Legal Question in Credit and Debt Law in Georgia

Credit Card Disaster

When I was 17, I got a credit card with a 500 dollar limit. After I reached the limit i closed the account and kept paying on the account. By 2003 i had paid about two thousand dollars on this card. The company said that i still owed $1900.00 i ask them if we could make a settlement they turned me down. I kept paying for a while and then tried to settle with them again but agin they said no so i stopped paying on it. In 2004 it was charged off as bad debt. In 2005 it finally fell off my credit report. About a week ago i got a call from a lawyer saying that they were going to sue me for the remaining balance, or i could settle this with them for $1500.00. What i need to know is if this was charged off as bad debt, can they persue this, and if so once i pay them will it go back on my credit report.


Asked on 3/30/05, 11:54 am

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Credit Card Disaster

The words "charge-off" do not mean you don't owe the money. The words simply mean that the creditor has noted they think you are a deadbeat and for accounting purposes have listed the debt as likely uncollectable. Assuming the statute of limitations hasn't run, you could still be sued.

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Answered on 3/30/05, 12:03 pm


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