I have a closed, charged off credit card from 2006

I have a closed, charged off credit card from 2006 that I want to settle with the credit card company. The problem is that is was my first credit card from college and had only a $300 limit. Now, the balance is over $6,000 because of fees and interest. The last time they reported was 2008. I want to remedy this situation but I dont feel like I should pay $6k when I never really owed more than $300. Should I send a letter directly to the cc company or the collection company? What should I say?

3 Answers

Check out the SOL period in your state. If it has expired, then the credit card company won’t be able to take any legal action against you. But if it hasn’t expired, then they can sue you. Look at this page to know about the SOL: http://www.debtconsolidationcare.com/statute-of-limitation.html


If the account has been assigned/sold to a collection agency, then you'll have to send the letter to them. Another thing, you owe the debt. The credit limit was $300. However, you must have crossed the limit. The amount has increased due to the accrued interest rates and fees. 


Which state are you from? You might be able to use the SoL for debts to your advantage.


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