Will my debt drop off after 7 years?
Date: Mon, 11/27/2006 - 08:15
Dear Editor,
I have my two cars repossessed 4 years ago. I live in the State of Delaware. I was going through a divorce at the time. I have no hopes of paying it back because now I have school loans from undergraduate and graduate schools. I have suffered from lack of credit, and I am just waiting. I just wanted to know that regardless of State Laws, will it drop off after 7 years?
I have my two cars repossessed 4 years ago. I live in the State of Delaware. I was going through a divorce at the time. I have no hopes of paying it back because now I have school loans from undergraduate and graduate schools. I have suffered from lack of credit, and I am just waiting. I just wanted to know that regardless of State Laws, will it drop off after 7 years?
Negatives will be reported in the credit report between 2 to 10
Negatives will be reported in the credit report between 2 to 10 years. There are possibilities that the creditor can take legal actions if they want to recover the money.
You may also see the SOL in your state and confirm if there are any possibilities of legal actions against you.
