View Full Version : Is credit card debt valid after 10 years
KLEE219
Mar 26, 2007, 06:20 PM
Is credit card debt vaild after 10 years?
AHAWK
Mar 26, 2007, 06:22 PM
Depend on the state's law. Each state had detailed laws that specify how long what type of debit can exist
Parajr
Mar 26, 2007, 06:24 PM
In which state
ballengerb1
Mar 26, 2007, 06:26 PM
In Illinois the statute of limitations runs out after 6 years. That's 6 years after you last acknowledged the debt by making a payment. Where do you live? Scavenger collection outfits will still come after you long after SOl runs but they are just hoping you will slip and agree to settle, that restarts the SOL.
Fr_Chuck
Mar 26, 2007, 06:45 PM
The debt is always "valid" if you have not paid it, but there is a SOL in each state where after that point they may not go to court and get a judgement.
Also if they do have a judgement, then they can collect throughout the judgement period ( longer than SOL) and often renew the judgement.
But just because they can no longer go to court and sue you, does not mean the debt is not valid, if you actually owe them the money, it is always a "valid" debt, but you just can't be forced to pay.