Old Charge-Off

What is the name of your state?What is the name of your state? FL
I have an old credit card debt that was charged off on 4/2002. This was originally under a former business name that I owned but I am liable for it. I was able to erase it from two of the credit reports fighting that it was a business debt but it stayed showing on one. Now a collections company started bothering me even called me at work but I have been informed that if it was charged-off I should not even bother to pay it. I really don't want to even bother with it because I know the charge-off date will change & make it longer to get off my report. They advised me 2 days ago & already are threating me of a sued. I want to stay strong & not give in. Do you think they have a case? Do they go that extra mile, I also know what they pay for these accnts are pennies. How long does it show in my report, is it 7yrs?
Thanks.

It is illegal for them to threatan a suit if they can not do so. So since they are threatening, I would take them seriously. You need to check into and see if it is outside of the statute of limitations for you to get sued. You will have to check your states statutes. Paying a charge off is just as bad as not paying a charge off as far as your report goes. However, not paying it could get you sued if it is within SOL. If they get a judgement on you it could be more than where the balance is now. Especially if you don't show up to court. Then they win automatically.

You might be able to offer to pay them for a discounted amount and see if they will delete from your credit report. Just be careful not to admit to oweing the money or promising to pay until you get it in writing. That could reset the SOL.

[Ladynred]

If the account was charged-off in 4/2002, it probably went delinquent in November 2001 - 6 months earlier. FL SOL is 4 years on credit cards starting with when it went 30 days late and never paid on it again. SOL is NOT up until late next year.

Threats to sue are all too common and since its the end of the month, the pressure is on the collectors to bring in the money.

Charge-off date may NOT be changed - not legally, and neither can the 'date of last activity' that is used for the 7 year reporting period. If those dates 'move' its a violation of the FCRA. Negative information can only remain for 7-1/2 years from the date of 1st delinquency that immediately preceeded the charge-off. Any attempt to keep it on your reports by changing dates (called 'running the statute') is ILLEGAL and disputable.

I have read your replies. The agency calling me somehow got my cell phone # & they continue to call me. I looked at my credit report that is showing that account & it does not show any collection agency purchasing it. It just shows charged off since 2002. I called back the number that is calling me and it is a call center. I am trying to do some investigation work, I offered them an amount but they refused it. They want to put me in a payment plan for 6 months to see if my situation gets better but I don't have any extra cash per month to give them. They say they will sued me & they can put a lean on my property. That was a credit card I had for my business & the paperwork shows my business name on it but they continue to say I am personally liable. Do you think I have a chance they will just go away? I can't seem to figure out which collections agency it is. On my credit report the only company that checked out my files was an investigative company called courtquest.

[JETX]

Originally Posted by zpc

I looked at my credit report that is showing that account & it does not show any collection agency purchasing it.

That is not unusual.

They say they will sued me & they can put a lean on my property.

If they do sue, it is likely that they will get a judgment. And with that judgment, they can put a lien against your property. However, Florida has a VERY liberal homestead exemption (100%).

That was a credit card I had for my business & the paperwork shows my business name on it but they continue to say I am personally liable.

Two things here. If this was a corporation and if you didn't provide a personal guarantee, then you would not be liable for the debt. However, if this was a d/b/a (proprietorship) or you provided a personal guarantee, you are liable.

Do you think I have a chance they will just go away?

Unlikely. It also depends on who is the actual credit owner. If the original creditor still owns the debt, then it is more likely than if someone actually paid money to purchase the debt.

The original creditor sold it because it is charged off. I will ask my attorney about the liens on the home in florida.

[JETX]

Originally Posted by zpc

The original creditor sold it because it is charged off.

And of course, that may not be true. There is NO requirement that an original creditor sell or dispose of any 'charge-off' debt. The 'charge-off' is simply an accounting term to show that the debt has been moved from the 'performing' ledger (payments being made) to the non-performing ledger. It does NOT mean that the debt was sold (though it is likely).

Thanks for your information. I will just sit and wait unless they decide to take my offer (which they denied earlier). They have called me 7x today, first they try my cel then I hear my home phone ringing. I guess they will try me by mail once they can't get a hold of me. I have settled in some other accounts that made contact with me right away but this one has never before contacted me. I was going to do bankruptcy at one point but did not proceed because my business accounts do not show on my personal report & my personal was ok. I fought with all the credit bureaus & they took this one off but only experien did not they left it on. Oh well, once again thanks.

I have more issued to deal with now. The company after me for the charge off continues to call me but I had not answered their calls, they call everyday even on weekends. Has anyone had an experience with telemarketers calling instead of a collections company themselves? This company that is calling me is not collections they are calling for someone else from a call center. I checked my credit report & this account does not show a collections agency handling it, no info is available. I tried asking this man that keeps harrassing me for his address and he will not give it to me. They are not listed under the name he gives me nor under a phone number. Now the latest is that searching by my address he contacted the phone number by address of where I use to live which is occupied by my tenants & harrassed them by telling them that he needs to receive payment by tomorrow etc...& threw the phone at the poor tenant that has no clue what is going on.
Since they are not willing to give me their address (I read info on the Fair Debt Collection Practices Act. where you can have them stop calling you by sending them a letter) for correspondence I filed a police report for harrassing phone calls just for my files. I don't know if that was a good idea or not but I wanted back up that I was being harrassed by them & them harrassing others that have nothing to do w/this debt.
What should I do? I don't even know the collections firms name just these telemarketers. Please help, I am getting worried that they are getting others involved. I am sure this is against the law. He says he will summond me.

[Ladynred]

If you read the FDCPA you didn't understand what it says -- that or you only read one section.

Telemarketers do NOT call for collection agencies. If someone is harrassing you for a debt it IS a collection agencies. What makes you think its a telemarketer ??

Talking about your debt to a third party is a violation of the FDCPA. CAlling other people when they clearly have your address and phone number is a violation of the FDCPA.

Just because a debt or company isn't on your credit reports doesn't mean the collection doesn't exist. There is no requirement that they report to the bureaus and not all do.

Read thru the FDCPA again. If they refuse to identify themselves when asked they are violating the FDCPA. Get a company name, they can be tracked down and an address can be located.

Filing a police report for harrassment was, quite frankly, a waste of time, the local cops won't do anything about a debt collection problem and the FDCPA will trump ANY local laws anyway.

If you want to send them a cease and desist letter to make them stop calling, you are going to HAVE to get some kind of information. If you can't, the just STOP talking to them on the phone.