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how long until a debt "expires"?

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reddjenny

Joined: 21 Apr 2007
reddjenny's page
Posts: 1

40 Magic Points

Subject: how long until a debt "expires"?

Sat Apr 21, 2007 7:01 pm

Does anyone know what the "expiration" time is for a debt. I have an account that defaulted in 1991 and i am now being contacted by MCM trying to collect.

Morningstar

Joined: 17 Apr 2007
Morningstar's page
Posts: 582

11 Magic Points

Sat Apr 21, 2007 10:14 pm

There is no one, conclusive answer to your question. It depends on a number of factors:

What is the nature of the debt?
When was the last payment or promise to make a payment made?
What state were you in when the debt was acquired?
What state do you currently live in?

You indicated that the debt defaulted in '91...if a consumer debt, I would imagine that the SOL has already lapsed.
_________________
I don't dream since I quit sleeping

Law Student

Joined: 18 Apr 2007
LawStudent's page
Posts: 8
Location: San Francisco, California

512 Magic Points

Sat Apr 28, 2007 1:01 am

Unless it's a student loan the SOL has no doubt run on that debt.

fubulujan
Guest

Subject: negative history on your credit report.

Thu May 03, 2007 4:49 pm

Negative information remains on your credit report 7years plus 120 days from the day the creditor last reported. Positive information remains on your credit report 10 years to life.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: credit

Mon Aug 20, 2007 3:36 am

i suggest to get your credit reports nad look at the 'drop off' date on your deliquent accounts ( on every dliquent account, there is a date where it would tell you when the debt should come off). If that date has already passed, 'dispute' the accounts with the credit bureaus. Giving you advice, from personal experience.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1334

35466 Magic Points

Mon Aug 20, 2007 4:32 am

Yes you are right. Even I have faced the same. I disputed the accounts and they actually got deleted. It took some time but it was removed. How long did it take you Wendy?
_________________
Regards,
Laura.

anthony

anthony

Joined: 31 Jul 2006
anthony's page
Posts: 516

13571 Magic Points

Mon Aug 20, 2007 4:35 am

Sometime it helps and sometime people fall unlucky. I could not get two items removed. It got deleted from two bureaus but it dint get removed from the other one.

Anthony

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