Hello, I have a question. I had a credit account charged off in 02-2007. Prior to the credit card being charged off I made numerous attempts to pay the debt, everything from debt management programs, which the creditor dropped out of after a late payment, to asking them to waive the outrageous finance charges on the debt. In short, they were charging so much interest on the debt that I could barely afford to pay the several hundred dollars per month and the debt was growing after each payment. So, I stayed in contact with them and they told me that a charge off may be in my best interests since I could not afford to keep making large payments every month. The account was charged off and now a collectios firm is suing me almost three years later. What options do I have.

It may be too old – See Statute of Limitations on Debts:

But if it is not too old, they can still sue unfortunately. You can dispute it and demand all evidence of the debt etc. They may agree to compromise or may even drop the suit.

See also…

Law Forum: Debt Collection