Bad debt or still good?

Question

i have credit card debt that haven't been paid for a while here informations that my friend found out for me after last week the cottector call me to pay this debt..

date of first delinquency was 9/2003. Date major delinquency first reported was 3/2004. Date of last updated was was 12/2006. The account status is in Charged off as bad debt and the debt was purchased by another lender.

This debt still good or bad in FL.

Answer 1

because you haven't paid it!!! its bad debt till you pay it

Answer 2

You still owe it and haven't heard the end of it.  You may be able to negotiate a smaller amount as paid in full if you have a lump sum you can pay.  Otherwise, you will need to start making payments.

Answer 3

Ooooh no. That's a bad bad debt. Naughty debt!!

Seriously. It's bad. Sorry dude.

Answer 4

You didn't pay so eventually the original creditor charged the debt off their books and sold it to a collection agency.  This does not mean you don't still owe the debt.

This is a negative mark on your credit file and hurts your credit score.  This means you would have trouble getting other loans and have much higher interest rates.

This negative item will stay on your credit file for 7-1/2 years from that date of first deficiency.   It should fall off  3/2011.

The Statute of Limitations (SOL), the timeframe to bring lawsuit, in Florida is 4 years (check here:  http://www.bcsalliance.com/statute_of_li...    That would make this debt beyond the SOL -- provided you haven't made any payments since you defaulted.

So, to answer your question, this is a bad mark on your credit file but you can send the collection agency a certified, return receipt letter telling them to cease and desist all contact as this debt is beyond the SOL for Florida.  They will probably sell the debt to another collection agency and you will have to send the new collection agency another cease and desist.