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iryna_s7 · Apr 15, 2012, 08:25 PM

Hello,
Some years back I lost my job, was unable to find another one and, consequently, could not pay my credit cards.
I printed my credit report from Equifax today and besides the poor credit score, saw that a couple of the credit cards were written off and sold to collections. Last activity on one was 2006 and 2008 on the other. Based on this info and the Statute of Law- is it possible for them to sue me/garnish wages(have a job now)/take me to court? Also, when can this information be removed from my credit report?
Thank yoU!

ScottGem · Apr 16, 2012, 03:22 AM

A chargeoff is simply a tax maneuver and has no affect on your obligation to pay. In fact your obligation to pay remains until the debt is paid off.

However, the SOL details when they have to file legal action. If you have not been sued over these debts before, then the SOL has expired. However, its possible they did file suit and obtained a default judgment. If that's the case, they can use that judgment.

Generally a notice is removed from your record after 7 years.

iryna_s7 · Apr 16, 2012, 06:34 AM

Thank you!
In regard to the judgement- do they have a timeline for that?
And, if I wait for the 7 years to pass (another 3 years or so)- will I be "off the hook" and my records will be clear?
I just don't see how I can realistically pay the debt off at this point. And whether I should even bother...