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itic

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paying on discharged credit card after it's removed from credit report
I have a CC that went into collections back in 2010 and I have been paying them every month since. The CC continued to charge interest for a year, which I was told was illegal. They finally stopped charging the interest, removed it and 3 weeks later re-applied it saying the company wouldn't remove it until I was ready to pay off the debt. Now Aug. 2015 I have still been paying every month, the my report shows this CC was discharged back in 2010 as well and it's supposed to be removed from my credit reports this coming September 2015. I don't know if the collection agency or CC company can continue to collect after so long and/or after it is supposed to be removed from my reports. If it's removed from my reports and I stop paying, can the CC company reopen my account to make me paying with interest again? Thank you for any suggestions you may have.

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They can always pursue you for the debt, there is no time limit on that, however on old debt, you can just send a cease and desist letter to prevent them from contacting you. In other words, the credit reporting time period of 7 years for negative accounts has nothing to do with the time frame they can pursue you for the debt. Companies only have so long to use the court system to collect on a debt. This is known as the Statute of Limitations, and SOL will vary from state to state. You would want to look up "statute of limitations to be sued by a debt collector in "your state". The only problem that you may face is that you have been making payments on the account and in some cases and states, when you stop paying on a payment plan it resets the start date of the Statute of Limitations which makes the debt allowed to be pursued in court. Please note, when you stop paying on a payment plan, even if it does reset the statute of limitations, it does NOT reset the credit reporting time period. You are going to have to do some research on the laws in your state regarding the collection of old debts.

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