How long earlier debt is written of is it after seven years?
Aug.29, 2011 in
Small Business Questions
How long earlier debt is written of is it after seven years?
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August 29th, 2011 at 1:45 am
People often verbs the rules of credit reporting (by the credit bureaus) with the rules of the credit card companies. Legally, the credit bureaus must remove refusal information that has be on your report for seven years after the date of last distraction. For example, you stop paying your cc bill in January and the company does not turn accounts over to collections until the commentary is 180 days past due. The date of ending activity would be contained by July b/c that is when it be sold to collections. That is the date that matters. This also manner that it is illegal for a collection agency to buy a debt and re-date it for the date it be purchased in writ to start the seven years over. Whether the debt is with a collection agency OR the artistic company, you are still responsible for paying the debt even after the seven years. The seven years is only applicable to your credit report. That doesn’t be set to that the companies will write it off after that time of time. They still have the right to try and collect their money.
August 29th, 2011 at 1:45 am
It depends on the statutes of limitation relative to the type of debt !!
August 29th, 2011 at 1:45 am
It is, by directive, seven years from the DATE OF YOUR LAST PAYMENT if it is an unsecured debt, not from the date the loan started. this applys to credit cards, unsecured bank loans, store cards, utility bills, etc etc but not to mortgages, council tariff or secured loans. With a mortgage or secured loan you are likely to lose your home to cover the debt, near council tax, you`ll frontage a CCJ, and at worse a prison sentance.