"Profit and loss writeoff"?

[Anonymous]

Had this listed on an old CC debt from 5.5 years ago. Is it worth reaching out to start payments on this now so many years later and with teh accoutn be closed for years? Or is it irrelevant in regards to credit scroe at this point? I'm in CT so perhaps it will go away soon w/ SOL?

[cgreer72]

I have pretty much the same thing with a utility company. I contacted them and they said it would be removed from my CR when I PIF. Since Im trying to purchase a house, Im going to go ahead and pay it. I would check and see what the SoL is. I guess it all depends on your situation.

[guiness56]

As far as the credit score, it depends on whether or not it is counted in your utilization.  If the CL and balance are being reported it is and paying could help your score.

If it is out of suing SOL and you make payment arrangements, it could restart the SOL.  Or with a payment.  That depends on your state laws.

The debt will drop from your report 7.5 years from the DoFD.  It will do this whether it is paid or not.

If the amount owed is not too much you may be able to offer the OC a PFD.