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  1. #1
    Join Date
    Mar 2011
    Posts
    1

    Default What is a Charged Off Debt Can Lender Still Collect on Same Debt After

    My question involves collection proceedings in the State of: Maryland.

    My car was repossessed way back in 2004, and never been served with notice of lawsuit, except the collection letters and phone calls, which stopped after about two years thereafter. Jan. 10 the district court wrote notifying me of a lawsuit for collection on the balance owed after the sale of my car by lender. I had noticed in my credit that the debt was charged off by lender one year after the repo.

    Please, help if you can. I am at a loss as to what to do. To negotiate or not? Does he have the right to do this after so long?

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: What is a Charged Off Debt Can Lender Still Collect on Same Debt After

    Charge off means NOTHING to you with regard to debt collection. It's purely an accounting thing that moves the debt from "asset" to a different category for their purposes.

    The bigger issue is that the statute of limitations is short in Maryland, only three years. If they are filing a lawsuit now, you will assert that it is beyond the limitations period. The only way they'd be collecting on you now is if indeed back before 2007 they did get a judgement and they're now just trying some means to enforce it.

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