Does a removal date of a debt on your credit report means it will be written off and you will owe nothing

Question

I owe a university aprox $2500.00 for a few years now. My credit report says: "Estimated date this item will be removed 02/2010" Does this mean that I will be free from this debt, AND that it will be removed from my credit report as of Feb. 2010?

Answer 1

Nope.

The date of removal means that the date listed will be the last day that the debt is allowed to be reported on your credit report from that entity.

The date where you no longer owe the debt is non-existent. There is no such thing.

However, there is the Statute of Limitations, where after X number of years the creditor is not allowed to sustain a lawsuit against you for the debt (so long as you answer the suit and cite the SOL as your defense).