Debts Chargeoff

If you have a chargeoff for debts, remind that it can be collected several years later unless it was discharged in a bankruptcy procedure.
So if you're paying on a charge off, after reaching (negotiating) a settlement with the creditor, you avoid unexpected collection attempts later by the creditor, because it's their right to collect on the loan as long as it isn't paid off.
You may also be required to pay collection costs and additional interest.

However, paying on a charged off loan or credit doesn't likely mean that it will be removed from your credit report. It will probably stay there for 7 years.
The advantage for paying off is that it will eliminate a liability that could be a factor in obtaining a major loan such as a mortgage, and it will increase your credit score over time. Staying out of serious debt.

Stop or reduce charging with your credit card and seek professinal advice. There are communities offering free advice or legal services to local residents with debt problems.

On the FICO scoring models, collections are weighted less heavily than chargeoffs. This makes sense: usually there's also a chargeoff tradeline for most collections. However, that said, there are significant side effects. When a chargeoff is sold to a distressed debt purchaser, it should be reported as a collection. However, frequently this is shown on credit reports as an "open" (meaning revolving), currently delinquent account -- thus, it is weighted more heavily than it should be. If unpaid, sometimes it is "charged off" a second time -- an unfair double-whammy to the consumer's credit score. I maintain that this is a deliberately malicious act. Given that sale of distressed debt is becoming more common, correct reporting needs to be codified into law and policy

Top of this Debt Charge off info page.

Analize Debt, when circomstances change.

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