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Charged off too early?

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Posted by Xer ( on November 12, 2003 at 13:06:32:

I was hoping someone could claify something for me. I am in California.

About 3 years ago I had a line of revolving credit tied to my checkng account charged off by my bank and think they may have jumped the gun on it. It was a $1200 line of credit and payments were automatically deducted from my account each month until for two months in a row I didn't have funds in my account to deduct those payments on the date they attempted to take them. My bank then closed my account and charged off the balance. Then they sent it to an collection agency who also reported the debt.

I thought a debt had to go something like 180 days before it could be charged off? If that is true, what can I do about this now? Also is it okay to have both the bank and the collection company ding my credit on the same debt? Isn't that kind of double dipping as it appears I had two debts for $1200?

Since the SOL in California is 4 years, if there is something I can do, is it better to wait for the SOL to expire?

Any help would be appreciated, thanks.

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