Charge - Off I Need some advise.

Hi Guest. I recommend that you sign in on this message board and receive some wonderful insight into your matter.

But for the record, a seven year old debt that is on its last leg is not a complete elimination of the debt. It merely means that the company that possesses the debt can stop collecting on the debt but they can continue to report it on your credit report. They can possibly even transfer the debt to another company.

Please read on this message board regarding the statute of limitations on debts. You might be surprised at what can be done.

Alexandra,
Let me add to this.If your date of first delinquency is in 2/2001,then the item will fall off report in 2008 and cannot ever be put back on legally.If sol for legal action has run,the only thing they can do is attempt to collect with phone calls and letters. Be very careful when paying this type of debt because in certain states it can reset the sol and they can come after you legally and report it back on credit report.

NJ SOL is 6 years, so this debt from 2/2001 has exceeded its SOL, so does this mean I can't be sued for it? and does it make sense for them to sue me anyway for this amount of debt($1799)? and how would I know if I was ever sued? Didnt know this charge-off existed until i ran my credit report, i never received a bill or any letters from a lawyer (at least I dont think I got one since I throw alot of junk mail out). HELP!

"how would I know if I was ever sued?"

Is there a judgement on your credit report?

"and does it make sense for them to sue me anyway for this amount of debt($1799)?"

Yes it would, as you'd also be liable for attorney fees and court costs.

"NJ SOL is 6 years, so this debt from 2/2001 has exceeded its SOL, so does this mean I can't be sued for it?"

It is more accurate to say that if you are sued for it, you need only invoke the statute of limitations as a defense, and the judge should dismiss the case.