• Credit and Debit Cards
  • Credit Reports
  • Debt Collection

Are you still obligated to pay a debt after seven years?

Top Answer
User Avatar
Wiki User
Answered 2006-07-20 01:23:42

If you are able to pay them then you should.

User Avatar

Your Answer


Still have questions?

Related Questions

What if you weren't aware of a debt and they contact you after 7 years?

You are no longer obligated to pay the debt - at this point the hospital has certainly written off the debt - If you had insurance and they failed to bill them - you are in this case not obligated as well - the provider has about 18 months to submit the bill to the correct insurance - if they fail to do so- You are not obligated to pay the bill

How long does a debt stay on your credit if the amount is not paid?

A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.

What happens if you do not pay your debt within 7 years will you still be obligated to owe that if it falls off your credit report?

Many consumers assume that the time to collect a debt corresponds with the time the debt remains on the credit report this is not true. Statute of Limitations laws for debts are enacted by states, some concerning open accounts (such as credit cards), can be as short as three years.

What effect did the Seven Years' War have on England's national debt?

doubled englands national debt

What if you paid debt in full and it still there?

The debt will simply be marked as such if it was in default it will remain on the CR for the required seven years. An account that has not been defaulted on will remain indefinitely and show a zero balance when it is paid off.

Can a judgment be put on your credit if the debt was part of the bankruptcy?

Not if the debt was discharged in the bankruptcy. If the judgment was on the credit report before the bankruptcy was filed and/or was discharged in the bankruptcy, the entry will still remain on the CR for seven years.

Does a bad debt have to come off your credit report regardless of last activityafter seven years?

Debt that is charged off plus 180 days can be removed after seven years but a creditor may be able to collect on the debt up to 10 years [depending on state SOL]

Does the seven years start only when you have paid the debt or when they have sold the car or when?

The seven year stipulation is usually calculated six months from the time of default on the debt.

How long do debt liens stay on your credit report?

Seven years

How long does cancellation of debt stay on credit report?

Most of the time cancellation of debt will remain on your credit report for seven years. If the cancellation of debt is associated with a bankruptcy, it may take 10 years.

How long credit card debt stay on credit report?

seven years

In all but seven years since 1930 the federal government?

has been in debt

Is it better to pay a five year old collection or just wait seven years?

Wait the 7 years. This is why. When you pay on an old debt like that the file starts all over again and even though you paid it its still a bad debt it will not help your credit any.

A component unit is dependent on the primary government when the?

primary government is obligated for its debt.

Is the surviving spouse obligated to pay medical debt after the death in Texas?


What is the statute of limitations to collect a debt in Washington?

The statute of limitation on debt collection is the same in every state of the United States under the FDCPA (Fair Debt Collections Practices Act)/ The Act provided creditors seven years from the date of last payment to collect a debt. In the event the creditor obtains a judgment, he then has ten years to collect the debt. In the event the creditor is unable to satisfy the judgment in that ten years, he may petition the courts for an additional ten years. In essence, a debt can hang over your head for twenty seven years.

Your mother-in-law was told that If she doesnt pay her creditors that debt would go away after seven years is that true?

Sorry but that is not true.. although the debt may disappear from her credit file after seven years(negative statements are usually removed by the 3 major agencies after seven years).. The original creditor or one of its agents(a collection agency or debt purchasing agent) has up to her states statute of limitations to bring action to collect the debt.. anywhere from 3- 15 years

What was the most significant consequence of the seven years war?

The most significant consequence of the seven years war was the increase of debt. This led to increased taxes on citizens.

The most significant consequence of the seven years war was?

that it left Britain with an enormous debt.

What is the statute of limitations for icbc debt in bc?

Seven years from the last date of contact

In all but seven years since 1938 what has the federal government been?

Has been in debt

Can a collection agency sue to collect an old debt?

If the debt has not been paid on in more than seven years than no. Otherwise yes.

Can creditors collects a debt from seven years ago in New York?

Only if it is a judgement. If they never sued you, then after 7 years, it will come off of your credit report, and you are no longer liable for the debt.

Will your bad credit rating vanish after seven years if debt is not paid?

No. The credit rating shows if you're a credit risk. Not paying a debt for seven years is a credit risk, there's no reason to expect you could just wait it out and have a clean sheet.

Can debt collectors still collect if debt is more than seven years without contact?

Hello, Please search in google for State Statute of limitation. I could have answered that, if i knew which type of debt it is and which type of contract you have along with your state. You should get the answer, there are a lot of websites that have State Statute of limitation. Thanks!