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  1. #1

    Default Collection Agency Letters Received After A Credit Card Was Charged Off

    Hello. I am new to this board and extremely confused! I had gotten myself into trouble with credit cards at the age of 18, now I'm 27. The two credit cards, Capital One and another are now and have been completely payed off. I also had defaulted on my student loan, but once I got my new wonderful job...paid it off entirely in one year. \
    I acquired another card last year in order to help repair my credit. I charge on it...then pay it off immediately. It seems to be working. I just ran a credit report and it is better then the ones earlier in the year and last year, with less negative. I do not know my credit score however.
    My question is...I had a boscovs card that was charged off. The balance was for 354 dollars. I have heard nothing from the company. A few months ago i got a letter from arrow financial claiming they have bought the account. From what i understand they do this for pennys in the dollar which would explain why they were offering me to pay lesser amounts of money. I recevied another letter, saying I owed them 380 dollars...and now another saying I now off 400. How is it they keep raising it with no explanation of why?
    They are not listed on my report at all. One report has them listed as an inquiry last year. I am not sure of what to do....do i pay them? Someoen was telling me if i pay then..they will then go on my report in negative for another seven years!!!!!!! The boscovs account looks like it was opened in 4/2001 and closed in 2003. Another person told me not to take the "deal" they offer because that reflects negatively as well.
    I just want to take care of the issue..and stop receiving letters. If I have to pay then, I will. Anyone have any idea of what the proper procedure is? I could get a lawyer, but I thought that in the long run would cost more then the 400 dollars.
    If more info is needed I have it all! I have copies of my reports over the past few years and every letter I have received

    Forgot to include where I live, PA if it makes a difference

  2. #2
    Join Date
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    Default Re: Collection Agency Letters Received After A Credit Card Was Charged Off

    A charge-off is irrelevant to whether or not a debt can be collected. However, the statute of limitations may nonetheless prevent collection through the courts.

    Generally speaking, the statute of limitations appears to be four years. So if the default occurred more than four years ago they probably cannot take any legal action to collect it.

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