A statute of limitations is a law passed by a legislative body in a common law system to set the maximum time after an event within which legal proceedings may be initiated. Source – Wikipedia
Q: If there is a debt that that does not appear on my credit report and it is past the time that they can report it do I have to pay it? What can I do to stop having this company call my home. A: Two different set of laws apply to how long a …
Do I Have To Pay an Old Debt That Is Past The Statute of Limitations? Read More »
After some changes to federal laws in 1998 and 2005, the statute of limitation on student loans has been dissolved (with some very limited exceptions), which means that you can no longer have your student loans discharged when you file for bankruptcy. Many people wonder whether they are eligible for a student loan discharge when …
What is the Statute of Limitation for a Student Loan? Read More »
When debt collectors are contacting you regularly and you’re wondering if you should just pay off the debt to get rid of them, stop! Many consumers don’t realize that the debts some bill collectors are chasing after aren’t the consumer’s responsibility anymore. How is this possible? Because of the Statute of Limoutstanding debtitations that exist …
Using a Statute of Limitations Law to Eliminate Your Debt Read More »
When you miss a credit card payment, mortgage payment or end up going into deep debt that you can’t realistically pay off within a reasonable amount of time, you put yourself at risk for bankruptcy or foreclosure. Many people who end up filing for bankruptcy or are dealing with foreclosure find it difficult to apply …
How Long Will a Bankruptcy and Foreclosure Appear on My Credit Report? Read More »
Don’t pay them anything. Send a cease and desist letter in which you tell them to stop contacting you. Harassing people about debts (old debts, like yours, or current ones) is illegal under the Fair Debt Collection Practices Act.
A man has an old credit card debt that is over 12 years old. The problem is that the debt still appears in his credit report. What should he do? Click now to hear Lynnette’s answer.
Question: I am a 23-year-old college student with a bad debt of about $12,000 with American Express. I believe the Statute of Limitations in Maryland is 3 years. I do not remember the last time I made a payment to them. I found a receipt showing a payment in December 2006. But when I called …
Q: How long does a negative item stay on your credit report? A: This debt should have long since fallen off your credit report. Under the Fair Credit Reporting Act, negative information such as the 90-day late payment you mentioned can only legally remain on your credit file for 7 years from the time of …
How Long Does A Negative Item Stay on Your Credit Report? Read More »
Q: I owe Dell Computer about $3,000 due to lack of payment. I tried to pay them monthly but they won’t accept that. They want a settlement of $1,800 or payment of $450 a month which I do not have. I am dealing with their collection agency. How do I handle this? A: Even though …
When a Collection Agency Wants More Than You Can Afford Read More »
Q: Should I pay off old debt from department store credit cards that are at least 10 years old? It seems like my creditors re-sell my old credit accounts to a new collection agency every few years. A: If a delinquent debt is more than 10 years old, it should have already fallen off your …
Q: I opened A credit card account back in college in the year 2000. I have never paid it off the amount I owed. Should I pay it or not? A: If the credit card is still open, then by all means pay if off if you can. But I think your question is referring to …
Consumers often pay off debt for which creditors can no longer seek legal action because the Statute of Limitations has already expired for the account. Consumers pay off these accounts perhaps because the accounts still appear on their credit reports, they fear court action, or they simply don’t know their rights. There are even cases …
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