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How long does an unpaid debt last on check system?

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crystal17



Joined: 16 Jan 2008
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Posts: 2



144 Magic Points
Subject: How long does an unpaid debt last on check system?
 
 Posted on Tue Jun 10, 2008 8:44 pm  
im on check systems. however, i dont really have a motivation to pay off my debt, simply because i still have my savings account. If I dont pay off my debt, how long will I remain on check systems? Furthermore, when I decide I do want to pay off my debt, what is a good non profit credit counseling agency to help me re negotiate the total i would have to repay the bank?
 
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 Posted on Wed Jun 11, 2008 12:35 am  
Your negative account can remain on chexsystems for up to 10 years. Your savings account isn't with the same bank that charged off your checking account is it? How much exactly do you owe the bank? I don't think that you will owe enough to get a non profit credit counseling service involved. Because there is no interest your paying on the debt and there is no monthly payments to make you will probably be stuck paying off the entire amount. Another thing to worry about is if your bank sells that debt to a debt collection agency. Than it may be reported to the credit bureaus and damage your credit.
 
cbass1017



Joined: 01 Feb 2008
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Posts: 89
Location: PA


353 Magic Points
 
 Posted on Wed Jun 11, 2008 12:40 am  
sorry that was me. I thought I was logged in

Good luck
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CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 376



4057 Magic Points
 
 Posted on Wed Jun 11, 2008 4:19 am  
Chexsystems is also subject to the FCRA. This means that in most cases they cannot report negative info over 7 years or bankruptcies that are over 10 years old.

FYI this is from Chexsystems paperwork. I just ordered a copy of my report.
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Guest







 
 Posted on Thu Jun 12, 2008 7:17 am  
i owe over $1,000 in overdrafts...
 
crystal17



Joined: 16 Jan 2008
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Posts: 2



144 Magic Points
 
 Posted on Thu Jun 12, 2008 7:18 am  
oops, i owe over 1000 im overdrafts. the post above me is me, i just forgot to sign in!
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3235



2257 Magic Points
 
 Posted on Thu Jun 12, 2008 10:29 pm  
I would think that you would want to pay it off to get rid of it, it will haunt you for a long time to come. YOu should consider paying it and moving on with your life.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 376



4057 Magic Points
 
 Posted on Fri Jun 13, 2008 6:23 am  
crystal17,

Just approach this the way you would nayother type of debt. Make a payment arangemt with the bank and keep to it. Just out of curiosity, how old is this debt?
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Subject: bank
 
 Posted on Sun Jun 15, 2008 2:33 pm  
When my ex and I were together, we had the same Checking Account. To make a long story short, he bounced ALOT of checks (I never knew about this until the bank called me). The bank reported the negative account to Chexsystems. When we seperated, I paid off the account, closed it and opened another in my name ONLY. The bank was VERY helpful with this. They took MY name off of CS and left my ex's name on it. NOW......it's a mess for him ( 'LIKE' I really care!!).
 
john bond
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Subject: outstanding debt
 
 Posted on Sat Aug 16, 2008 10:53 am  
i have a outstanding debt from 1999 how long does it stay live
 
fireyone



Joined: 26 Feb 2008
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Posts: 3236



1048 Magic Points
 
 Posted on Sat Aug 16, 2008 2:58 pm  
It will always be alive just after a certain period of myears you are protected byt the SOL in your state. What state are you from/ This will help us tell you if your in SOL time period. (Statute of Limitations). Most debt falls off a person credit report in 7 unless it is a judgement or bankruptsy. Give a little more info and we can answer your question better.
 
Mary

Mary

Joined: 06 Jul 2006
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Posts: 420



10865 Magic Points
 
 Posted on Thu Sep 25, 2008 11:19 am  
Hi John Bond
Since the last payment on your debt has been made in 1999, the Statute of Limitation on the debt may or may not have expired. This is because, the SOL varies from 3 years to 15 years depending upon the state you signed the loan agreement. However, the negative listing should go out of your credit report after seven years and six months, from the date you first missed your payment. I think you should directly dispute the listing with the credit bureaus and ask them to remove the listing.
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carol

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 Posted on Thu Sep 25, 2008 11:37 am  
Hi John
Although the negative listing stays on your report for seven years and 180 days from the date you first missed your payment as Mary said, you are liable for the debt till the time the SOL in your state expires. Statute of Limitation gives the creditor the time limit within which they can initiate a suit against you in the Federal courts to collect the outstanding debt. Once the SOL has expired, the creditor cannot collect the debt from you any more.
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fireyone



Joined: 26 Feb 2008
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 Posted on Fri Sep 26, 2008 5:11 pm  
What exactly is a chex system as referred to by the original poster? Is it like some kind of banl account. John, what state are you froma nd maybe we can help you out a little more. We can tell you whet the SOl is and if the debt was in 1999 it should have fallen off your report by now so definately dispute it with the credit bureaus.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3235



2257 Magic Points
 
 Posted on Sat Sep 27, 2008 2:10 am  
Chex system is a reporting agency are they not???
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
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