Credit Advice

i got a 14000,00 that is charged off but i am trying to pay it back not for another 2 years. i am paying 25.00/month right now. If i decide not to pay anymore will they take me to court.

yes, yes they will seize everything you ever demonstrate to be in your possession. It is horrible to go through this trust me!!

How can I find out how many companies I owe and the amount, so I can start to clean up my credit

I have a charge-off on my credit report. The line of credit was taken out when I was 18 y/o, is through CapitalOne and the balance is approx. $1700. I'm almost 25 y/o now. What should I expect if I make one of the following decisions: a) to pay off the amount I owe, b) wait the remainder of the time it takes for the mark reach the 7 year expiration limit. I understand I am obligated to pay my debt, but assuming, for the sake of the most practical and quasi-financially-moral of us out there, what happens if I let it expire? Bonus question: does the deliquent (negative) report remain on the account 7 years after opening the line or credit or 7 years after it is first reported as deliquent? Thanks.

Many creditors will charge-off debt after 180 days of less-than-minimum or no payments.

It may sound good, but don't start celebrating just yet. In declaring your account a charge-off, the creditor or lender has declared it a loss for the company; however, the debt has not been canceled and you are still responsible for paying it off. The creditor will close your account and you will not be able to make purchases anymore, but you'll continue to receive bills and they will continue to attempt to collect on the debt.

Additionally, creditors report charge-offs to the credit bureaus and the negative entry will remain on your credit report for seven years.

Consider calling your issuer and asking, that way you know for sure.

Either way, make sure you don't sit and wait until you find out the hard way-- when they actually charge your debt off. =| Not a great way to hear about it....