I have about $ 7,000 in credit card debt that I have be unable to pay for about 2 years now. About 4 cards total. All accounts have been written-off but, I still get 10-12 calls a day from the collectors. I have a few questions ? Can the credit card holders try to sue me ..... or will they was some day go away ? Why would you pay something that has been charged off ?
2007-02-23 06:58:07 · 3 answers · asked by TR 1 in Business & Finance ➔ Credit
Because you still owe it to them?
Charge off is good for taxes; recovering past due debt is good for income.
If it's been 2 years they probably won't sue; but as long as you owe it, they have the right to collect it and legally pursue it.
2007-02-23 07:01:42 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
The credit card company usually attempts to collect from you and will eventually sell your debt to a Collection Agency. Even if the original creditor writes the debt off, the Collection Agency will continue to pursue the collection of the debt.
I don't know if you realize it or not, these debts can and often do show on your credit report for years. Also they can place a Judgment against you which can attach to any real property you own. Meaning if you own your own home, if you try to sell or
refinance, it is likely you will have to deal with the debt before you can complete your transaction.
I have even heard of debtors Bank Accounts and wages being attached, scary.
I know you should be able to check on the Web and find out what the creditors right are in your State. I don't know how to do it myself or I would tell you.
2007-02-23 07:52:22 · answer #2 · answered by Plain Jane 3 · 0⤊ 0⤋
You would pay the money because you took the goods. If you don't pay the money, it is called stealing.
2007-02-23 07:06:48 · answer #3 · answered by istitch2 6 · 0⤊ 0⤋