Debts and credit

[Marques]

In the UK if you are in debt but then leave the country and stay out the country for more than 25 years the debt is written off.

[Shirib]

but original debtor sold it to collect agency that you sign no agreement with. i am just trying to make legal sense out of it.

collect agencies dont stay in bussiness too long , at least where i live.

okay I see what you're saying now, so in the case that your debt was sold off to a collection agency and they're trying to collect, then you're right, they probably can't take you to court after a certain number of years, for this case let's just say 7. I guess that's correct that they can't take you to court after that. But i'd think they'd still try to collect.

Btw, just wondering from an Islamic perspective would you still owe them the money?

[Leftist]

Shirib,

Technically, yes, you still owe, but there is no way they can collect it because the statue of limitation, 7 years in most states, has run out.

I've never heard of debt collectors coming after someone 7 years after a bill/debt ...it's an automatic loss for them...they write it off.

Bankruptcy is a last resort measure, it'll mess up your credit for years....If your young, it's better to just run out the clock and get a clean credit report.

[Leftist]

leftist, i seen some cases in courts, do you know if after 7 years they can still sue you?

one argument i heard was, you took nothing from collect agency, so if the credit card sold it, that means, collectors can annoy you but they have no legal case against you. is that true tho.

Once the statute of limitations is over(7 or 10 years, depending), that's it...nobody can come after you. If they do take you to court after 7 years(never heard of it), all you have to do is prove that 7 years have elapsed since the bill/debt became due. Case will be thrown out.

[AbdiWahab252]

FAH,

Don't confuse yourself. Here is the skinny:

1. Creditors have 7 yrs to collect a debt. Most will sell it to a collection company after 6 to 12 months of attempting to collect the debt.

2. Collection company resets the clock once they get in contact with you and you confirm that you own the debt. So say your last activity was in 2003 and it would
have come off at 2010 but if the collection company calls you in 2005 and you respond confirming you indeed own the debt, the clock is reset, so its not off until
2012. And they most likely will do it again when they sell it off again.

3. You are not absolved of the debt, the creditor can't make you pay it after 7 years SINCE Your last activity on the debt (payment, acknowledgement etc).

4. Your score still takes a hit and you will need to work hard to recover your credit.

5. You can be sued in a court of law to pay the debt. Don't show up at the court, you end up being ruled against. Certain debts are never dropped off (federal student loans, child support, unpaid taxes), If you get sued, then you need to make a case why you shouldn't pay (most of the time, going to court allows you to get a BETTER deal such as paying a fraction of the debt, or telling the Judge, that the statue of limitations (6 to 7 years since the last activity on the count) is over and so the creditor has no grounds to sue you. The Judge will throw the case out. Most people panic and then start acknowledging the debts or making payments RESETTING THE CLOCK.

for more info: http://www.creditkarma.com/question/do- ... er-7-years

[FAH1223]

AH, makes sense

[Basra-]

Fah


I warn YOU to pay your credit card bills. It is IMMORAL and DISGUSTING to default on your debt!

[Titanium]

I know someone who ran away from $50K of debt. Luckily he was a dual-citizen