charge off

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swizzle
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Subject: charge off

Wed Nov 18, 2009 5:48 pm

i had a corporate credit card back in 2003 charged off. the company selected individual accountable, so it had been reflected on my credit. last month the same company posted a new delinquent charge. there was not any change in the account activity. is this legal? also, how should i proceed? i am willing to pay the money owed, but will that reinitiate the 7 year period?

debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 605

89 Magic Points

Wed Nov 18, 2009 8:46 pm

You need to check the SOL for your state. If you pay on the debt then it will start the SOL all over again. If the SOL has past then they can no longer collect on the debt. But if you pay on it. It will start over. You could try and do a pay for delete with them. That's where they delete the negative listing once you have paid it.

fireyone

Joined: 26 Feb 2008
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Posts: 4500

8812 Magic Points

Thu Nov 19, 2009 5:02 pm

Swizzle, I would defin atley look into the SOL on this debt. If you have not made any payments or new charges on the card then the SOL period should be expiring , if it has not already. Looking at the year you listed I believe it may be pretty close. Also the reporting time frame for a debt is seven years. I would keep a close eye on it since it should be falling off in the near future. If it does not fall off then you need to dispute it with the bureaus and get it removed once the seven years has passed.

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