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Yes, the term "charge off" does not render the debt invalid or uncollectible.
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∙ 15y ago
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If a creditor has written off your debt can a collection agency then come after you for the amount?
If the debt has been cancelled, no; if the debt has been charged off, yes.
Can a credit card debt that was charged off and sold to a collection agency be reported on your credit report?
Yes.
Do you still need to pay a company if you are paying a collection agency for the charged off debt?
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.
You had a credit card account which they charged off and sold to a collection agency ca Now you have that charge off which carries a balance and a CA collecting on the same debt What could you do?
It is unlikely that the account was "sold" to a collection agency. Rather, the agency was contracted to recover the debt. The "charge off" of the account only affects the original creditor, and represents a loss reported against the company's taxes. If the collection agency has attempted to recover the debt and has been unable to, the original creditor will likely pull back the account and refer it to another agency in hopes of greater success.
If original creditor charged off then sold it to a collection agency can they both report the debt where the same debt appears twice on your credit report?
no.This is in violation of The Fair Credit Act and The Fair Debt Collection Act.Report this to the FTC and your state attorney office.then look for a lawyer to sue them.
Can a debt collection agency legally identify themselves a 'collection agency' when placing inquiries on your credit report when the debt in question was charged off over a decade ago?
No.
If a creditor has written off your debt can a collection agency then come after you for the amount?
If the debt has been cancelled, no; if the debt has been charged off, yes.
Can a credit card debt that was charged off and sold to a collection agency be reported on your credit report?
Yes.
Do you still need to pay a company if you are paying a collection agency for the charged off debt?
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.
Can collection agency put lien on home in attempt to collect a charged off debt?
If they obtain a judgment against you, some state's houses are protected
If your bank charged off your bank account and was bought out by another company do you still have to pay?
yes the debt does not go away, the bank simply sold the debt to an outside collection agency.
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.
Can a secondary collection agency purchase a charged off debt and then begin to add late fees and add additional debt to the original?
Yes, it is perfectly legal for a debt to be sold and for the debt to continue to accrue interest and penalty charges.
You had a credit card account which they charged off and sold to a collection agency ca Now you have that charge off which carries a balance and a CA collecting on the same debt What could you do?
It is unlikely that the account was "sold" to a collection agency. Rather, the agency was contracted to recover the debt. The "charge off" of the account only affects the original creditor, and represents a loss reported against the company's taxes. If the collection agency has attempted to recover the debt and has been unable to, the original creditor will likely pull back the account and refer it to another agency in hopes of greater success.
When a credit card account has been charged off can the collection agency charge you additional fees and interest?
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.
Does the creditor or the collection agency get the money you pay on a debt?
When a collection agency takes on a bad debt, in many cases they are "puchasing" the debt from the original creditor. When you then pay off the collection agency, your money will stay with that collection agency. This is the most common scenario, but some companies do have their own internal collection agencies (Capital One, for example, has their own collection subsidiary in Idaho - the Westmoreland Agency). Hope this helps!
Can a collection agency increase interest on a charged off account?
Yes.
