Charged off debt.

[holdermj]

What is the name of your state? Indiana.

I have an old Credit account that was reaffirmed after a bankruptcy in 1995. A few months after the Bankruptcy I was contacted that there was a class action suite against the loan issuer regarding inproperly handled re-affirmations. I was advised to stop making payments pending the outcome as the debt may be negated. I did stop paying and contacted the issuer and explained the situation. In the end My account was not involved in the settlement and I was advised to start payments again. I contacted thr creditor and requested that they start sending regular billings again. 3 months passed and I received no bills. I cantacted them again. At this time the person I spoke with told me that the " The debt had been charged off, and I did not need to worry about it any more" I asked what this meant and was told that the company had written off the debt.

Now some 5 years later and never hearing from them again. I am trying to buy a home, and I learn that charged off does not mean I don't have to worry about it. It means now I have a big ugly black mark on my otherwise clean credit.

Do I have any legal recourse to get this fixed since The creditor did give me bad information and did fail to send me bills as I requested??

Sorry for the long message but as you can see it is a long story. Any suggestions are appreciated

 

[bigun]

Derogatory info like chargeoffs fall off the reports at 7 years. If the last payment was 1995, dispute the listing as obsolete.

 

[holdermj]

Thanks for your reply,

Sorry I incorrectly stated that it was a few months after the Bankruptcy in my original post. this actually all transpired over a couple of years with the last payment being in June of 97. Is this my only option ? To wait until it goes away??

 

[Ladynred]

Not necessarily. I suggest you head over to www.creditboards.com and see what wisdom they have to offer. You *may* be able to get rid of it since its already pretty old. There are ways.......