why should i pay a charged off debt? i understand the confusion. but charged offdebt isn’t forgiven. the company has written it off, and the accountis closed. the company has written it off as a loss.and they probably sold the debt to a collector, who has the right to pursue you until thestatute of limitations.
Statute Of Limitations On Credit Card Debt, unless i go bankrupt. if you’re going bankrupt, you need to includethe discharged debt in the listing. how do i find out whether the debt is chargedoff? who has the right to collect? that information will be on your credit report.it will show the charge off and the debt collector
who got it. why would i want to pay a charged off debt? it hurts your credit score. you legally oweit until the statute of limitations end or you’re bankrupt. when is the limit? for most states, seven years. in rhode island,a state debt collectors love, is ten years. why don’t sharks eat debt collectors? professionalcourtesy. i’ve always heard that joke regarding lawyers. i prefer to quote shakespeare on that.
while a paid charge off and an unpaid onehurt your credit score just as bad, lenders who see lots of unpaid debt won’t loan moneyto you. except payday lenders. why don’t you just skip the middleman andask the guy who knocks out your knee caps if you don’t pay? at least then you’llget in the habit of paying them back. some lenders may not care about the charge-offand just charge me a higher interest rate. if your credit report doesn’t matter, whatabout karma? you did spend the money. i needed it. the lender is a business, not a charity.
what else could happen? a company that limits hiring to responsiblepeople sees a lot of unpaid debts and decides you can’t work at the cash register, collectingpayments or assembling stuff in a defense contractor’s factory. that’s way more than karma. more like fair.
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