You can use a pause for 1 day ( or whatever you want ) inside a loop that will check your condition of your parallel task.

Ok. So in terms of the screenshot in my post I would add a loop with the opposite condition as the current loop (on the other parallel branch) and put the pause action inside of it. 

This pause will only occur if the condition is met, and will not hold up the workflow?

In a process I am asking for information

what does that actually means?

do you assign a task to to user?

if so then several task actions have an 'Escalation' option which can complete the task and let the workflow move on. with no loops or waits.

here is an example for Request data actio

I guess I could assign the user a task... what i am currently doing is telling the user there is an option of updating the form within 7 days, if they do update the form it moves on, if not it waits 7 days then moves on. 

Would assigning a task be the better option here?

definitely (IMHO).

you have much more control over the process. you can control who should/could make an update, you (assignee) have possibilities to delegate or escalate the task. if several users are responsible to respond the task you can identify who (already) responded and how. etc.

and last but not least, it will simplify and streamline your workflow.