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Old 06-11-2002, 12:45 AM
ahutchGA
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Unhappy

Confused about old debt


What is the name of your state? Georgia

I've been reading some old posts today, and I'm a little confused about the 7-year rule in Georgia about old debt.

My situation: my husband and I both have old credit card debt from the mid 1990s. We've been trying to pay on it, and were with a consumer credit counseling service for a while. We were paying the co. $184/mo, and they were sending the creditors like $15 each, and paying themselves $10 each. That's why we left, it seemed like financially we weren't getting anywhere, and still getting calls, letters, etc.
We try to pay what we can, and have arrangements with some creditors for payment plans, but the money can't stretch yet for everybody.
Are our credit card debts still valid or are they too old? If we make payments on them, does that re-age them, or is that only if we made new purchases? The accounts are closed, we're just trying to pay down the balances.

Please advise. Thanks!
  #2  
Old 06-11-2002, 08:09 AM
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Join Date: Feb 2002
Location: Nashville,TN
Posts: 15,706
Statute of Limitations for credit card accounts in Georgia is FOUR years. However, the SOL clock starts running based on the last time you paid on it, so if you've been paying on these accounts all along, the SOL won't start running until you STOP paying.

I'm not sure what you mean when you say '7 year rule'.. Entries will stay on your credit report for 7 years and then they'll fall off.

Your debts may be old, but you've kept paying them so you basically keep resetting the SOL clock with each payment.
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