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Debt doesn't magically (or legally) stop existing after a set period of time. It's just that legal means to enforce collection expire. I once (in the early 199
by veidr 10y ago
Debt doesn't magically (or legally) stop existing after a set period of time. It's just that legal means to enforce collection expire.
I once (in the early 1990s) refused to pay a company I was very unhappy with -- IIRC it was Verizon. They cancelled my service, tried to collect, then sold the debt after a while.
I still get these offers to settle the debt for 70% less than the total -- but the letters always include a disclaimer somewhere to the effect of "due to the age of this debt, you will not be sued, and this will not be reported to any credit bureau".
- Dirlewanger 10y agoBut it had to have affected your credit to some degree in the past though, right?
- veidr 10y agoYes. I was so pissed off with that company that I refused to pay "on principle", but they were pretty dubious principles actually — I really did owe the money, and nonpayment was probably not in my own best interests. My failure to pay stayed as a negative event ("serious delinquency") on my credit report with each of the major credit bureaus, for roughly 7 years, just like it is supposed to. Then it disappeared.