Legal Question in Credit and Debt Law in Pennsylvania

Re: credit card

You should contact an attorney to discuss your matter. you must respond to the law suit. If this is an old debt and you have not made payment on it for more than four years you may have a defense (Statute of Limitation(. Depending on the facts in your matter you may have other defenses or options in responding to the law suit.

Re: credit card

Charge off means the card company has assumed this is a bad debt that will not be paid. The debt does not go away, and you can be sued for it, but NOT if it is over 4 years old. Also, the bad ebt is often sold off for a fraction of the face value (ex. - $100 for $1,000 debt). VERY often when the debt is sold, the party buying the bad debt never gets the information necesary to justify the amount of the original debt, let alon how they calculated the interest and penalties, so the FIRST THING YOU DO IS DEMAND PROOF OF THE ORIGINAL DEBT AND A FULL ACCOUNTING FOR THE INTEREST AND PENALTIES! If they can not explain what the original $$$ claimed was spent on, or how they calculated the interest, penalties, etc., they can not win at trial. If you want to settle, this will give you leverage to get the best settlement. If you want to fight the whole thing, it helps there too.