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Chargeoff from 4/1998
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Posted by Maggie (152.163.189.170) on July 24, 2002 at 20:44:16:
My husband had a Citibank credit card that he wasn't able to pay on and they charged it off in 4/1998. This is how it reads on his credit report.
Last Activity =4/1998, balance 6718, past due $4693
profit and loss write off , charged off account, $4693 charge off 04/1998. Well here's the problem. He hasn't heard from these people since early 1998, and then on 7/13 he received a collections letter from S&A Services of Watertown, LTD. stating he needed to pay $12689.18. This is three times his balance. Is this legal? What are the statutes of limitations on this? He lived in Maryland when he opened the account and lived in Arizona when it was charged off. The collections company is in New York. Should he make a settlement? Would it make an improvement to his credit? Would it extend how long it will be on his credit. Shouldn't it come off in 7 years (4/2005)? Please help ASAP!!! Thanks
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