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After a debt has been charged off can a third party start collection on the debt 2 years after the debt was charged off?
Wiki User
∙ 12y ago
Yes, because all that charged off debt is just charged off by the original lender, not for the entire world. They will sell it for some amount of money to collections agencies in orde to get something and write off the balance of the debt on their taxes as a loss which you have to in turn enter charged off debt as income unless you pay it back. The collection agency starts the process all over and the seven years starts all over too, to infinity and beyond...It never goes away unless it is legally disccharged off through cp 13 or 7 bankruptcy unless is a student loan, federal IRS debt, child support, judgment, etc...
Wiki User
∙ 12y ago
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What is a third party collector?
Collection agency.
What is the third party called?
An independent third party is simply called an independent party. This is typically a political party that does not affiliate with the republican or democratic side.
What third party did roosevelt start?
progressive party
Can a collection agent continue to call a third party if the third party had already informed him that he has the wrong number and to stop calling?
No. They should stop calling.
If banks writes off loan can they collect in Maryland?
Charged off accounts can still be sold to third-party debt collectors for collection. Nothing precludes them from attempting to collect on a charged off account. The collection agency that is contacting you would have to be licensed in the State of Maryland to conduct business. You can obtain licensing information on the Maryland Commissioner of Financial Regulation website.
What is the third parties?
what is a third party collection call
What percentage of the debt do third party collection agencies typically pay for a delinquent account?
5%
Can a debt collector in the state of Michigan collect on a debt if they have already charged it off?
Yes, the term is used to indicate a debt being written off as uncollectible by the original creditor. The debt however remains valid and subject to collection by a collection agency working for the original creditor or a third party that buys the account.
What happens when you do not pay your credit cards?
That is totally dependent upon the creditor. The account will eventually be charged off, and then either referred to a collection agency, sold to a third party collector, or cancelled as a uncollectible. Unless a debt is cancelled it is subject to collection procedures. The debtor can be sued for monies owed as long as the debtor's state's SOL for the filing of such litigation has not expired.
What is the plural of third party?
The plural of third party is third parties.
How hard would it be to start a third and fourth political party?
by involveing diffferent catogeries
How long does a third party collection agency have to collect on a debt after the debt is charged off by the original creditor?
There is no time limit placed on their collection efforts to collect a debt. However, there is a SOL for legal recourse and for how long it can report on your credit reports. Reporting time is 7 years and so far as the SOL for legal recourse you would have to check your state laws to see how long.
