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Do I need to repay the charged off balance amount in a cc?

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One of my credit cards is charged off and some people in the debt collection industry have told me that there can't be any legal charge against me.... Do I still need to repay the balance amount?

Yes, paying off the remaining amount will improve your creditworthiness to your future creditors that somehow you've managed to make the remaining payment. It will be a positive thing which can help you qualify for loans at better T&C in the future.

Sub: #1 posted on Fri, 10/26/2018 - 05:29

Mabelle Page Mabelle Page

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See, a debt is a debt. You have to repay the balance in full. However, you should check your state's statute of limitations. If the debt is within the SOL, then you have to repay the debt. If the SOL has expired, then you may not repay it. But, don't recognize the debt if you get a collection call. Otherwise the SOL clock will restart again.

Sub: #2 posted on Sun, 10/28/2018 - 22:58

Sanders Patricia Sanders Patricia

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