If you are sued for a charged off credit card how long can they hold the account open ,and how long does a judgement stay on your credit report?
206376
Yes.  What the company that charged off the credit card did, was to sell your contract (account) to the collection agency/attorney that is calling you.  They can take you to court and sue for a judgment against you.  If you own a house they can put a lien on it. They can also demand $35 a week (or the sum the judge says) until the debt is payed off. Or, attach your wages.\n\nYou do have rights regarding their right to call.  You could call your State Attorney General to find out your rights.  (I know, after a while you want to disconnect the phone and except calls from no one.  I found it very depressing.)\n\nThe best thing is to eventually negotiate a settlement with them.  I think it is better to do this before it goes to judgment.  Also, Stay up with the court procedures.  As soon as you get served go to the Court house and fill out the form "Appearance".  I think if you look like a fighter they will be more willing to negotiate to a lower settlement.\n\nI got a lot of help from:\n\nwww.creditinfocenter.com\n\nGood luck!
145027
Just my educated opinion.....\n\nCredit card company will generally come after you for debts over $1000 if they have contacts in your state.  That makes it easier for them to appear and court and sue you. Otherwise, the cost is too high.  So your $5000 debt makes you a prime target.\n\nI'm fairly certain that if they don't come after you, you can expect a collection agency to do it.  Either way, I'd say a lawsuit is a very real possiblilty.\n\nI don't think the SOL will help you.  The CA will certainly know when it expires and will step up collection efforts before that happens.\n\nSo my suggestion is to first look at your budget.  I'm sure that if you take a serious look at it, and cut out unnecessary expenses, you can find $100 a month.  You need to negotiate a payment plan with them, so don't insult them by offering $50 a month.  They are not going to wait several years to get paid, and if you don't offer something reasonable they will sue you.  Even $100 a month is will not go over well with them, but it's a start.\n\nIn the link below are a few sample letters you can use to form a negotiation letter.  Try that out and see what happens.  \n\nOne last piece of advice....it's a certainty that they have placed a negative item on your credit report.  Get them to remove this item IN WRITING before you pay them a dime.  It's my opinion that a judgement is just as bad as a default, and both will hurt your credit score.  But If they want their money, make them fix your credit.  Otherwise, you will have bad credit, plus you will be broke!  This is very important if you plan to get credit within the next few years for a car or home.  If that's not going to be an issue, the bad credit won't matter, as it will gradually improve after a few years.
276814
FIRST YOU NEED TO FIND OUT IS THIS IS A JUDGMENT OR NOT.\n\nIF IT IS NOT, THEN THE STATUTE OF LIMITATIONS HAS PROBABLY RUN ON IT.  THIS DOESN'T MEAN THAT YOU DON'T STILL OWE THE MONEY, IT JUST MEANS THAT THEY CAN'T SUE YOU NOW.  THEY CAN STILL ACTIVELY COLLECT THE DEBT.\n\nIF IT IS A JUDGMENT, THEN YOU ARE PRETTY MUCH SCREWED.  DEPENDING ON STATE AN LOCAL LAWS A JUDGMENT CAN STAY ACTIVE FOR OVER 30 YEARS AND ALSO REFLECT ON YOUR CREDIT FOR THAT AMOUNT OF TIME AS WELL.\n\nREQUEST VALIDATION OF THE DEBT AD GO FROM THERE.\n\nGOOD LUCK
269348
<sigh>\n\nOK, William, I thought you would be a differant form of creditor....but you are at least honest.  Just need some more education.\n\nWinelover, you are obviously a collector, peddeling the same like of BS as all the rest!\n\nLets clear up the lies.  Debts can NOT be reported on your credit report for more then 7 years, beginning on the date of the delinquency.  Please refer to the Fair Credit Reporting Act Section 804.\n\nCreditors can continue to collect on a debt that is older then the statute of limitations.  They just have no legal way of collecting.  Depending on the state, that runs from 4-10 years.  Once that day is passed, they can NOT sue you in court or legally try to collect.  If the debt is real old, you can simply contact the credit bureau and demand that it be removed due to the SOL running out.  It will probably require a letter to the creditor also.  Either way, debts older then 10 years can easily be ignored!\n\nSo when you folks tell people that depts never go away, you are simply uneducated or lying?  Which is it?\n\nThe only time they can continue to come after you is if they have taken you to court, and won a judgement.  \n\nThat said, lets answer your question.  William is correct.  Older debts do not hurt your score as bad as recent debts.  Don't get me wrong...negative reports still hurt!  \n\nIf you have any bills collection interest, pay them first (high interest rates first).  Then just try and work your way through.\n\nBefore you pay, first contact the creditors and try to negotiate a lower balance if possible.  Just explain what happened and they may work with you.  \n\nMost importing...you are trying to cean up your credit report.  It does you absolutely no good to pay these bills if the creditor does not remove any negative information from your report.  And you will find that once they have your money, they will not be very cooperative in helping you.  Once paid, you no longer have any leverage to work with.\n\nGet IN WRITING an agreement that once the bill is paid, they will remove all negative information from your records.\n\nUse the sample letters below to help you.\n\nWhen you negotiate, DO NOT offer to pay anything.  One slick trick collectors are using is to ask for a "good faith" payment.  If you do that, you start the statute of limitations clock, and your debt added several years to it's age.  The way the game is played...you are NOT denying you owe the debt, but you are NOT offering to pay it either, until an agreement is reached.
554275
Actually the statute on judgments are 15 years and can be renewed for an additional 15 years. \n\nYou should definately pay them off. \n\nIf they are privately owed, and are 4 years old, make an offer in writing to settle, but only if they are willing to remove from your credit. They have the right to remove them when ever they want by filing a simple form at the courthouse.. \n\nThis company did it for me: http://www.expert-credit-advice.com/debt_settlement_service.htm \n\nI dont know how much your judgments are, if they are substancial I would definately recommend hiring a professional.
664508
Cougielv: First do NOT listen to the first two post they haven't a clue to what they are saying.\n2nd: The charge-offs will stay on your report for a total of 7 years..even if you pay them off they will show a "Paid-Charge Off"..if you get the collection agency to list it paid. You maybe able to cut a deal with the collection Agency of the original owner of the debt that if you pay they will delete it from your account of list it Paid in good standing..it's HARD to do. But they will fall off in 7 years from the time they went bad or your first 30 day late. You will find it hard to obtain prime credit offers until they are gone..if they are near 7 years old..I'd let them ride. I'd also check your states SOL to see if you can be sued. Google states Credit SOL or yahoo...then look up your state. If your are beyond the SOL..then dispute them to the credit reporting agencies..you might get lucky.
356566
I am really surprised at the wrong information that was given to you here. It is not true that paying off the account will allow it to be removed from the credit report any faster than if it is settled. The opposite is actually true in many cases. Negative information is kept on the credit report for seven years from the start of the last delinquency. If you catch up at one point and then get behind again, this will start the clock over. If you settle the debt, then there is no restarting of the clock.\n\nIt is also not true that a settlement will necessarily keep you from getting credit for years. Most loans are based strictly on your credit score. There is no appreciable difference in the credit score of someone who paid off a debt in full and someone who settles the debt as long as they happen at the same time. Much more important is how long ago the delinquency was. If you have to wait to pay it off, it will have far more impact on your credit score.\n\nThe money that you save by settling the account can be used to help you financially now and to help you rebuild your credit. Further, you can negotiate how the company reports the debt to the credit bureau in your settlement offer. You can have them just report a zero balance and not report that it was even settled. I have done this for many clients.
164521
I would suggest that you consolidate your credit card balance to the card with the lowest interest rate.  At least pay the minimum (but pay more if you can), if you stay current on your payment, you won't ruin your credit score.  If you file bankruptcy, that will stay on your credit report for 7 years.
558189
As a former financial counselor seeing the number 7 makes me cringe. I am not sure where people get their information, but the "7 year" rule is something from the past. Realistically nowadays, depending on the type of debt, negative credit history can remain on your credit report up to 10 years, sometimes even longer than that. Collection agencies make it a regular routine to sell older accounts from one to another, each time reporting it as a new uncollected debt on your report. As far as bad debts, the statutes of limitations, which varies by state, is 7-10 years after your first delinquency. That is, this is the amount of time that can pass before the lender is no longer able to take any legal actions to satisfy the debt. If I were you, I would make an honest attempt to pay off some of these debts in order to improve your credit rating. It's always better to take action than to sit back and wait for things to happen. Bad credit isn't fixed overnight. It takes time and energy on your part to correct the situation that you put yourself in. Be patient and make an effort, and you will see your credit rating improving over time.
111267
The date you file Chapter 7 Bankruptcy is the date any legal debt claims(except IRS) must stop. Any claims against you must be passed by the Bankruptcy judge for approval.\n\nThis is easy, if this judgment was obtained during the time between your filing date and your discharge date, and the debt was listed in your bankruptcy, you can write the court where the judgment was located and the credit bureaus and demand the removal from your credit report.\n\nIf the judgment creditor refuses to stop attempting to collect a discharged debt you can threaten legal action. You should have some information in your discharge papers to explain this.\n\nGood Luck
670391
Anything that is past the statute of limitations for your state of residence is uncollectible.  It will fall off your credit record at 7 years from the date of the last activity; contrary to what another poster said it does NOT stay there until paid + 7 years!\n\nIf you get feeling guilty and contact the creditor trying to "make things right" they will re-age your debt (this IS legal!) and start collection efforts all over again.  It will show up as a chargeoff with recent activity.\n\nIt's a dirty little secret that creditors sell of old chargeoffs to collection firms for as little as less than a penny on the dollar.  This is great for the collection firms, as if they get a 10% response on any of their efforts, they make a TON of money!  Imagine that you buy a $1 million in chargeoffs for $5,000.00.  If you get 10% of the debtors feeling guilt enough to pay off their debt you just made a cool $95,000.00 profit.  These firms buy these accounts in blocks of tens or even hundreds of millions of dollars.  Do the math, it's an EXTREMELY lucrative venture!\n\nYeah, you can have both the original debt AND the collection agency's data on your record at the same time.  Once the statute has expired, it's best to leave sleeping dogs lie.  If they contact you by mail, just trash it.  If they call you, just hang up.  If you say anything at all, say, "Don't contact me again." and then hang up.\n\nIf your "moral compass" is giving you fits, make an equivalent charitable donation to a worthy cause and don't deduct it on your taxes.
334632
Read the Fair Credit Protection Act.\n\nI've posted the portion that relates to your question.  Since you intiated the business transaction by calling them, they can technically pull your credit report.  About all you can do to prevent it is demand up front that they do not pull a report until you actually agree to do business with them. \n\nSince they have nothing in writing from you, it may be possible to pursue this.  It would be possible to this the inquiry removed from your report.  You could push it with the court, but I don't think it will go very far.\n\nGood luck
672779
I agree with spade_2nite, something doesn't sound right if they are contacting you for payment - if they had recieved a judgment.\n\n\nContact your county court clerk and ask if there is a judgment or a suit filed in your name. (You can also go to the clerks office and request to see your file.)\n\nIf there is no judgment or pending suit filed, that company is violating your rights. If that is the case - speak with an attorney immediately!!!\n \nIf there is a judgment filed and you had been properly served, check your state statutes for the exemptions in your state.\nFor example -  exemptions "may" mean that they cannot garnish your wages, take your car, take funds from your bank account etc. It all depends on "your" states exemption laws. \n\nAfter you check with your county court clerk and find that there is or is not a judgment against you, it may be best to speak with an attorney. There are many attorneys that will give a free first consult   \n\nAlso, I would suggest purchasing a tape recorder and the next time they call, tell them that you are recording the call. Some states allow you to tape without informing the other party that you are taping, you would have to check your state laws on that. But, if you cannot find your states laws on taping, then be sure to inform them you are taping when they call.  \n\nTell them that recieving phone calls at your home and place of employment is inconvenient for you and that you are requesting they contact you by the U.S. postal service only - be sure to have that on tape. By law, if you tell them to cease calling - they are "required" to stop calling.\n\nIf there is a judgment against you, filing for bankruptcy may not be the wisest thing to do - depending on the dollar amount of the judgment and your other debts. \n\n\nI have included a link so you can check your states rules of service
635478
Creditors can not just take money out of someones checking or savings accounts.  They must take you to court and get a Judgment to garnish your account or wages.  They can be sneaky sometimes especially if you moved since becoming delinquent on your account.  All they are required to do is serve you at your last known home address and put an ad in the paper.  Then they show up to court, your a no show and the judge signs the paperwork.\n\nMost creditors will not sue over small amounts of debt.  They will sell the debt to other collectors and ruin your credit.  There are state statues on how long a creditor has to sue you from the time you default.  Most states set the limit at 5 to 7 years.\n\nIf a judgment has been issued against you and they file to garnish your accounts or pay, you are suppose to get notification.
466675
I wish Debt Guru would tone down his answers.  It's bad enough they are self serving, but they are very deceptive.\n\nOK, true.  A bankruptcy stays on your "public record" forever.  But most lenders don't look at your "public record" (which is actually the bankruptcy court records).  Most will look at your credit report, and the BK listing is removed after 10 years.  \n\nJust thought I'd point that out again.\n\nAnd debt settlement only works if the creditor agrees to work with these companies.  They are NOT required to do so, and in many cases these companies do more harm then good.  Most are fronts for lenders trying to sell consolidation loans!  Don't believe me, take a look at the FTC website at http://www.ftc.gov\n\nOK, so what's my opinion?  Can't give you one with such limited information.  \n\nFirst take a look at the link below, as it describes what the bankruptcy laws are going to do for you.  \n\nAsk yourself this question.....\n\nIf you were to sit down and create a very strict budget (no more Starbucks, no eating out, no movies...) and put all of your "disposable" income into paying off this debt, can you do it in 5 years?\n\nFor example, lets say after you have made your budget you can afford only $200 a month, and you owe $20,000 in debts.  In this case, assuming the creditors are nice enough to wave late fees and interest (yeah, right), it's going to take about 9 years.  In that time, your credit report is ruined due to all the late payment and collection notices.  \n\nIn reality, all of your creditors are NOT going to wait more then 2 years for their money. You will be hammered with lawsuits, collection agents, and still have bad credit for several years.\n\nOr....when you file for bankruptcy you will still be put on a very strict budget.  But your bills will be paid off completely in 3-5 years. In most cases you will only be paying back a portion of the debt.\n\nTrue, your credit is trashed for 10 years.  But at least you can start your life over without all the debt and harrassment that goes along with it.\n\nGood luck.  BK is a hard decision to make.
203902
The court does not collect judgments, that is up to the person who was awarded a judgment.\n\nThe court is finished with the matter.\n\nYour opponent is in the same category as all other debt collectors, and if you have nothing he can attach, he better be glad that you are willing to make payments, regardless how small, or how often.
465810
Lawyer here and a NY lawyer--\n\nYou haven't given enough information and the way your question is phrased I'm not sure what you are asking...there is no statute of limitations applicable to debt collectors, only as to debts.  Now if you are talking about oral, written contracts, promissory notes or open accounts (and that would include a credit card revolving charge account) the statute of limitations applicable to a suit to collect the debt is six years.  \n\nThe NY statute of limitations starts to run on a credit card account from the time the debtor becomes delinquent.\n\nThe statute of limitations does not prevent the filing of suit--you can still be sued, but you raise the statute as a defense.\n\nYou mention fraud, without giving any details, so I can't say what fraud you are talking about or whether it is fraud.  However, if you were defrauded, that too would be raised as a defense to any suit against you and can also be raised as your own claim against your alleged defrauder--assuming the statute of limitations on fraud has not expired.\n\nFinally, if you are talking about debt collectors, the statute of limitations will not bar them from trying to collect the debt.  In fact, if you say the wrong thing to them, you can revive the debt and start the statute of limitations clock running again.  So my first advice is don't even talk to them--when you do they try to get to you make statements that go against your interest and they record them in their business records which are admissible as evidence in a suit against you.  \n\nThe creditor or collection agency may theoretically continue with letters and telephone calls forever (although third-party collectors are subject to the "cease and desist" provision of the Fair Debt Collection Practices Act.)\n\nBelow are a couple of links which might help you if your problem is credit card debt: