Share post
Share
Debt Consolidation Forums Debt Problems forums

Can debt become too old to pay back?

Date: Thu, 12/13/2018 22:33
member profile picture
Posts: 1
Credits: 0
[Donate]

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?




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.

Sub: #1 posted on Fri, 12/14/2018 - 03:50

Nick Jonas Nick Jonas

(Posts: 425 | Credits: )

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.

Sub: #2 posted on Fri, 12/14/2018 - 04:00

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )


DebtConsolidationCare (IAPDA member)
BBB (A+) logo for DebtCC
Connect With Us
About Us | Contact Us | Privacy Policy
Copyright © 2020 DebtConsolidationCare | 301 W. 11th Street Unit E, Reno, NV, 89503, United States
* Disclosures:
  1. By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  2. Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
  3. Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  4. Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  5. The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 0.225 seconds.