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Charged off debt: A negative item, that lowers credit score

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goodnatured



Joined: 03 Nov 2007
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Posted on Fri Jul 23, 2010 12:25 am  

Seven years is a long time to wait for something to come off your report. When I was younger I did not think too much about it then about 3 or 4 years into the 7 you need something and the negative comes back to bite you hard.
Mike2010
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Posted on Fri Jul 23, 2010 3:18 pm  

That didn't answer my question if it was in response to me.
Aaron

Aaron

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Subject: charge off
 
Posted on Thu Jul 29, 2010 10:09 am  

Hi Mike,

Yes, the collection agency can still collect on a charged off account even after two years if the Statute of Limitations have not expired.

Thanks,

Aaron
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Mike2010
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Posted on Thu Jul 29, 2010 1:29 pm  

Aaron,

How do I find out what the statue of limitations are in my state? I live in WV. This happened at a time when I was laid off so when it was charged off I forgot about it, and now having them contact me now out of blue has thrown me off. Thank you for any advice you can share.
Aaron

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48565 Magic Points

Subject: charge off
 
Posted on Fri Jul 30, 2010 10:49 am  

Hi Mike,

The Statute of Limitations (SOL) in Virginia is 3 years for oral contracts and open ended accounts. 5 years for written contracts, and 6 years for promissory notes.

Check out from your credit report when was the last payment made. The SOL starts from the date of last payment made.

Thanks,

Aaron
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mike2010
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Posted on Fri Jul 30, 2010 12:49 pm  

Aaron,

West Virginia is where I live. I will check when I made my last payment. So the date of the charge-off has no real meaning, just when I made my last payment?
Aaron

Aaron

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Subject: charge off
 
Posted on Sat Jul 31, 2010 11:45 am  

Hi Mike,

The SOL for both East and West Virginia is same. Well, the date of charge-off do have a meaning, but it does not have a relation to the SOL on debt. I mean that the charge-off date will have no effect on the date of your last payment. However, the charge-off will remain in your credit report for 7 years from the date of entry on the credit report, if not removed by the creditor.

Hope that this helps.

Regards,

Aaron
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mike2010
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Posted on Mon Aug 02, 2010 12:55 pm  

Aaron,

So on my CR it shows my last payment as of Nov 2007. This was an item purchased over the phone so I don't recall signing anything. Basically what I am getting at is what would your advice be on this situation? It's an old bill that was charged off more then 2 years ago, that out of nowhere has come back. I am not in the best financial place at the moment, but I also don't want my wages to get garnished which could be worse.
Aaron

Aaron

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48565 Magic Points

Subject: credit report charge off
 
Posted on Tue Aug 03, 2010 10:07 am  

Hi Mike,

The SOL on this account will expire in November, 2010. Well if this is a collection agency, you can try validating the debt first. This will atleast give you some time to save money so that you can make payments on this account, if the debt comes back validated. However, you can also request the original creditor to pull back the account from the collection agency.

If the creditor agrees to pull back (and can pull back), you can then get a payment agreement with the creditor, or settle the debt. Debt settlement lowers the outstanding debt amount by 40-60%. Get the settlement agreement inn writing. Also request the creditor for a "Pay for delete" PFD agreement. With PFD the charge-off will get removed.

Thanks,

Aaron
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chops1224
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Subject: charge off
 
Posted on Wed Aug 11, 2010 2:16 am  

i have a charged off on my credit report (Mortgage) it is almost going to be more than 10 yrs in Oct. Is it a good idea to pay it off or can it be removed?
Aaron

Aaron

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Subject: charge off
 
Posted on Wed Aug 11, 2010 9:32 am  

Hi,

I have answered to your query at http://www.creditmagic.org/report/chargeoff-settled.html#50562 .

If you have any other query, feel free to discuss in the forum.

Thanks,

Aaron
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PaperworkQueen
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Subject: Paid to Orig Dbtr sold to collection
 
Posted on Wed Jan 19, 2011 5:40 am  

In 11/2009 I paid off all my debt, it was all behind due to medical reasons. I paid directly to the orig debtor. Unknown to me the debt had been sold to an collection agency. I paid the debts in full before ever hearing from the collection agency. Result, I have a listing for the original debtor as being late (true) I have an entry from the collection agency for the same debt showing me late the months of 11/09. 12/09 and 1/10 (after the debt was paid in full!) What can I do to get this corrected? HELP!
crorkz matz
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Subject: nphbLoKYJCiamoRbKMy
 
Posted on Tue Aug 05, 2014 9:51 pm  

yrJaAW Major thankies for the article post.Thanks Again. Really Great.

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