What typically would occur next

[Astrolink]

What is the name of your state (only U.S. law)? MN

I'll make it short. I have 3 closed credit cards that I have not made a payment on since August 2006. One sent a 1099 for the 2011 tax year. The others have done nothing beyond attempting to contact me my phone (I've never talked to them). What can I expect, if anything, to occur next?

 

[LdiJ]

What is the name of your state (only U.S. law)? MN

I'll make it short. I have 3 closed credit cards that I have not made a payment on since August 2006. One sent a 1099 for the 2011 tax year. The others have done nothing beyond attempting to contact me my phone (I've never talked to them). What can I expect, if anything, to occur next?

Well, the first card obviously wrote off the balance and you had to pay taxes on it. I would assume that was because the statute of limitations had passed for them to sue you. The others will likely follow suit, or attempt to sue and to hope that you won't challenge the case based on statution of limitations being passed.

 

[OHRoadwarrior]

Generally, you can expect they will sell off the debts for collection after writing them off. The collector will come after you.

 

[mmmagique]

You can expect phone calls forever until you send them a cease and desist letter, letting them know that all phone calls are inconvenient. (or until you pay them.)
You can expect these debts to eventually be sold to junk debt buyers who buy old debts for pennies on the dollar. You will have to send them a c&d as well.
If someone takes you to court over these debts, you have an affirmative defense in that the statute of limitations has time barred their right to sue.
In late fall of next year, (2013) these should come off of your credit report, both for what the original creditor is reporting, and any collection agencies that are reporting. They have to go by the date of first delinquency, not the date they first got the debt.

 

[FlyingRon]

Which form of 1099 did you get? If you got a 1099-C, that indicates a cancellation of the debt. The debt can't be pursued further if it's forgiven (which is what the 1099-C indicates). You do know that it indicates taxable income to you.

For debts that you didn't get a 1099-C (other forms of the 1099 do not indicate the cancellation), they or their assignees can pursue you further. The next sound you'll likely here (other than attempts to collect further) is a lawsuit to get a judgement against you which can be used to try to attach any assets and/or depending on your state, garnish your wages.

However, if your last activity is really more than six years ago, they are beyond the statute of limitations, and they can't pursue a lawsuit. They may may still try to collect from you (certain states bar the attempts to collect time barred debts, some don't) but really other than trying to cajole you into doing so, they have no legal ability to do so.

 

[mmmagique]

The debt is time-barred in MN. (barring extenuating circumstances ie: he tolled the statute)

 

[Astrolink]

Thank for the responses.