credit card, statute of limitations
Question: If I have not made any payments on a credit card debt for seven years, is it >automatically cancelled?
Answer: no. why should it be? you still owe the money, unless you’ve filed bankruptcy and their debt was discharged.
the only 7 year limitation is that any bad credit notations or activity has to be purged from agency credit reports after there has been no activity with the account for 7 years. so if they have made any attempts to collect since then, and reported it to a credit bureau, it will still be on your credit report.
and if they find out a correct address for you, they probably will start attempting to collect again. some creditors make periodic checks to see if you have a new address and then attempt collection.
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Filed under: Bad Credit Loan
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