hi I have non-paid credit card debt (70K) from back in 99' when i was in college. I had serious gambling problem. I recently pulled credit report and all of them were showing as charge-off and will fall off in 06' i have lived last 6 yrs without checking account or any kinds of credit card. I think I learned my lesson now. I did some reading and I learned they have 7.5 yr law. So what happens to the debt after that time ? that's it ? Since I suffered last 7 yrs , I'm Debt free ? they can keep calling and send letter but it's just not gonna show on my report ? Let say in 10 yrs I rebuild my credit and buy house , Is there any chance they can come after me ? I had welsl fargo , citi, discover , b of a , nextcard , and many more. Will I ever get approved with these cards ? Thanks
Are you are confusing the 7.5 year SOL for reporting on your Credit Reports and the SOL to commence legal actions in your state? After 7.5 years, there will be no TL on your credit reports for these debts (Note: if you were to try to get a mortgage over $150000, some things that are normally off your report after 7.5 years can still be reported ) If the SOL has passed for suing you then you do not legally owe these debts. (Note: You must be sure of the SOl date for your state, and you must be sure you have not "tolled" the SOL in any way which would extend the date.) Note that Junk Debt buyers can still buy your defaulted debts forever, and attempt to sue you, and you would have to appear in court and raise the SOL defense each time in order to win the suit.
