when will it drop off?

Question

I had an account with ugly duckling for a car that was a lemon. My last activity on the car was in March of 2001, when I told them to come and get it, because I refused to pay for a big potted plant in my yard! They eventually charged the account off, and sold it to another company, who also shows up on my credit reports. This happened in 2005. My question is, when Ugly Duckling drops off of my credit reports, will the other company drop off too? If not will I have to wait til 2012 for it to run its course too?

Answer 1

The charge off tradeline can report for 7 years from the date of your last payment.

If the original creditor is also reporting a deficiency tradeline, it will report for 7 years from the date the vehicle was sold creating the deficiency. And, the charge off MUST report a zero balance.

If they sold or assigned the account to a collector, it would have been the deficiency account. Which will report for 7 years from the date the vehicle was sold creating the deficiency. If the collector is reporting, the original creditor MUST report a zero balance.

Repo's void the original contract. And since the original contract is void, the collecting SOL falls under the UCC for a 4 year collecting SOL that started the date the vehicle was sold creating the deficiency.

Answer 2

You will have to wait until you are dead.

If this new company cannot collect your debt then they will sell it to a worse collection agency and they will try to collect for a while.

They will break in your house or steal your car or send you pictures of your wife or they will break your nose.

If all that fails then your debt is sold to "The End of the Line"

Trust me.
You don't want to know what that is.