Asset Acceptance LLC Numerous calls each day 2-4, Bully tactics used, Check fraud Warren Michigan

 I am sorry to say but your "nighmare" may just beginning, and the sad part is that it was basically of your doing.

First of all you seem to be confused about a "Charge Off".  A Charge-Off doesn't mean the debt just goes away or any Interest stops being assessed.  It is bascially just an accounting term that creditors are required to do by law.  Now, you are right that a bad debt can only remain on your credit for 7 years and it will come off according to you in 11/2014.  But that does NOT make the debt go away.

There is another aspect you have failed to take into account.  There is something called the Statute of Limitations, which is a period of time a creditor can come after you in court and file suit against you.  This time varies based on the type of debt and your State.  Now, it appears that you are in GA and in GA the Statute of Limitations is 4-6 years depending on the type of debt.  The SOL goes from the date of your last activity(payment).  Since based on your admission that your last payment on this debt was in 11/2011, they actually may have until 11/2015 or 11/2017 to file a suit.  If they file suit you will be required to go to court and if you loose again depending on the state they may be able to garnish your wages or attach your bank account.  Then to make this very clear..this is totally independent of the Credit Report Reporting period for the debt.  If you get a judgement against you, that again can be on your report for another 7 years(or longer if it can be renwed).

Now, you have a few other things.  First of all since they are a 3rd Party Collection Agency they must abide by the Fair Debt Collection Practices Act(FDCPA).  This include the ability for you to notify them in writing that you want them to stop calling you.  This can be done by sending them a "Cease Commuications" letter by Certified Mail.  Just remember that even if you request this, they can still take other actions such as filing suit.  Also, if they truly did submit a fradulent check you did not approve that is a violation of the FDCPA and you can go after them in Civil Court.  If you prevail you can get $1000 in Statutory Damages.