the 7 years of the original credit card companies (who charged me off) is almost up. yet there are still collection agencies "after me". on my credit report, they show up, does that mean this could go on forever, as long as the "collections" keep getting passed around? do I have no hope in getting better credit later? can they do this?? I thought after 4 years, the stature (Spelling??) of limitations is over and can no longer collect, then in 7 yrs the debt is 'erased'. but if they keep passing on the collections, this will be never ending, the 4 years will never be up, right? sign me as confused, I cant make heads or tails of this situation. Any help is greatly appreciated and please email me, I dont always get a chance to come back to this board. thanks!!!
RE: charge off's and collectio we get a lot of questions as to what exactly the statute of limitations is & how it works. There are a lot of fallacies flying around about what this means. Does a payment renew the statute, does a promise to pay renew the statute and when does it end. Additionally what is the statute of limitations for credit bureaus. Statute of limitations to collect The original statute of limitations begins at the onset of the contract signing. Statute of limitations vary from state to state but it is usually 4-6 years depending on the state. However, if your statute of limitations has expired that means that the debt cannot be enforced by lawsuit, that does not dismiss the debt and the creditor can still leave it on your credit for 7 years (excluding some public records, those can remain for 10 years) but legally you do not have to pay it, if the statute has expired. Many people confuse the statute of limitations to collect a debt with the time a debt is allowed to remain on your credit reports. The two are separate. Another big fear is that paying it will extend the time it is allowed to be reported on your credit. Debts are reported from FIRST delinquency or written off date, not by last activity or last payment. Exclusions would be tax liens. They remain from date paid for 7 years and can remain indefinitely if unpaid. Paying a debt will not re-start the clock for reporting it but you could re-start the clock for collecting it so if you pay it either pay it in full or restrictively, as to have no worries. Here is the law as interpreted by Alice k. Helm LL.B.,J.D Appellate Judge: Action for money loaned or other simple contract debts are ordinarily barred after the expiration of the statute of limitations however, the promise by the borrower to pay the loan, or a partial payment in many instances removes any limitation and the period of which a action may be brought is renewed after such acknowledgment of the debt for another corresponding period. End Quotes" What this means is, a promise to pay or partial payment will renew the statute, many people think that only a renewed promise to pay does this. That is not the case. Either or can renew the statute. In every state where their is the right to file suit on a debtor there is also a time within that the suit may be filed. This is a powerful tool if you are aware of it. Just remember a partial payment, promise to pay or regular payment on the debt can remove the limitation and the period can be re-newed! The law is quite clear on this. Check your state laws to determine your statutes as state laws differ. So if you have an expired debt, you may want to think twice before you make a payment and risk renewing the statute all over. Always consult your attorney about legal issues. Confused wrote: ------------------------------- the 7 years of the original credit card companies (who charged me off) is almost up. yet there are still collection agencies "after me". on my credit report, they show up, does that mean this could go on forever, as long as the "collections" keep getting passed around? do I have no hope in getting better credit later? can they do this?? I thought after 4 years, the stature (Spelling??) of limitations is over and can no longer collect, then in 7 yrs the debt is 'erased'. but if they keep passing on the collections, this will be never ending, the 4 years will never be up, right? sign me as confused, I cant make heads or tails of this situation. Any help is greatly appreciated and please email me, I dont always get a chance to come back to this board. thanks!!!
RE: charge off's and collectio Depends on the state. If you want that information, go to : http://homepages.ihug.co.nz/~cloud/cardreport/credprobs/statute_of_limitations.html Russ
RE: charge off's and collectio That would not load for me, I tried a few times, wanted to check it out. Is that your page Russ? I got a res socket error. A couple other SOL links http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml http://www.carreonandassociates.com/statute.htm or the electric law library.
RE: charge off's and collectio Loaded fine for me. Not sure what the problem is. Though, it's not my page. Just information.
RE: charge off's and collectio dear confused... You need to write all of the credit reporting companies and dispute all of your 7 yr old charge offs. That is the only way you can get them removed from your credit. (or pay them) I had horrible credit 10 yrs ago after my divorce and after 7 yrs I disputed them all. They reomoved them all since I have established good credit and I have purchased a house and a car at great interest rates and I have many credit cards with APR's no higher than 14% with no annual fee! It can be done
RE: charge off's and collectio your story is very simalar to my own. i have unpaid credit card debts from over ten years ago that do not appear on my credit report. i have now received a letter from a collection agency regarding one of the old debts. i know that i am not legally bound to pay the debt, but can the agency add anything to my credit report? thanks for any help.
