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Q: Does debt disappear after seven years?
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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


Can a repossession stay on your credit report for more than seven year if debt is not paid?

of course. debt's just don't disappear.


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.


I'am resbonsable for 2000 balance on a credit card after ten years?

Yes, debt does not disappear after a certain time-limit.


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]


How long do debt liens stay on your credit report?

Seven years


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.


The most significant consequence of the seven years war was?

That it left Britain with an enormous debt.


How long credit card debt stay on credit report?

seven years


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

If you are able to pay them then you should.


In all but seven years since 1930 the federal government .?

has been in debt


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.