Drowning

[busyone]

I am drowning in cc debt.  I have not made a payment to any of them in at least the past 8 months.

I'm not a deadbeat and not trying to shirk responsibility but I can't make payments, pay the house,

utilities, and feed my family.  I can't afford to settle them either. I read there was a SOL in my state

that said CC debts fall off in 3 years?  What exactly does that mean? Do they disapear of my report

in 3 years since my last payment?

[Woolfman]

Now im not a pro here but SOL i believe only refers to the legal aspect of it. Meaning after 3 years they cant sue you for the debt. Its on your credit for 7rs regardless of what state you live in . Unless you get them to remove it .

[DI]

---

@busyone wrote:

I am drowning in cc debt.  I have not made a payment to any of them in at least the past 8 months.

I'm not a deadbeat and not trying to shirk responsibility but I can't make payments, pay the house,

utilities, and feed my family.  I can't afford to settle them either. I read there was a SOL in my state

that said CC debts fall off in 3 years?  What exactly does that mean? Do they disapear of my report

in 3 years since my last payment?

---

Do not depend on a SOL to save you from further hardship.  It's more likely after 8 months those accounts are CO'ed.  Banks are so aggressive now to where  they may sue you even if its a small amount.  I wish you the very best.  

[RobertEG]

SOL has nothing to do with credit reporting or scoring.  It is a grounds for legal defense in court, and varies widely by state.

Expiration of the SOL never removes debt.  It also does not prevent them suing for the debt.  You must show up in court and assert an SOL defense. If you  dont show up and assert it, the creditor will prevail even if the SOL has expired.

The only thing that removes debt is its payment. 

The FCRA mandates when prior derogs on accounts may no longer be included in a CR that they issue.  It does not erase debt.

Monthly delinquencies on the OC account will each remain for 7 years from their individual date of delinquency.

If an OC account goes into charge off or collection, this additional derogotaory posting to your CR will remain for 7 1/2 years from the date of first delinquency on the OC account that led up to it.

Message Edited by RobertEG on 10-22-2009 02:43 PM