How long does for a bad debt become "uncollectable"

william — Thu, 29 Oct 2009 03:16:38 GMT

I have heard that bad loans that banks have reduce to "Chargeded Off" on a credit report have only 5 years from that date before it becomes uncollectable....or can they try to collect it at anytime...like 10 years later

RE: How long does for a bad debt become "uncollectable"

Pete — Sat, 31 Oct 2009 20:17:06 GMT

Debts that are past the statute of limitations maybe uncollectable, unreportable or capable of simple resolution. You do not have to deal with an abusive debt collector or old debts lingering on your credit report, you may be able to eliminate these problems under fair debt laws and fair credit laws. In some situations you may even be able to sue the company violating your consumer financial rights.

Here is a link to see what the Statute of Limitations is for your state
http://www.fair-debt-collection.com/SOL-by-State.html

Hope This helps...