Pay or Remove 7 Year Old Account

[justzee22]

I have an account that was a secure loan, that I neglected to pay because I figured it would not hurt me in the long, needless to say its the long run and its hurting me. The account is now 7+ years old and is in a charge-off status only reporting to Experian.

 

Should I pay it and work something out with the original creditor who still has the account of try to get the CRA to remove it since its 7 years old?

 

 

[beli]

If you don't pay the full balance, and work out a settlement, it could come to bite you in the butt, by resetting legal statue of limitations, and the creditor could sell the remaining debt to a collection agency/JDB and you'd have more issues to deal with. If it's been 7+yrs since date of first default, should be able to get it removed easily by disputing it as obsolete.