The charge off definitely comes off your report after 7 years of the last activity on the account but you still owe the debt. As long as it remains on your CR the creditors can sue you and a judgment passed against you will stay on your report for another 10 years.
Bankruptcy should be the last option for you. Look I really do not have the knowledge of your financial situation now so cannot tell you exactly what you can do but i will advise you to pay the debts off. A charge off does not mean that the debt is gone. It is there. Why dont you get in touch with the OC or the DCA to settle the debts. Talk to them explain your position and ask them to settle for a 40 - 50% of the original debt only if that is possible for you.
Laura the creditor will not agree to a settlement so easily. It true that there has to be tactful negotiation but then he has to ask them to change the report as well like "settled as agreed".
A charge off is a negative item and it does get removed automatically after 7 years but then the debt is still there. Then again you have to know the SOL of your state. Once you open the debt the term of SOL reopens all over again.
It is risky to keep a charge off on your file just like that and wait for it to fall off. What if you get sued? That will further ruin your credit report.
Hi,
The charge off definitely comes off your report after 7 years of the last activity on the account but you still owe the debt. As long as it remains on your CR the creditors can sue you and a judgment passed against you will stay on your report for another 10 years.
Bankruptcy should be the last option for you. Look I really do not have the knowledge of your financial situation now so cannot tell you exactly what you can do but i will advise you to pay the debts off. A charge off does not mean that the debt is gone. It is there. Why dont you get in touch with the OC or the DCA to settle the debts. Talk to them explain your position and ask them to settle for a 40 - 50% of the original debt only if that is possible for you.
Good Luck
Laura the creditor will not agree to a settlement so easily. It true that there has to be tactful negotiation but then he has to ask them to change the report as well like "settled as agreed".
A charge off is a negative item and it does get removed automatically after 7 years but then the debt is still there. Then again you have to know the SOL of your state. Once you open the debt the term of SOL reopens all over again.
It is risky to keep a charge off on your file just like that and wait for it to fall off. What if you get sued? That will further ruin your credit report.
Thanks
Anthony