Steve
Bradenton,#2Consumer Suggestion
Sun, February 26, 2006
Linda, Paying on that old charged off debt actually hurt your credit score, AND it restarted the 7 year negative reporting date. Even if you paid it off today, there would be a "paid collection" for 7 more years from today. And, by paying on it, you re-affirmed it and restarted the Statute of Limitations on the legal collections of the debt. The SOL for consumer debt in VT is 6 years from the time it first went delinquent. And anyone other than the original creditor must prove you actually owe THEM the money, which they usually cannot. Now that you have paid them, they can legally sue you and seek garnishment of your wages. However, I doubt they can get 25%. It is usually a percentage of your disposable income. Good luck