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Do you have to pay a debt that was on collection for seven years or it would be a waste of money?
Wiki User
∙ 11y ago
It is always best to pay one's debts if at all possible.
Most debts are expunged from a person's credit report after seven years have elapsed from the time the debt was defaulted upon. Likewise, in most cases, the SOL for the collection of a debt through civil action will also have expired.
That, however does not apply to all debts. The concerned party needs to determine the nature of the debt and the laws of his or her state which are applicable to the matter.
Wiki User
∙ 11y ago
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I would think not, that money is to be used for educational expenses only! That money is backed by the federal gov't to be used for your education! If they did that I'm sure you would have court standing.
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