Skip to content

Can I Still Pursue Debt After 7 Years?

When it comes to debt, most people are aware of the seven-year statute of limitations. However, not everyone knows how it affects them, their loans, and their credit cards. The Fair Credit Reporting Act allows for listing negative items on someone’s credit report during the seven years. It includes late payments, charged-off accounts, debt collections, and even Chapter 13 bankruptcy. Today, we’ll explore whether you can pursue debt older than seven years.

Seven-Year Statute of Limitations

Essentially, this rule means that debt won’t be visible on a credit report after seven years. If you don’t already know, the credit report is a document that registers payment history, credit, and loan accounts with banks. Some refer to this process as “falling off”, and it typically happens automatically once the debtor’s account hits the seven-year mark. Neither the debtor nor the creditor needs to do anything for this to happen.

On the other hand, the seven-year debt mark doesn’t mean that the debtor no longer owes you that money. Moreover, debt collectors and agents can still come after the debtor, requesting payment. They can do it through phone calls, e-mails, letters, or even wage garnishment if the ruling court allows for such action. Lastly, filing a lawsuit is another option if the state’s statute of limitations exceeds seven years for a certain type of debt.

Is Suing My Only Option?

In most cases, debt collectors suggest filing a lawsuit if the amount owed is large enough, for example, $5,000. Still, that doesn’t mean that you can’t start legal proceedings for less. The sued party will, of course, try to prove that the seven-year period of time has passed and that they don’t owe anything anymore. But if they don’t show up at court, the case is likely going to go in your favor, and they’ll need to pay the debt.

Such court judgments stay on people’s credit reports for another seven years. They can make it harder for them to get new credit, as they’re likely to be seen as unreliable by banks or other financial institutions. 

Furthermore, you can pursue your debt by seeking information on the indebted party’s workplace. If it’s possible, the court will order wage garnishment or even account freezing, but that’s a long shot.

Can a Seven-Year Period Start Again?

It’s not uncommon for people to think that seven-year periods can start over again. This includes both parties — indebted and owed. However, paying a past due balance won’t restart the time limit of credit reporting, and negative information won’t show up on someone’s bank account. But if individuals that owe money start making payments on that old debt, the statute of limitations will start over once more.

Pursue Your Debts Legally With SWR!

Are you unsure about pursuing an old debt? No worries — contact us at Southwest Recovery Services by phone or e-mail now. Our team of collection agents will do everything in their power to get your money legally for an affordable percentage. We provide services all over Texas (Addison, Dallas, Houston, Austin, and San Antonio) as well as Oklahoma City, Oklahoma, and St. Louis, Missouri. Don’t hesitate and allow your money to slip away.

Recent Comments

    Have A Question?

    Get In Touch

    Southwest Recovery Services is a national collection agency with offices in Texas, Oklahoma, Missouri, Ohio, Florida and Georgia.

    Payment Processing

    • Online Payment Terms and Conditions

      Welcome to the Southwest Recovery Services LLC payment processing site. Please read and agree to the following online payment terms and conditions, website Terms of Service, and Refund Policy prior to agreeing and completing your online payment.

      *** NOTICE ***

      This is an attempt to collect a debt and any information obtained will be used for that purpose. This communication is from a debt collector. If you have any questions or would like to talk to a live Collections Specialist, please call us at (866) 558-3328 during standard business hours: Monday thru Friday 8am-6pm CST. You can also mail your payment directly to Southwest Recovery Services LLC, 16200 Addison Road Suite 260, AddisonTX 75001.

      Credit Card Transaction

      By submitting payment information through this Service you agree to the terms and conditions of this Agreement and any documents incorporated by reference. You further agree that this User Agreement forms a legally binding contract between you and Southwest Recovery Services Inc. and that this Agreement constitutes "a writing signed by You" under any applicable law or regulation. Any rights not expressly granted herein are reserved by Southwest Recovery Services Inc.. By clicking on the "I Agree" button and by clicking on the “click here to pay by credit card” button, you are accepting these terms and the stated fees for using this service.

      IMPORTANT:  Please make sure that you have correctly inputted your account number and creditor’s name in the payment form. This information can be found on your bill. For assistance, please contact us at (866) 558-3328. 

      This site provides a secure payment portal for making online payments. Please ensure that you are paying the correct party and that you have a valid account number received from us.

      If you do not know your account number, please do not make a payment through this web site at this time. Instead, please Contact Us to obtain your account number before returning to make the payment. Without the account number we cannot credit your account with the payment you make on this site, which would result in a significant delay in processing of your payment.

      • This is a web site of a collection agency.
      • This is an attempt to collect a debt.
      • Any information obtained will be used for that purpose.

      Question? Contact Us: info@swrecovery.com

    Make A Payment