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cs610
Joined: 07 Aug 2008
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Posts: 1
103 Magic Points
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Subject: Charge off in Pennsylvania
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Thu Aug 07, 2008 11:53 pm
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I'm in Pennsylvania and I have about 10 accounts > 100k in total about to charge off. My question is what can happen from this point. Can my house, car and wages be attached or taken?
At this point should I settle or let the process run out? My credit is ruined if I settle or charge off in Pennsylvania, right? what are the PA charge off laws?
Thanks in advance.
CS610 |
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Fri Aug 08, 2008 12:42 am
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| The SOL in PA cs is 4 years. Do you mean charge off where a company can charge off a debt with in months of not paying or fall off where it is close to statutes? You in any case should always try to settle debts because the effect of letting them go unpaid is havoc to your credit report. These days your credit report is more valuable than most understand. It can even effect you when you go for new employment. Get back to me and we'll take it from there. |
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anthony
Joined: 31 Jul 2006
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Posts: 516
13571 Magic Points
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Fri Aug 08, 2008 6:27 am
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Charge off does not necessarily mean that you are exempted from paying the debt. In fact your are fully liable for the debt till the time the SOL in your state has expired which is 4 years in your state as said by fireyone and your creditor can sue you to the court and bring judgments against you which may even result in garnishment of your wages.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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Justin
Joined: 17 Jul 2006
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Posts: 1240
28942 Magic Points
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Fri Aug 08, 2008 7:01 am
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Yes Anthony is right. But since charge off remains in your credit report for seven years and cannot be generally removed from your report, it is always essential that you avoid charge off somehow. For this all you need to do is to get in touch with your creditor directly and inform him of the situation and try to negotiate. You need to find out for how much the creditor is willing to settle for not marking your debt as charge off and try to set up a repayment plan to pay off your dues.
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All the Best 
Justin |
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Sat Aug 09, 2008 12:47 am
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| I believe it is usually better to get a hold of the original creditor when possible. Right guys? |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3927
10 Magic Points
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Sat Aug 09, 2008 10:58 am
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Pennsylvania charge off will stay on your report for seven years unless you pay for a delete. If you make any attempt to settle these accounts out make sure that you tell them that part of the deal is to delete them so you can start rebuilding your credit right from the start. goodluck with this, hope you will keep us updated on your progress in this matter.
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cbass1017
Joined: 01 Feb 2008
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Posts: 143
Location: PA
1528 Magic Points
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Sun Aug 10, 2008 1:37 am
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Good point Justin! I think a lot of people get confused about the SOL. A states SOL only determines how long a creditor can attemp to collect a debt. Like in PA it is just 4 years. But a chargeoff can still stay on your credit for 7yrs from the time of the chargeoff. I just wanted to clarify that incase anyone else misunderstood this.
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Scott McKay
FreeOnlineCreditGuide.com |
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Sun Aug 10, 2008 1:52 am
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| So you are saying if your report says charged off 30 days you can count seven years from that date? My report is weird cause a couple of my medical debts fall off way before the 7 year mark. I have two from the same backwards doc office and they will only be on a totel of 4 years and are to fall off next month and the other a year from that. wierd or what? |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3927
10 Magic Points
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Tue Aug 12, 2008 5:22 pm
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| Or in other words..just to keep you hanging. They sure have to keep a lose eye on something to stop SOL within a week before expiring. |
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Jacque
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Subject: About to charge off
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Tue Aug 12, 2008 5:25 pm
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| I just wanted to let you know that in the state of Pennsylvania they can not garnish your wages. You can be charged off (written off) but that dosen't mean the debt is forgotten. Be on the look out for junk buyers to make your life a living hell. Statue of limitation is 4 years in our lovely state but it stays on the credit for at least 7. |
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erb1953
Joined: 31 Dec 2007
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Posts: 573
-53 Magic Points
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Wed Aug 13, 2008 1:34 am
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| The only things that they can garnish for in the great state of Pennsylvania is taxes and child support, other than that if they try to collect anything your payroll department should know not to let them pull funds from your paycheck. We have had taxes garnished but always get forwarning that it is going to happen before it does, which is nice because you can plan for the lower pay then. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3927
10 Magic Points
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Wed Aug 13, 2008 12:23 pm
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| If they weren't and I were being garnished I would say something to make sure it was stopped. I imagine you could probaly sue since rthat would be taking the money illegally. I have seen in some states (good ole Judge Judy) where they garnish up to 25% of someones paycheck. Just think what that would leave you with after taxes and what not. |
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Justin
Joined: 17 Jul 2006
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Posts: 1240
28942 Magic Points
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Wed Aug 13, 2008 1:17 pm
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Pennsylvania wage garnishment laws do not permit attachment of wages for repayment of credit card or personal debt. Wages can only be garnished for child support obligations and if you have unpaid federal taxes. The state can even garnish your wages for collection of Federal taxes even without court orders and the wage garnishment will continue till the time your tax is fully paid.
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All the Best
Justin |
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