Can Debt Disappear? For Real?
Posted on
August 4, 2009
at
1:43 am
and if so, how? i just don't to have anything to do with it anymore!!!!!!!!
Posted on
August 4, 2009
at
2:36 am
Can debt disappear? Why, yes, of course. There a lot of options for it--paying it off in full is one, as with debt consolidation, and also, through the statute of limitations...
Posted on
August 4, 2009
at
3:48 am
Fishyfishy, it can also disappear through your account's statute of limitations. Basically it functions like the "expiration date" that it has in terms of making payments to the lenders. It prevents them also from making collection attempts on that certain debt. When the SOL has run out, you will no longer be liable for that debt.Could you fill us in on your situation so that we may help you?
Posted on
August 4, 2009
at
12:28 pm
Can debt disappear? No- unless you satisfy the debt. And Karess be careful- the statute of limitations, if it has passed, does not mean the debt disappears. In fact, the debtor is still liable for the owed amount, but it means that the lender can no longer pursue legal action to collect the debt.
Posted on
August 5, 2009
at
8:24 am
Can disappear if you settle the account or will that still show up on my credit report?
Posted on
August 11, 2009
at
4:57 am
Can debt disappear if you settled it? The debt disappears yes, meaning that the creditors has agreed that that settlement amount that you paid is the full payment. Disappear as in, you don't have obligation to pay the rest.As for the record--it would either be "settled" or "paid" depending on what the negotiators and the debt settlement company have agreed upon.If it didn't reflect on your report as either...you may have it corrected.
Posted on
August 11, 2009
at
6:27 am
I need to clarify something here- I am seeing a lot of people on this forum reporting that settlements often are reported as "paid." Not the case. You can bet that if you settle a debt, it will appear as "settled", "settled for less than the full balance" or "settled in full." The term "paid" suggests that you satisfied the full balance, and lenders are usually not willing to report that if the debtor settled the debt so don't expect that mark to appear.
Posted on
August 11, 2009
at
1:10 pm
Steven is correct. I have several accounts on my credit record where it states "settled for less than the full balance" as opposed as the other accounts that I have paid off as "paid in full". The accounts that are settled for less than the balance has affected my current credit score, however, as time goes by, it will eventually fall off. I will be able to ask for them to remove it next year. That is why it is very important to monitor your credit reports.
Posted on
August 11, 2009
at
8:25 pm
I have a question also, I was taking care of my aunt when she passed away, and she has two credit card accounts that had me as her co-maker. The debts total around $15,000. The other three accounts that she had were solely in her name. I am aware that I also have the responsibility to pay for the accounts with my name on it. My question is, am I obliged to pay for the other three acounts solely in her name? Hope someone can help. Thank you
Posted on
August 12, 2009
at
3:24 am
Chelse --- as far as I know you are not obliged to pay for those debts, but if she has heirs, they may be liable to pay for that debt.
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