| Author |
Message |
|
Options 
Bookmark online
|
Madlduke
Guest
|
|
Subject: Old Credit Card (Charge Off)?
|
|
|
Tue Feb 03, 2009 7:01 pm
|
|
|
| I have an old credit card that was charged off back in 2004. I was trying to start fixing my credit and I am unsure what the best course is for this item. Should I just pay it off, try to reopen the account, or do a pay for delete so it looks like I never had it? Thanks. |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
|
|
|
|
|
Wed Feb 04, 2009 2:02 am
|
|
|
| Is this account still owned by the original creditor or has it been bought by a debt collector? If it is in the hands of the original lender then you may be able to work out a pay for delete. Now if it is a collection agency that has the debt before you do anything you will want to send a debt validation by certified mail. If they do not have a copy of the prigianl contract and are not able to show they now legally own the debt I would not pay a penny. If they can not validate the debt you can then dispute it with the credit bureaus and have it removed. There are sample debt validation letters available here under letters of credit on the side of your screen. |
|
|
Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17413 Magic Points
|
|
|
|
|
Wed Feb 04, 2009 10:14 am
|
|
|
Since your account has been charged off in 2004, and you have not made any payment towards the debt since then, you should first check and see whether the Statute of Limitation in your state has expired or not. If the SOL has expired then there is no need to make any payment towards the debt and the charge off will automatically be removed from your report after seven years.
_________________
Where there's a will, there's a way !! |
|
|
scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
|
|
|
|
|
Wed Feb 04, 2009 10:43 am
|
|
|
Hi Madlduke
I agree with Mary. You should first find out whether the SOL has expired or not. If the SOL has not expired, send a DV letter by certified mail and wait for 30 days for their response. If the debt has been sold off to a collection agency, then the charge off cannot be removed from your report, but if it is with the OC, you can remove the charge off by coming to a "pay for deletion" agreement with the OC.
However, if it is sold to the CA, you should first ask the CA for DV and on getting proper validation you should pay off the debt by coming to a repayment agreement. After you repay off the debt in full, the debt will be marked as "paid charge off" in your report.
_________________
SCOTT
Use your credit account responsibly and enjoy a debt free life. |
|
|
Guest
|
|
|
|
|
Tue Mar 03, 2009 5:14 am
|
|
|
| A collection agency took me to court for a credit card . I payed the credit card off. Is their any way I can get the same bank to issue me a new credit card? |
|
|
Sammie
Guest
|
|
Subject: Credit Cards
|
|
|
Tue Mar 03, 2009 5:20 am
|
|
|
| I use to pay my credit cards off in full every month until two years ago. Now I,m in bad standings with this major credit card company. How can I reesstablish my once good credit account with the same company? |
|
|
Need help in PA
Guest
|
|
Subject: Charge off and collection agency
|
|
|
Fri Mar 13, 2009 4:23 pm
|
|
|
| I live in Pennsylvania and the SOl In Pennsylvania the Statute is 4 years for oral, written contracts. So it would be 4 years from the last activity on a credit card (ie 4 years from the last payment you made before the account went late) I chceked my credit report and it shows last payment was Dec 2004before the debt went late. It since then has been charged off but today I had a collection agency call me to pay on it. Am I correct if I tell him the SOL has expired? They are threatening to have a sherriff come to my house and sale my possesions. What can I do? |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
|
|
|
|
|
Fri Mar 13, 2009 4:32 pm
|
|
|
Needy, Yes the SOL has expired. If you make one payment you will restart the SOL. I too live in PA and have a couple old debts. One fell off and they still contact me. About this time evrey year, near income tax, they start sending letter and ringing the phone off the hook. I will not pay because these debts are owed by collection agencies now and they can be heartless and harrassing. You sre best just to avoid talking to them and let it fall off your credit report in seven years.
Also they can not send a sheriff to sale your possesions. They can go to court and file a summons against you. You would win regardless due to the SOL. I would report them to the FTC and atty generals office and you will see how quick they quit calling. Also send a cease and desist letter by certified mail. If they contact you after that they will be fined. |
|
|
Need help in PA
Guest
|
|
Subject: Re: Charge off and collection agency
|
|
|
Mon Mar 16, 2009 1:40 pm
|
|
|
| I am told that the charge off once sold to a collection agency, the agency put a judgement against us and they CAN send Sherriff's to sell our possesions. That when there is a judgement there is a 20 year SOL. Is any of this true? |
|
|
carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
|
|
|
|
|
Tue Mar 17, 2009 6:19 am
|
|
|
If your account is charged off by the original creditor and is sold off to a collection agency, the collection agency can bring judgment against you either to garnish your bank account or to garnish your wages. The SOL on judgment is 4 years in PA. Now, once there is judgment against you, the creditor either sends an income execution notice or a bank account execution notice to the sheriff who in turn sends the notice to the debtor. Now the debtor have to reply to the notice within 30 days where he can either come to a repayment agreement and pay off the debt to the creditor or the sheriff will send the notice to the employer or the bank and your income or your bank account will be garnished.
_________________
Keep in touch
Carol |
|
|
Kenna
Guest
|
|
Subject: Is this considered validation?
|
|
|
Thu Mar 19, 2009 5:47 pm
|
|
|
| I sent validation letter to CA Attorney and received back some copies of credit card statements. I then sent them a second letter stating my request for validation had not been met. I never had a card with capital one. I did not getr proof that they own the debt or were assigned the debt and a copy of a signed contract between me and OC. They keep sending me copies of the fine print contracts.. but no copies of a signed contract or proof they own the debt. Is this considered validation? I have called the Capital One, they have no record of an account under my social security. I will be sending them a debt validation letter as well since they have reported on my credit as Charge off. I think the CA is trying to serve me with a summons via registered mail, but I am refusing it. What to do???? Not sure what is considered validation. |
|
|
carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
|
|
|
|
|
Tue Mar 24, 2009 5:11 am
|
|
|
As far as I know, it is not a proper debt validation. The collection agency must prove that they have either purchased the debt from the original creditor or the original creditor has given them the right to collect the debt. Moreover, they must send you a copy of the original signed contract.
If the CA has sent you a summon, you should accept it and file an answer to it, else the CA can bring default judgment against you.
_________________
Keep in touch
Carol |
|
|
anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
|
|
|
|
|
Tue Mar 24, 2009 5:24 am
|
|
|
I agree with Carol. You should never refuse summon, because even if you refuse it, the creditor can bring a default judgment against you. Moreover, if the creditor does not properly validate the debt and sue you to the court to recover it, they cannot bring judgment against you. But for that you should file a response to summon and be present on the court date to defend yourself.
_________________
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. |
|
|
nctiptoes2
Guest
|
|
Subject: credit card default that has been charged off
|
|
|
Wed Apr 08, 2009 7:14 pm
|
|
|
I have been served papers for default on a credit card. This has been charged off - the account was opened in 2001 and the charge off occurred in 2005, I live in Georgia. What are my options - what do I need to do?
Desperate |
|
|
Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
|
|
|
|
|
Thu Apr 09, 2009 6:56 am
|
|
|
Statute of Limitation in Georgia is 4 years for credit card debt and so you should check the date of your last payment towards the debt. The SOL begins after 6 months from the date of your last delinquency. If the SOL has expired, then you are not required to pay it off. But if it has not expired, then you should come to a repayment plan with your creditor and pay off the debt.
_________________
All the Best 
Justin |
|
|
