Credit Tips: Can a Payment Be Made on a Charge Off Account

Posted On: March 1, 2006

Author: Guest
Posted: Mon Mar 29, 2004 5:43 pm
Post subject: Can a Payment Be Made on a Charge Off Account

I have an account that has been charged off since 2002. 11 months ago I stopped paying on it, but last month I sent them a payment. Only because I wanted to pay it off. This month I found out that I am ill and won’t be able to work for a good while. Now, I can’t continue to pay them. I sent them a settlement letter today. My question is because I paid them last month will they accept my settlement offer? Did I re-age my account by making a payment last month? Also, I live in SC what is my SOL status since I made a recent payment? Could someone help me out because I need some answers.

Author: NightStar
Posted: Mon Mar 29, 2004 6:50 pm
Post subject: Can a Payment Be Made on a Charge Off Account

South Carolina is 3 years SOL, have to check your state but for the most part paying after charge off does not restart the SOL if unless you signed a new agreement with the collection agency / creditor.

Some states may over rule this, I can’t say for sure. Be a good idea to contact your local states attorney, see if they can answer this or point you in the right direction.

You can always work at settling on the debt, just be sure you get it in writing that they consider the matter closed and won’t be selling the debt to any other collection agency.