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You should be very careful because you have waited so long. If you re-affirm the debt by making a payment, you might reset the statute of limitations and opened yourself up to being sued...even if the debt has passed the SOL.
Paying back the debt is the ethical thing to do, but you should contact an attorney on the proper way to do it.
Ethnical as long as there is no hardship in your life. Also, you can negotiate and bargain some the ball is in the debtors 'court'.
I noticed a few people here are under the impression that "charge off" means the original creditor sold the debt. WRONG. "Charge off" simply means that the original creditor has found the debt to be "uncollectable". Now, the creditor can either place the debt with a collection agency and pay them a percentage of the debt collected OR they can eventually sell it to a collection agency for a lesser amount (typically, it's not "pennies on the dollar" until the deliquency is over 3 years old)
Also, if these are credit card debts, you can probably settle them for 15-25% of the balance. However, be sure to have them fax or email you something stating that once you pay this, the account will be settled in full. If they refuse to send you anything BEFORE you pay, then tell them you're not paying and hang up.
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