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SOL on CC debt expiring in a month, still have questions

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#1
What is the name of your state (only U.S. law)? IL

So I learned a hard lesson about debt, I havent made a payment to my debtors since May 2013, and in Illinois, the statue of limitations is 5 yrs on CC debt, but what if one of the debt collections company tries to contact me or bill me after the 5 yr period? Or wont they?

Also I think the debt will stay on my credit report for another 2 yrs, is there anyway via the 3 major reporting companies that I can get it removed sooner? Am I entitled to a breif paragraph explaining the debt is expired?

Thanks in advance for yr help!
 


doucar

Junior Member
#2
The debt never expires. All the statute of limitations means is that they can no longer successfully sue you if you raise the statute of limitations as a defense. A collection agency can contact you about the debt, but you are free to ignore them. It would only be a violation of the Fair Debt Collection Practices Act if they threaten to sue you or do sue you. It will drop off your credit report after 7.5 years (the .5 years gives them time to realize it has passed the seven years and gives them time to remove it).
 
#3
The debt never expires. All the statute of limitations means is that they can no longer successfully sue you if you raise the statute of limitations as a defense. A collection agency can contact you about the debt, but you are free to ignore them. It would only be a violation of the Fair Debt Collection Practices Act if they threaten to sue you or do sue you. It will drop off your credit report after 7.5 years (the .5 years gives them time to realize it has passed the seven years and gives them time to remove it).
WOuld my medicore credit score go up a bit when it reaches the 5 yr mark? Its at 647 now, need it ti be higher....
 

Zigner

Senior Member, Non-Attorney
#5
WOuld my medicore credit score go up a bit when it reaches the 5 yr mark? Its at 647 now, need it ti be higher....
The five year mark is irrelevant as it pertains to your credit score. The debt is not going to be removed from your credit report, as you were advised.
 
#6
The five year mark is irrelevant as it pertains to your credit score. The debt is not going to be removed from your credit report, as you were advised.
OK I get that.....but wouldnt some creditors look at it and think this guy will be almost debt free (exception my mortgage) despite how I got debt free? I know may times its about risk....and I get I will be a risk but not a overburdened one
 

Zigner

Senior Member, Non-Attorney
#7
OK I get that.....but wouldnt some creditors look at it and think this guy will be almost debt free (exception my mortgage) despite how I got debt free? I know may times its about risk....and I get I will be a risk but not a overburdened one
First - it's all done by computer.
Second - an unpaid debt means that you don't pay your debts, so you are more of a risk.
 
#8
First - it's all done by computer.
Second - an unpaid debt means that you don't pay your debts, so you are more of a risk.
I realize its in the here and now but my credit score was near perfect for I'm guessing 25 yrs then recession hit and rest is history. Maybe my best bet be to suck it up and talk to my banker from back in good times when I borrowed and paid on time on many accounts (this bank wasnt one that went unpaid). Maybe just maybe he would consider a loan
 

Zigner

Senior Member, Non-Attorney
#9
I realize its in the here and now but my credit score was near perfect for I'm guessing 25 yrs then recession hit and rest is history. Maybe my best bet be to suck it up and talk to my banker from back in good times when I borrowed and paid on time on many accounts (this bank wasnt one that went unpaid). Maybe just maybe he would consider a loan
I suppose your friend might be willing to risk his career in order to help out a customer who paid on time many years ago, but who is outside the guidelines for a loan at this time. It's possible.
 
#10
I suppose your friend might be willing to risk his career in order to help out a customer who paid on time many years ago, but who is outside the guidelines for a loan at this time. It's possible.
like the sun may set in the east too!
He's not a friend, hes my banker but thats irrelevant....I know the SBA has programs where they guarantee the loan correct? But IIRC yr credit score has to be at least 650 or 700
 

Zigner

Senior Member, Non-Attorney
#11
like the sun may set in the east too!
He's not a friend, hes my banker but thats irrelevant....I know the SBA has programs where they guarantee the loan correct? But IIRC yr credit score has to be at least 650 or 700
Ya know...it can't hurt to talk to a banker about your matter. It's really not a legal question at this point.
 
#13
OK I get that.....but wouldnt some creditors look at it and think this guy will be almost debt free (exception my mortgage) despite how I got debt free? I know may times its about risk....and I get I will be a risk but not a overburdened one
But you won’t be debt free. You will still owe on the credit cards. The sol applicable to suing you is irrelevent
 
#14
But you won’t be debt free. You will still owe on the credit cards. The sol applicable to suing you is irrelevent
A little like having a keg of beer but no tapper? in hindsight, considering the CC debt will be on record for another 2 yrs past the 5 yr SOL, would I have been better off filing BK, chapter 7?
 
#15
Not if you goal it to make your credit score better. If you file bankruptcy then you have yet another clock start on a bad thing on your credit rating.
 
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