I am wonder does debt erase after seven year without penalty to me?
I had my 4 debt since 2006 to 2008 and I wondering if it will be erase when it hit seven years. I heard that I can start over fresh. Also I am wondering since this is going to happen soon should I make an effort to pay on it and if paying on mess up the erasing of the debt. I not planing to own a home maybe till later. I just want to know if this is real and if it is a good thing that the debt will be erase soon. Lastly can I start a business or franchise if the debt is being erase.
- David14Lv 79 years agoFavorite Answer
That's ridiculous. Debt never "erases".
- rpf5Lv 79 years ago
NO. It is not that easy. At best, if it applies, the statue of limitations only means that you can't be sued for the debt. They have the right to continue to get payment by other means. They will want their money, expect to hear from them. Only a court can free you from debt. Bad debt has a way of haunting you. Make no mistake, people remember that you didn't pay your bills. Getting it off your credit report does not mean it is erased.
- ScottLv 69 years ago
That is for credit reporting 7.5 years from the date of first delinquency. You can still be contacted by collectors to pay it. Depending on the debt (especially utilities), expect to pay up if you want a new account with them.
- Anonymous9 years ago
It's cleared after 7 years but they can call you for the next 50 years. They just can't sue youSource(s): Retired bill collector 35 years
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- Silly GooseLv 79 years ago
Collection agencies tend to sue right before it drops off.
I've seen it happen a million times.
Have savings in place so you can negotiate settlements when they start to sue you.
Get a book on Credit Repair so you can become an expert at this.