Can debt become too old to pay back?
Date: Thu, 12/13/2018 - 22:33
My friend has a question to ask - Her grandparents have debt. Can the debt be too old that they won't have to pay it back?
If it is your grandparent's
If it is your grandparent's debt, then he/she is liable to pay off it. However, if the SOL of the debt has expired, then the debt collectors can't ask your grandparents for the money.
Submitted by Sanders Patricia on Fri, 12/14/2018 - 04:00
( Posts: 1241 | Credits: )
The debt can be old. The debt
The debt can be old. The debt can be new also. It depends on the date when the debt was originated. If the SOL period on the debt has expired, then her grandparents can't be sued for it. The debt is time-barred. So if they want, they may ignore the debt. But the debt will be there on the credit report for 7 years. However, if the SOL period is not over, then they can get sued.