about 4 years ago, because of a drastic change in income, i stopped paying on some credit cards and a mbna acct. the cc charged me off and turned over to collection agencys, over the past few years they have tried collecting and failed and sold them, i assume to other collection agencys, every once in a while i hear from a new one. my question is will this go on forever, or is there a limitation on time to try and collect like seven years or so. since the collection agencys have them does that keep them current on credit reporting agencys, or will the original cc fall off after seven years. i am pretty bullit proof as of now and i live in florida. the mbna acct did turn over to a collection agency and they did proceed and get a judgement, but this happened while i was still living in california. i realize that will stay for at least 10 years and is renewable.
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If they have a judgment, then there really is no statute of limitation. In most states, judgments can be renewed indefinitely. And even if there is no judgment, yes, collection efforts can continue indefinitely as well. An SOL defense is only a defense to a lawsuit...but non-judicial collection efforts can go on and on. (with some caveats). If there was no judgment, how you can trip up collection agencies who have a debt that is beyond the SOL is to have them threaten legal action, then you would have a violation of the FDCPA, and could sue them. But since there is a judgment, you don't have that defense. -
If you are judgement proof, then perhads you can negotiate a settlement with the judgement creditor. They may be happy to get something now rather than waiting till someday in the future when you have asset they can seize... The judgement is accruing interest at the statutory rate though....Comment
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