the original creditors claim should drop off and the CA claim stay. Double?? Likely, the unterest and fees are building up. Try to settle this somehow. They WILL deal.
If you have a garishee against your salary can the creditor still charge interest. Thanks Theo
That is perfectly legal. The term "charge off" does not mean that the debt is not still valid and fully collectible.
Yes, it can. Just because a creditor charges off your debt, does not mean that you don't still owe it. Before you pay on a charge off, make sure you get an agreement from the creditor to delete it from your credit report once it's paid!
If there is an outstanding account balance. Closing/canceling the account will not eliminate any fees or penalties that were in the agreement when the account was opened. There might also be an annual charge even though the account has been deactivated.
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.
they can if it contains a balance. if they charged it off and gave you a zero balance and a pay off letter then they cannot. If they closed the account and reduced the amount you owe you are still responsible for the payments including late fees and interest.
Only if they actually took the charge off.
One of two things. First, you still owe the money. but you can not use that credit account anymore. or Second, you have paid off the account and the creditor has not notified the credit bureaus that you have paid this account in full. If it is paid in full, I suggest you notify the credit agencies.
Potato farms are STILL alive!
A charge off is an account that the creditor has decided not to collect on. When they are listed as a charge off, that does not mean anything to you except a ding on your credit report. You are still obligated to pay the debt. What usually happens is a third party debt collection agency will make arraingments with the original creditor to come after you. This can be a double dip on your credit report because the original creditor might list it and the debt collector might list it also.
Yes, reporting to your credit by a collections agency does not effect the reporting originally made by your creditor.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.
Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.
There is no set time for a creditor/lender to cancell a debt. Charge offs are generally done 180 days after the account becomes delinquent. A Charge off does not mean the debt is not still owed and collectible.
The account will or should be changed to read "included in bankruptcy". It will still however remain on the report until the seven year time limit expires. However, the account is charged off for the amount that wasn't collected and reporting that would be proper too. (Charge off is how the creditor reflects that you didn't pay and he had a loss on the account...that it was by bankruptcy makes no difference...actually worse).
Yes, if you still owed a balance at the time the account was closed. Just because a company closes an account does not mean that any balances that are owed to them disappear. If your account was closed and there was still a balance outstanding and you did not pay that balance, the company has every right to collect the balance and any interest outstanding.
Yes, a charge off does not prevent a creditor or collector from filing a lawsuit against the debtor to recover debt owed. However, all states have statute of limitations that establish the time period in which a creditor may file a lawsuit.
A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.
To successfully close an account, you must first have a zero balance on said account. Otherwise, you will still receive bills on that balance, which can and probably will accrue late charges.
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.
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.
You can be charged any fees that were applicable to the account when it was still open. Yes, fees and interests will still be applied as long as there is an account balance.
No, it's the same account and the new creditor is simply taking over the same rights as the original creditor.
The account balance will reflect any payments made into the account providing the account is on real time banking. So if you pay in any cheques the account balance will reflect this. The available balance will take into consideration any earmarks on the debit card which are due to debit and also any cheques you may have paid in that are at the moment still uncleared on the account.
Statement of Account