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by frowns on January 17th, 2004

frowns

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Several of my credit cards have been unpaid for 4 years. The credit card companies gave my accounts to collection agencies who now want the money. If I wait 3 more years will the debt be wiped off my credit report?

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  • by Answerbag Staff on January 17th, 2004

    Answerbag Staff

    No, I'm afraid not. The seven-year time period you're referring to only applies to bankruptcy - if you declare bankruptcy, the fact that you declared bankruptcy will remain on your credit card for seven years, during which time it will likely be hard to get loans or credit cards with favorable terms.

    So, if you're wondering what to do now, it might be a good time to declare bankruptcy if you absolutely cannot pay off your debts. You could also consider consolidating your debts into a single loan, as this may allow you to have a lower, more manageable monthly payment.

    If you decide to declare bankruptcy, it will allow you to not pay your current debts, but you will have to live with bankruptcy on your credit record for seven years. Please consult a professional before doing this - a lawyer or an accountant who has experience in this area.

    Comments

    • I heard charge offs come off your credit report in 7 years if you have not made any payments in 7 years

      frowns

      by frowns on January 18th, 2004

    • Incorrect. Yes after 7 years the collection accounts will be removed, but some creditors may renew their claims.

      Lilya411

      by Lilya411 on January 4th, 2005

    • good answer

      Donnie Darko

      by Donnie Darko on May 17th, 2005

    • open account such as credit cards are covered under statue of limitations according to each state. If the debt reaches the SOL of the resident state, then nobody can take legal action on that account without breaking federal law.

      Nybbleguy

      by Nybbleguy on February 21st, 2007

    • and after the creditor trys to clollect for 7-14 year, they start to offer settlement cash offers of like 30% of the real bill

      Questionbag

      by Questionbag on September 8th, 2008

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