Hello, I had a Credit One credit card that written as a charge off back in 2007. Within the last month, I received calls from an aggressive collection agency regarding my debt complete with new charges and fees added to the original balance not stated on my credit report. I also looked at my report regarding the card and the file has been updated as of 9/2008 as 'bad debt, placed for collection'. as of 9/2008. Does this happen often? What is more responsibility regarding this debt? I know I'm legally liable up to seven years. By the way, the agent won't give me any offers until I agree to make payments. I know I was irresponsible but I'm trying to figure out what my best options are.
You are legally responsible until you pay the debt or file bankruptcy. 7 years is the limit it can be reported, but this does not extinguish nor relieve the debt. The creditor can attempt to collect forever, they just lose the ability to use the courts for enforcement after SOL expires and the ability to report against your credit after the 7 years from DOFD.
But the debt itself continues to exist.