Original creditors do not have the legal obligation to inform the customer of such actions, but as a rule they will do so. "Charge off" does not indicate that the debt is invalid/uncollectible.
I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed
It shows as a paid collection. Still a negative thing but shows you did settle account.
Charged off is a shortened version of "charged off to profit and loss". This is an accounting term which describes actions taken by creditors to avoid showing loss (red ink) on their books. For a consumer, charge off is the same as a collection account. It is a defaulted debt that remains owing until paid in full, at which time it is called a paid charge off.
It may be zeroed out w/ the orig company because they sold it to the collection people. DO NOT PAY COLLECTION AGENCIES ANYTHING!! google "fair credit act". lots of info
It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
Yes.
yes
I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed
It shows as a paid collection. Still a negative thing but shows you did settle account.
Charged off is a shortened version of "charged off to profit and loss". This is an accounting term which describes actions taken by creditors to avoid showing loss (red ink) on their books. For a consumer, charge off is the same as a collection account. It is a defaulted debt that remains owing until paid in full, at which time it is called a paid charge off.
The collection company has probably charged interest sincethe day they received the account. The interest rate can differ from state to state on a charged off account. So yes, they can but that amount is not just for two months. You need to ask for a total breakdown on the account and see if the interest charged is correct.
It varies, but can be a lot.
Collection agencies can't add charges. Fees and interest charged to your account are per the terms of your contract with the creditor.
Within a 180 days of default a creditor must charge off the account. After which the account is sent to a collections agency who then follows established collection procedures. These are generally implemented in the form of letters and/or phone calls to the debtor. Collection agencies are obligated to conform to FDCPA regulations whereas original creditors are not. If suitable payment arrangements are not made, the agency that "buys" the account may decide to pursue legal alternatives.
It may be zeroed out w/ the orig company because they sold it to the collection people. DO NOT PAY COLLECTION AGENCIES ANYTHING!! google "fair credit act". lots of info
It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
It would depend on the state laws that are apply to collection agencies and collection procedures. In many states they can add fees incurred for the collection of a debt and interest on the amount of the debt itself.