Helpful Resources


Community




Creditmagic Twitter





Credit on Facebook




how long until a debt "expires"?

Post reply  Start a topic
Author Message
Options
Print this topic
Invite a friend
Email this topic
  Bookmark online
Add to del.icio.us
Add to YahooMyWeb
 
reddjenny



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



40 Magic Points

Subject: how long until a debt "expires"?
 
Posted on 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

Morningstar

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



11 Magic Points

 
Posted on 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

 
Posted on 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.
 
Posted on 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

sdchargers_63

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



1356 Magic Points

Subject: credit
 
Posted on 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

Laura

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



35466 Magic Points

 
Posted on 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

 
Posted on 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

Quick Reply
Your Name
Subject
Message body
Page 1 of 1

 





Page loaded in 21.054 seconds.