If a bank catches up with u after 9 yrs of owing them money r u better to pay it off or bits for cr rating?
my fiend owed a bank money ages ago and done a runner in fright. he has since had loans mortgages etc and paid them all ok. is it best for him to pay off outstanding all at once or just small installments, is his credit rating buggered for good anyway?
Answers:
My understanding is that after 7 years they cant touch you for a penny anyway
pay in instalments
buy a gun and shoot their ***.
If the bank has not made contact to get its money for over 5 years then you owe them nothing.So if your freind has not had a letter from them in the past 5 years he is home and dry.
I would pay it off if possible. I thought it went off of your record after 7 years?!? His credit will get better as he pays his current bills on time.
He could be arrested for fraud. Your friend is in trouble and most likely owes the bank money WITH interest. His credit history will ALREADY contain this information. It is best he pays before they arrest him or force him to pay by other means, like taking a lien out on his home.
pay it in insatllments that way they dont get loads of interst on it. how did they manage to catch him after nine years. i have dione the same thing but they havnt found me yet. hop[efully i can get away from them
no absolutely not. This happened to me recently and the debt will be statute barred now. Did you receive a red postcard by anychance from a company in Scotland. If you did ignore them they seem to be buying up old debt in a futile attempt to make money at your expense. relax, you got away with it!
If the bank or financial institution has made no contact with him for 5 years, the debt is void and he can forget its existence.
it is better to pay in installments because it will help his credit score, but make sure it is paid on time because if you get into repayment and then don't pay they will come after you for the full amount.
After that long, they may not be able to collect the money. It depends on the Statue of Limitations in your state and what type of account it is. Have they contacted him? It should no longer be on his credit report so it shouldn't be impacting his credit at all.
No, no, no. Tell your friend that if he pays now, they will stick it back on his credit for 7 more years.
There are a few things that your friend can do, which include consulting with an attorney who specializes in such things. If the attorney tells him to pay, get a 2nd or possibly a 3rd opinion. Many times, you can consult with an attorney for as low as $30. Contact a prepaid legal service (one I know of 800-979-9364) the fee will be worth getting your questions answered.
Take a look at the statute of limitations for your state below:
As I understand it if they have not been in contact for over 6 years the debt is written off - in law.
After 6 years with no contact you're free and clear, see extract below for the legalese.
if your "friend" ( I think it's you) has paid any amount at all on this 9 year old account in the past 7 years.it will remain a collectable trade line for 7 years from date of last payment.unless there is a court ordered judgement, then it will stay on report for 10 years -+.
if no money has been paid in over 7 years send letter to credit reporting companies demanding it to be DELETED from report because the Statute of Limitations has run out, unless a court ordered judgement is in effect
The bank should no longer be chasing him for this debt. After four months of arrears they may have registerd a default notice that stays on his credit file for six years, after that there is now more information supplied to experien. I would have expected the bank to have written the balance off.
In conclusion, Don't worry about it. Don't pay it.
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Answers:
My understanding is that after 7 years they cant touch you for a penny anyway
pay in instalments
buy a gun and shoot their ***.
If the bank has not made contact to get its money for over 5 years then you owe them nothing.So if your freind has not had a letter from them in the past 5 years he is home and dry.
I would pay it off if possible. I thought it went off of your record after 7 years?!? His credit will get better as he pays his current bills on time.
He could be arrested for fraud. Your friend is in trouble and most likely owes the bank money WITH interest. His credit history will ALREADY contain this information. It is best he pays before they arrest him or force him to pay by other means, like taking a lien out on his home.
pay it in insatllments that way they dont get loads of interst on it. how did they manage to catch him after nine years. i have dione the same thing but they havnt found me yet. hop[efully i can get away from them
no absolutely not. This happened to me recently and the debt will be statute barred now. Did you receive a red postcard by anychance from a company in Scotland. If you did ignore them they seem to be buying up old debt in a futile attempt to make money at your expense. relax, you got away with it!
If the bank or financial institution has made no contact with him for 5 years, the debt is void and he can forget its existence.
it is better to pay in installments because it will help his credit score, but make sure it is paid on time because if you get into repayment and then don't pay they will come after you for the full amount.
After that long, they may not be able to collect the money. It depends on the Statue of Limitations in your state and what type of account it is. Have they contacted him? It should no longer be on his credit report so it shouldn't be impacting his credit at all.
No, no, no. Tell your friend that if he pays now, they will stick it back on his credit for 7 more years.
There are a few things that your friend can do, which include consulting with an attorney who specializes in such things. If the attorney tells him to pay, get a 2nd or possibly a 3rd opinion. Many times, you can consult with an attorney for as low as $30. Contact a prepaid legal service (one I know of 800-979-9364) the fee will be worth getting your questions answered.
Take a look at the statute of limitations for your state below:
As I understand it if they have not been in contact for over 6 years the debt is written off - in law.
After 6 years with no contact you're free and clear, see extract below for the legalese.
if your "friend" ( I think it's you) has paid any amount at all on this 9 year old account in the past 7 years.it will remain a collectable trade line for 7 years from date of last payment.unless there is a court ordered judgement, then it will stay on report for 10 years -+.
if no money has been paid in over 7 years send letter to credit reporting companies demanding it to be DELETED from report because the Statute of Limitations has run out, unless a court ordered judgement is in effect
The bank should no longer be chasing him for this debt. After four months of arrears they may have registerd a default notice that stays on his credit file for six years, after that there is now more information supplied to experien. I would have expected the bank to have written the balance off.
In conclusion, Don't worry about it. Don't pay it.
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