What happens to a debt when it has been outstanding for several years & not been paid back to the creditor?
400837
I don't know what planet shaybjones lives on, but that's not how it works around here.  \n\nTo answer your question, there are two time frames you need to be aware of.  For your credit report, the bad reports will stay on your credit history for 7 years, starting from the say they went delinquent.\n\nThe "statute of limitations" on your debt depends on the state you live in (look at the links below).  Once that day runs out, the creditor can no longer sue you, and you have no legal obligation to pay.\n\nAgain, read the links below.  They go into the details of both of these time frames.\n\nYou can start cleaning up your credit by following procedures in the Fair Credit Reporting Act.  Protest the listings, and demand that the creditor validates the debt.  Sometimes the listing can be removed through this process (not always).\n\nStart building your credit by getting secured credit cards, or other types of credit cards (department stores).  By making your payments, you will slowly develope your score back up.
717902
Well, that all depends on whether or not the bank that repo'd the car was able to collect the total outstanding balance after selling the car. If not, you have an outstanding debt still on your credit, and it will be there indefinitely, despite what some people may tell you. Yeah, it technically will come off after 7 years, but if you ever go to get a mortgage or other large loan, they're going to see that you have that still outstanding. Good luck getting a bank to look the other way on something like that...
434783
You need to study the file very carefully.  It may say paid, but if it also says "Charge-off," "Repossession," "late notations", or "Collection", (just to name a few), it's still a negative item on your report, and will effect your credit score.\n\nItems on your report will stay for 7 years from the date of first default.  \n\nThe bad part is that once the creditor has your money, they generally won't give you the time of day.  That's why it's recommended you get an agreement that they remove any negative information, in writing, before you pay off the debt.  \n\nNow that you have lost all leverage to do that, all you can do is politely ask them to remove the listing.  Not likely im most cases I have counseled.
779611
It will typically show up on a credit report for 10 years AFTER discharge.
157750
Get a credit report....If it is not on it , it was probably paid off
36070
The statute of limitations on debt is 7 years.  After 7 years it falls of your credit report.  This does not remove your responsibility of paying the debt.  Do the moral thing and pay the debt you owe.  Also remember that it's 7 years from the date of last activity, meaning that the 7 years starts when you made your last payment, *not* when you opened the card.
1164318
If they are willing to spend the money on lawyer's fees, a very long time. Debts don't disappear just because they are old. You either pay them or try to declare bankruptcy. If they get a court judgment against you, they can garnish your wages and have the sheriff seize your property.
431560
After 7 years the collections will fall off. Depending on how long it's been, determines if you should pay them back.  If it's already been 5 years, then leave it alone.  As soon as it falls off your credit report, your credit score will go back up again.  If you pay it now and it has been five years, your payment will make it current and then you will have to wait 7 years from your payment for it to fall off.  At any rate, your credit will slowly come back to life, but it does take time.  Responsible payments made and not being too close to or over your credit limit are major factors in determining a good credit score.
79751
ACTUALLY THERE IS A STATUTE OF LIMITATIONS ON CREDIT CARD DEBT! \n\nIt depends on the state you live in.  You would have to look it up some how.  I know that some states it is 4 years some 5 and others may be a little longer.  \n\nIf you have not recently been contacted by the creditor in relation to the 12 year debt and then PROMISED to pay it - then no.  If you HAVE been contacted and then you said you would pay it.... you just may have screwed yourself.  \n\nThe main thing with old debt - if it is near the statute of limitations, the creditors will start to call you about it.  If you promise to pay it in any way or say you have the ability to do so it opens your statute up again for another "how many" years.  (what ever the statute of limitations is in your state)  \n\nExample on your 12 year debt. If you lived in a state that had a 4 year time period...and  If you hadn't paid anything on that debt, then right around the 4 year mark you would start getting phone calls about the debt - If then you promised in some way  you would pay it... it would extend your statute for another 4 years... then once those 4 years passed & you never paid, you would be nearing your new 4 year statute of limitations they would start calling you again.  If you then promised yet again that you would pay - You just extended that statute Yet AGAIN.  So if you have 12 year old debt and they are calling you on it... this may be what is happening to you.  If you have promised to pay this debt off in the past, you have extended your statute of limitations each time.  \n\nIf you don't intend on paying it cause you just CAN NOT and have no money to do so - DON'T promise that you can.  Tell them "NO - I CAN NOT PAY it".  They will write off your debt.  Once the statute of limitations is past it will be illegal for them to pursue you for that money.  \n\nGood luck.
327574
Contact the company directly and give them supporting documents to prove it is only one and it is too old. Ex: cancelled checks to show payment. And in the future after repaying an old or even a current debt, always ask them to send you a letter showing a zero balance. That way when there is confusion in the future you have proof it was paid and the date.
537303
The debt is void if request for payment has not been made in 7 years. If they contact you, requesting payment, every 6 years the debt is still valid until bankruptcy or death.
93115
I wouldn't bother, it's still going to ruin your credit for X number of years- a settled debt is still a bad debt. I settled a credit card debt, and it was on my credit report as a bad debt for 5 years.
306209
7 years from the time it was last reported on. So basically from the time either you or they closed out the account. But a little hint you may want to try is to get your report and dispute anything negative on it. If the individual creditors dont respond back in time to the dispute it can get removed from that specific report. Believe me that works !
584719
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
526301
Shouldn't be too much trouble...you can go back 3 years.  If you owe, like the first person said, you'll have to pay what you owe and interest.  it shouldn't be too bad though.
753753
There is a limit for claiming back a civil debt - I think it's 6 or 7 years. If no demand for payment has been made or the person has not admitted liability.\nCheck with CAB or Debt Counselling service. It's under the limitations rule
855268
Chrissy, you don't know what you are talking about.\n\nWhat type of debt is this?  Contracts are 6 years....but if this is an oral or credit card debt it's only 3 years.\n\nLook at the link below, as it also gives you the actual statutes from the law.