Good morning everyone and thanks for the help in advance. I was talking to a debt counselor the other day because I am about to lose my job (contract lost due to gov cuts) and due to my bad credit marks I cant get anything else in my field of work so Ill end up working a low end job and unable to to finish saving and paying off my old debts which I had been doing for the past few years. I havent paid anything yet on the remaining debts because I assumed somthing might go wrong and decided to only pay them in lump sums whenever possible so I wouldnt restart the 7 years that they would stay on my credit report. Anyhow, the debt counselor told me that the debts that I have in collections will simply be sold to another creditor once they are near 7 years, effectively keeping it on my credit report forever. I looked at my credit report and even the debts in collections had notes saying theyd drop off in year 20xx, with that being 7 years from the original, not 7 from the time the debt was bought, that, plus all the other research I've done is telling me that it doesnt restart, but I just want to be sure on it since Ive seen alot of both sides. Do any off you know this answer for sure, anyone know where the answer is in writing officially? Thanks again for the help!
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