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  1. #1
    Join Date
    Dec 2006
    Posts
    1

    Default My seven years is up

    Hello this is my first post

    When I was 19 years old I really did a number on my credit cards . It was just to easy they kept sending them and I kept running them up like it was free money . Then I could not pay them back so I just let them go

    Well hings have changed since then I am now 27 with a wife and 3 kids, I got a good steady job with benny's and want to buy a house . I just got a copy of my credit report and it's bad , 8 accounts charged off and 1 judgment . the oldest date of last activity is March 1999 .

    I just got a car loan at 21% ( I know but I had to do it ) but when I applied for the mortgage they said no way . so that's why I bought the 2nd report this year and even paid for the score with monitoring it's 529

    but now since my seven years is up do I have good credit if this information is taken off my report like it should have last spring (except the judgment that's 10 years right). do I no longer owe this money to the credit card companies or should I start a repayment plan .

  2. #2
    Join Date
    Oct 2005
    Location
    Massachusetts
    Posts
    755

    Default Re: My seven years is up

    Good Lord man, do not start a payment plan, or even talk to ANYONE about those old debts.
    The bad stuff will fall off after 7 years ( plus 6 months give or take ) after the date of last activity.
    If you make a payment plan, or send a payment, that will start activity on that particular account, and your 7 years will start over from now.
    That is called "Stopping the clock"
    You do NOT want to stop the clock.
    You can however call the credit reporting agencies, and ask that they be taken off due to the 7 year thing.
    And after 7 years, you no longer are obligated to pay.
    That's a law.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: My seven years is up

    After the statute of limitations runs, unless you create a "novation" of the debt under the laws of your state, you cannot be compelled to pay through the courts. The limitations period will usually be shorter than the period of time it takes for a debt to drop off of a credit report, but that's not always the case.

    For credit cards, though, it will almost always be the case; but the applicable limitations period will vary by state.

  4. #4

    Default Re: My seven years is up

    And after 7 years, you no longer are obligated to pay.
    That's a law.

    ----------------------

    So after 7 years, you no longer have to pay? I got a default judgment against me for 2 accounts that fell from my credit report - I got 2 letters stating that my bank account has been frozen 3 months ago - the 7 years credit report drop-off for those 2 accounts were definitely in effect more than 3 months ago.

    What do I do? What are my options? If I bring this to court, my chances of winning should be good if I hire a compotent attorney - right?

    Please advise.....

  5. #5
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: My seven years is up

    The statute of limitations is different for each state. For most debts in most states, the limitations period is less than seven years. If, however, a longer limitations period applies, the debt may remain collectable.

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