You will still owe the money, plus interest and lots of collection charges. A collection agency will hound you for payment and you will have a hard time getting another credit card or any kind of loan.
Collection agencies can only charge interest if you agreed to it in your original contract. If they actually bought the debt they shouldn't be able to charge any additional interest on it since you did not sign a contract with them allowing them to do so. Please keep in mind that not all collection agencies buy debt. Some are still collecting on behalf of the original creditor which means interest and fees could continue to accrue.
Whether the company is opertaing or not, does not make any difference. Proof of your account is still there.
No pay the vendor. If you pay the collection agency they will extract a fee from the payment and you will still owe the vendor
Yes, if the payments being rendered are not in accordance with the financial agreement. It is, however, unlikely that they would take such action as it would not be in anyone's best interest.
Yes. A charge off simply charges off the debt with the original creditor but just because it is charged off the creditor still can take action to collect on the debt.
Charge offs are accounts that have been written off by the creditor as uncollectable. The debt owed is still valid and can be collected on either by the original creditor or by a collection agency. You can only erase charge offs by disputing them to the credit bureaus or negotiating the removal by the original creditor.
Of course. If it's an unpaid debt, the collection agency owning the debt may try to collect it. And beware, they can track you down no matter what. However, they have to abide by certain rules, which are defined in the Fair Debt Collection Act.
Unless you have a specific repayment plan that the collection agency agreed to, there is no legal reason that cannot sue the cosigner.
No. The collection agency will validate the amount for you if need be, but the creditor no longer owes you the courtesy of a statement.
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
Yes, a collections law firm, is still defined under the FDCPA as a collector. They are required to follow the same regulations that apply to a regular collection agency.
YES, it stops collecting intrest when it goes to collections. at that point they have transfered your debt. It then becomes someone elses problem. But they stop collection intrest.
If you have a garishee against your salary can the creditor still charge interest. Thanks Theo
Nope. Advise the collection agencey that this was settled with the original creditor. You may have to provide them with a copy of a canceled check or money order. You can also have the creditor call the agency. Some will, some won't.
Don't let a collection agency push you around. As a consumer you have many rights. The best places for anyone to exercise their rights are in small claims courts. For less than $100 you can bring a collection agency to their knees.
Even if the collection company goes bankrupt, you still owe the bank whatever money you borrowed from them. The bank hires the collection company to get that money, so you still owe them
Paying the collection agency will clear up your account much quicker and some creditors will return the payment to you if you send it directly to them. Most creditors sign a contract with a collection agency and cannot discuss the debt with the debtor once they place it with the agency, they must refer all correspondence, communications and payments to the agency for the life of that contract.
Yes. You have a legal contract to pay the agreed upon amount. If they did not accept your latest offer, they can send the bill to a collection agency.
No, a "charge off" does not mean the debt has been cancelled by the creditor, the debt is still valid and collectible. The term simply indicates that the creditor is removing the delinquent account from their "books" and will pursue other means such as referring it to a outside collection agency, selling it to a third party collector or using litigation in the form of arbitration or a civil suit to recover money owed.
Sue them for wilful noncompliance and harassment.
Yes, reporting to your credit by a collections agency does not effect the reporting originally made by your creditor. It most normal cases you would see the original creditor having reporting the account as a "charge off" regardless of any reporting made by a collections agency afterwords.
It is still a loan. as long as you owe, interest accrues.