue you for that money.  \n\nGood luck.
1111286
Yes.  Charging off is just an accounting term, and most companies do this after a certain period of no payment.  This does not make the debt disappear.  You still owe the debt, so they can sue until the statute of limitations runs out in your state.
253808
MOstly, no.\nBut there are some exceptions.\nFOr instance,\nA judgement normally falls off in 10 years, but if it is renewed in court, it can go right back on.\nIf you have a charge off and it falls off in 7 years, it could come back on in a few cases such as acknowledging the debt, by trying to be nice and pay something.  Also, they can sell the dept to a collection agency, who can then add that negative trade as well.\n\nThat is why I usually counsel my clients to do a chapter a7-11, and just discharge the debt because the creditors could care less about you.  Trust me, they could care less.\n\nIT is a business and you have to treat your personal credit like a business too, and remember, you are just a number to them.  A NUMBER and nothing else.  They don't care if you live or die.  As long as they think they can eek a dollar out of you, they will.\n\nThis is a complex subject, and impossible to fully address without a complete rundown of your situation.  I suggest you seek the guidance of an attorney who specializes in credit matters, in your area of jurisdiction.
413722
Usually a debt becomes statute barred after 6 years. Your best bet would be to go to your citizens advice bureau to check.  I am sure I am right though.  Usually you would also get a free consultation with a solicitor who deals specifically with debt.  Try it - you have nothing to lose.  You have to ask yourself why they would be trying to collect the debt all these years on.
217109
Regarding your last question, each state has a Statute of Limitations on how long a debt is legal.  Go to the link below and look up your state.  \n\nThe first thing you need to do is get those silly collection agents off your back.  To do that, use the sample letter below requesting that they "validate" your debt.  That means they must send you a copy of the bills, contracts, and anything that was used to calculate the debt you owe.  If they don't supply you with that information, they can't keep the negative report on your credit history.  \n\nSend this letter to both Cingular and the collection agent.  If they do not respond back in 30 days, send a copy of that letter, plus a letter demanding that the report be removed from your credit history, to each of the credit reporting agencies.  That will get it off your records.\n\nNow, what I'm going to bet is one of two things happened.  They either messed up your last payment and didn't enter it correctly (you do have a copy of the canceled check, right), or you are being billed a fee for canceling your contract early.  All of the cell phone companies have a very large termination fee, and there is no easy way to avoid it.  It's right there in the contract you signed.....\n\n....which is why you are sending them that "validation" letter.  No contract = no legal agreement to pay them.  \n\nSo make them prove your debt or leave you alone!
106815
If you owe a credit card company money, they CAN and WILL sue you to recover their losses. There are horror stories of people losing homes and automobiles because a family member charged too much on credit cards that couldn't be paid for.
213518
Depends on a fewthings. How much the debt is for, where the transaction too place, type of credit agreement/contract.\n\nWould take too long to describe all options here.  But in a nutshell, if it's a small debt under $5000 they will sue you in Small Claims Court.  Do a search on the web for details on how they work in your state/county.  They are all a little differant.\n\nWhat concerns me is you mention an attorney is on the case. That implies the debt is big, over $5000.  Then you will be sued in District court, which is a lot more involved and will require you get get an attorney.  If you lose, you will be paying court costs, which also increase in District Court.  \n\nGood luck.\nIf you need more specific answer or encouragement write me. I am not an attorney or credit counsoler, just someone who has been down that road and have counseled many others.\n\nStudly
214814
No, no most of the answers are wrong, your negative credit reports will never clear themselves, check with your state, usually the statute of limitations on debt is seven years, seven years from the date of the negative report, you can pettition the bureaus to remove any that are over the statute of limitations. No one will remove them for you, you have to do the foot work.
603191
7 years is the statue of limitations, even with a court ordered replevin..  or the creditor can file a renewal with the court to extend the order if it close to the 7years. However if you make any type of payment towards the debt, you start your 7 years over.. The 7 years begins with the date of last activity.. So it all depends upon time... Whatever you do if it has been awhile.. Do Not Make a Payment...
686462
Resident state law is irrelevant in limitations as the contract is based on the laws of the state were the creditor is incorporated (usually Delaware).  This usually means that in essence the creditor is limited to collections efforts as indicated by the FDCPA.  Basically, they can attempt to collect the debt.  Usually companies are limited as to how long they can carry the receivable on their own by FASB accounting regulations...so they will charge it off after 185 days. At that point a collection agency will likely buy the debt and start more hardcore collection efforts.  In addition to ruined credit, you will be subject to collection calls (they can do it every hour with no contact, once a day with contact made), dunning letters, and asymmetrical collections (calling you at a grocery store or bowling alley).  In any event, the creditor and/or the agency may file a lawsuit that could result in a lien or wage garnishment.  That usually depends on the debt value.  One thing that is becoming common is the debt value being reported to the IRS as income (I think its taxable at the 40% bracket, similar to bonus income).  Where residing stare law comes in (in your case, NY) is the collection efforts themselves.  You can issue what is known as a Cease and Desist Letter in NY that will prohibit the collection agency or creditor from calling you on the telephone.  The downside is that they will then demand the debt upfront in a letter and the liklihood of a lawsuit is higher.  In any event, collections are not fun for both the collector and debtor.  Having spent time on both sides, I would advise through the course of the calls to speak with an intelligent sounding collector.  Their job is to collect, but they are people too and if you are nice to them and sound like you want to work with them they will likely offer you a break.  Most companies make these "breaks" available in the form of reduced interest, payments etc if you are willing to work with the collector.  It may not be enough at the end of the day...but at least it can let the company know you are trying to work with them.  More importantly...in a lawsuit situation it would appear like you were actively trying to find a solution.  At the end of the day, the company wants to recoup their principal spent in a situation like yours...working with you is in their best interest in most cases.  I hope this helps.
44997
I think it's seven years, but you would be suprized that most credit card companies will give you credit amediately knowing that you have no more debt!
660755
Again, many wrong answers.  Wish you folks would take the time to read the Fair Credit Reporting Act and get your facts straight.\n\nYou have two dates to worry about.\n\nThe credit agencies report your debt for 7 years, beginning on the day of default.  NOT the date of charge off, date the collection agency reports it, or the date it's sent to a new collection agency!  If you owed a bill on Jan 1, 1999, and missed that payment, THAT is your default date, and it will not change!  There is even a position paper issued by the Federal Trade Commission that states this fact very clearly.  I do not understand why collection agencies tell you otherwise, other then the fact they are lying!  \n\nMany times, when a collection agency gets the account, they may not know the deliquency date, or they will bump the date up for whatever reason.  This is called "aging the debt" and it's illegal!  \n\nYour other concern is the Statute of Limitations.  This date varies from state to state from 4-10 years.  So you need to check what your state's SOL is...see the link below for that info.\n\nThat date begins on the last recorded transaction.  Again, using the above example, of you made a late payment on March 1, 1999, that is the beginning of your SOL.  There are a few other examples, but they get legally involved, so I won't go into it now.\n\nAfter the SOL has run out, you no longer have a legal obligation to pay the debt.  If they attempt to sue you, you simply file a motion to dismiss based on the expiration of the SOL, and it will be quickly dismissed by the judge.\n\nSo....do you pay?\n\nThat's where you gamble.  If the debt is large, it may be worth the effort of a collector to sue you.  If that collector is in the same area/state, that makes it even easier and more likely they will sue.  \n\nIf you want to try and hide out for another year, it's up to you.  but once they find you, and if they win a judgement, that will be on your credit report for 7 years, and they can continue to try and collect for a long time.
1032474
16 years ago the statute of limitations is well past. You ahve nothing to worry about!!
945804
No. Each state has a statute of limitations, it is usually 6-7 years depending on where you live. For example, in NY if you incurred a debt 1/1/2000 and never paid on the account, the SOL would be up 6 years later, on 1/1/2006. Usually it starts from the date of first delinquency. A company cannot collect, you do not have to pay it, and a court will throw out a judgment that is outside the SOL.\n\nUnder the FCRA, they also cannot list a debt on your credit report that is over 7 years old, regardless of the SOL. If you see this on your report, dispute as "the 7 year reporting period under the FCRA has expired". The Fair Credit Reporting Act does not allow bad debts to be listed for more than 7 years, except bankruptcy which can be listed for 10.\n\nBy the way, do not, and I mean DO NOT under any circumstances pay this debt if it is over 9 years old. It will reset the SOL, and also the 7 yr reporting period, which means it can be listed for another 7 years on your credit report. One of the worst mistakes people make is they think paying old debts will help their credit. It won't! Making a payment causes the Date of Last Activity for the account to be updated to this month, instead of 9 years ago, and your credit score will plummet.
94932
The charge off account could be sold and buyer of the account could try to collect it legally.  And they would be entitled to do this.  So it can be collected until the statute of limitations runs and this varies from as little as 4 years in some states to as long as 10 years in others. Interest can accrue this entire time even if the original creditor charged the account off.  Accounts beyond the statute of limitation are called "zombie debt" and you can challenge collection of these under the Fair Debt Collection Practices Act.
121976
Statute of limitations is only for sueing.  \n\nthey can collect til you die.
225100
7 years. If you paid it in full. Just dispute it with all 3 credit companys and the reason for dispute is " paid in full ". You can do this online or over the phone.