Why don't you call and tell them with an offer. You will be suprised. It is better to pay something than pay nothing. Everyone asks why are rates so high it is because some people used the credit and didn't pay back. Everyone pays for the mistaks and mishaps we all have. Do the right thing you will feell better for it. They will settle you will be so suprised, I WAS. Now my phone dosen't ring ad when it does can answer it.

I'm just starting to get back on my feet after being unemployed for 2 years. I have about 15,000 in credit card debt - some of which I haven't made any payments in 2 years. I just want to get this debt done and over with, it will take me 10 years to pay this debt off at the amount I can afford. I just wanted to see if it was worth it to pay it off - I know I owe the money.

Three years from the date of last acknowledgment. While payment is normally the most common form of acknowledgment it is not the only possibility.

With respect to remaining on your credit report I believe it is six years in most provinces for consumer debt. That being said collection agencies have been know to attempt to re-date debt so it could come back and cause you hassles.

Depending on your situation there is also the possibility that they will actually sue you before the debt becomes stat barred. It really depends on the facts of the situation. The tone of your post implies that you have the ability to pay but are trying to game the system by just running out the clock. If that is the case it greatly increases the chances of your creditors proceeding with legal action. You owe the money and you should pay it back.

3 years from the date I last made a payment? And then it's 7 years from the last payment when it will come off my credit report?

Three years.

Just wondering what the statue of limitations is in Quebec. I have a number of credit cards and 1 unsecured loan - most of them I have not paid a dime since 2007. Yes, I receive calls and letters from collection angencies daily. I'm just wondering if I should try and settle my debt now or wait until the statue of limitations has passed.