Credit card bill question

[John Connor]

I had a $200 limit Capital One card way back then. Made payments then lost my job. By the time I got a new job I had to pay a ton of interest and late fees. Totaling some $800! I payed them $400 and then I lost my job again due to an irate security guard that was balls to the walls nuts! Anyway, it's been about 12 years now and they are still sending me a bill. Now I heard something about the 7 year thing. Can they still collect? Isn't this off my credit report? How do I proceed?

 

[MongGrel]

Make a large projected map of how the GOP thinks in detail with a lot of things included about how your perceived concept of how the world works (include the diagrams) and mail it to them possibly ?

That should fix everything.

 

[pcgeek11]

I had a $200 limit Capital One card way back then. Made payments then lost my job. By the time I got a new job I had to pay a ton of interest and late fees. Totaling some $800! I payed them $400 and then I lost my job again due to an irate security guard that was balls to the walls nuts! Anyway, it's been about 12 years now and they are still sending me a bill. Now I heard something about the 7 year thing. Can they still collect? Isn't this off my credit report? How do I proceed?

Did you sign an agreement?

Yes.

Then abide by your obligation that you agreed to. You owe it you pay it. Life is simple. Why haven't you paid anything else on in in the last Seven Years?

 

[mikeymikec]

I don't know if American financial organisations typically do this, but with many British ones (as I understand it), if you approach them before your debt grows to a point that it achieves sentience, you can usually come to an agreement whereby the debt/account is frozen and a system for you paying it back has been agreed upon. In such a scenario the account/card is usually cancelled once the debt has been paid.

 

[John Connor]

I don't know if American financial organisations typically do this, but with many British ones (as I understand it), if you approach them before your debt grows to a point that it achieves sentience, you can usually come to an agreement whereby the debt/account is frozen and a system for you paying it back has been agreed upon. In such a scenario the account/card is usually cancelled once the debt has been paid.

Yeah, they want to settle on around $300. I already have a $800 ambulance bill I'm paying off and then another bill. I just feel like I have gave them plenty of money beyond what I borrowed form them, i.e. $200. I'm just wondering about that 7 year thing.

 

[John Connor]

Why haven't you paid anything else on in in the last Seven Years?

Because it was a low priory over the others I have had.

 

[Charmonium]

I had a $200 limit Capital One card way back then. Made payments then lost my job. By the time I got a new job I had to pay a ton of interest and late fees. Totaling some $800! I payed them $400 and then I lost my job again due to an irate security guard that was balls to the walls nuts! Anyway, it's been about 12 years now and they are still sending me a bill. Now I heard something about the 7 year thing. Can they still collect? Isn't this off my credit report? How do I proceed?

Check here for your state

http://www.creditcards.com/credit-card-news/credit-card-state-statute-limitations-1282.php

The vast majority of states seem to be 6 years or less but a handful are 7 or more years and some aren't clear.

Just make sure you don't make any partial payments because as I understand it, that either tolls (stops) or resets the statute of limitations.

Consumers should be aware of a practice called re-aging of old debts. The clock on the statute of limitations may start anew if a consumer makes a payment -- even a small amount -- on a debt that has exceeded or is approaching the end of the statute of limitations. Acknowledging an old debt may also extend the time limit on potential debt collection lawsuits. Consumer advocates now advise debtors not to acknowledge old debts or debts they don't recognize as their own to avoid inadvertently resetting the clock on the statute of limitations.

 

[John Connor]

Cool, 6 years then. I'll have to remember that Time-barred debtthing if they decide to litigate. Bookmarked the link.

 

[Bock]

7 years of no action at all. If you paid or did anything to the debt in the last 7 years, it will still be on your credit report.

 

[edro]

I would love to see your credit report.

 

[highland145]

I would love to see your credit report.

http://forums.anandtech.com/showpost.php?p=37557346&postcount=5707

 

[Pulsar]

I had a $200 limit Capital One card way back then. I'm an irresponsible dolt and would like to ignore the contract obligation I entered into. Can I fuck them over because I don't feel like paying my bills?

FTFY.

 

[JulesMaximus]

I had a $200 limit Capital One card way back then. Made payments then lost my job. By the time I got a new job I had to pay a ton of interest and late fees. Totaling some $800! I payed them $400 and then I lost my job again due to an irate security guard that was balls to the walls nuts! Anyway, it's been about 12 years now and they are still sending me a bill. Now I heard something about the 7 year thing. Can they still collect? Isn't this off my credit report? How do I proceed?

You were making payments on a $200 credit card balance?

 

[IronWing]

http://forums.anandtech.com/showpost.php?p=37557346&postcount=5707

Refinancing with Highland145 really is your best bet here. It will put credit reports in perspective.

 

[dank69]

You were making payments on a $200 credit card balance?

This was probably back when he was young and naive.

 

[rh71]

This was probably back when he was young and naive.

Now that he's not, he should just pay it. It's not like it's $2000.

 

[Scarpozzi]

<terminator voice> GET OUT! (of credit card debt) DO IT JOHN CONNAAAH! </terminator voice>

 

[Nograts]

Wait wait wait... I've never had a credit card but what you're telling me is... I can buy shit...not pay it back, and presto change-o 6 years later it's gone?!

CUZ I'M PROUD TO BE AN AMERICAN, WHERE AT LEAST I KNOW I'M FREEEEE!!!!

 

[highland145]

Wait wait wait... I've never had a credit card but what you're telling me is... I can buy shit...not pay it back, and presto change-o 6 years later it's gone?!

CUZ I'M PROUD TO BE AN AMERICAN, WHERE AT LEAST I KNOW I'M FREEEEE!!!!

Pretty much. You can contact the bureaus and have old derogatory lines deleted. Had a charge off do just that. She had several loans with me that she paid and the last one that she didn't. After 7 years, she had equifax remove the charge off and leave the paid accounts. Bitch.

 

[Phanuel]

For how republican / pull yourself up by your bootstraps John is, he certainly is part of the 48% (or w/e) that is below poverty that republicans actually hate in this country.

 

[reallyscrued]

...why do I bother working?

 

[CountZero]

Pretty much. You can contact the bureaus and have old derogatory lines deleted. Had a charge off do just that. She had several loans with me that she paid and the last one that she didn't. After 7 years, she had equifax remove the charge off and leave the paid accounts. Bitch.

After 7 years everything should (being the important word here) drop off except for bankruptcy which is 10. Even the paid ones should drop off after 7 years from last activity.

As for OP be careful on using the 6 years quoted. Is that the state you were in when you got the card? Is it the state the card issuer is based? Precedence for exactly what statute of limitations applies is muddled at best. One state might consider a credit card a loan of type X whereas another considers it of type Y.

If you are certain you are past all SoLs then you can tell them not to contact you again in any attempt to collect the debt and their only recourse will be to sue which should be easy to dismiss by showing last activity and SoL.

 

[AznAnarchy99]

$200 is like dinner and a night at the bar.

 

[highland145]

After 7 years everything should (being the important word here) drop off except for bankruptcy which is 10. Even the paid ones should drop off after 7 years from last activity.

Some may but I see old lines all of the time, good and bad. The reason I found out about my charge off was another creditor called me about her. Told him the details and he said the paid I-1's were on the report but not the last loan.

 

[chowderhead]

<terminator voice> GET OUT! (of credit card debt) DO IT JOHN CONNAAAH! </terminator voice>

send Kyle Reese back in time 7 year before CapOne became salient. Have him pay off your $200 bill.
Seriously, when you paid them $400 at that point, the clocks starts again on the 7 years.