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Re: charge offs


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Posted by Why Chat (209.240.198.61) on January 24, 2003 at 07:56:48:

In Reply to: charge offs posted by anon on January 24, 2003 at 01:41:26:


The collection agency will continue to add interest to the account as long as they have it on their books.

Your LEGAL obligation to pay this debt ended when the SOL (statute of limitations) for your State passed.

You may, if you are still being contacted by this collection agency, and if you are past the SOL, send them a cease and desist "SOL" letter, which will put them on notice that you are aware of your legal rights and prevent further collection or reporting activity.

The derogatory information will come off your credit report in 7 years,unless you reactivate the account by making a "settlement" offer.

As to any obligation to pay a debt to a collection agency past the legal time, that is a purely personal decision.

My OPINION is that any such optional "moral" contribution is better made to the charity of your choice.


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