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Yes, Absolutely! I was and a judgment was AWARDED against me. Now in order to protect my paycheck, I have to make payment arrangements or risk garnishment of my checking account. HERE IS SOUND ADVICE - Make payment arrangements and make the payments as agreed.
But only if the it occurred within the statute of limitations which varies by state. If the statute of limitations has past they are out of time, but if you make payment arrangements you may actually reaffirm the debt and then you would have to pay. I was out of work about 10 years ago had some bills which I would never be able to pay, when I finally got back working I was making just above minimum wage and it took almost 4 years to get back to where I was financially. The statute of limitation was past in my state so they call me from time to time, but they can't collect and they can't put it back on my report so long as I don't reaffirm the debt by making a payment arrangement. My advice is if you are in a bind to contact legal aide if you qualify or an attorney for advice for your state.
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∙ 12y ago
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Can a collection agency sue for a 'charged off' debt?
Yes, the term "charge off" does not render the debt invalid or uncollectible.
What does a 0 balance charge off mean?
A 0 balance charge off means that the debt company has given up trying to collect the debt. It may sound good, but the effect on the credit rating is very bad.
Can a debt be listed on your credit report by the collection agency as two separate entries with one as a charge off and the other as a collection fee?
Yes, the charge off is entered by the original creditor, and the collection fee is a separate debt.
What are the consumer tax implications from charge off?
The charge off is the declaration by a creditor that an amount of debt is unlikely to be collected. The implication that it increases the consumer tax.
Can you still be sued if a credit card company charges off your account?
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.
Can you be sued after a bill was charged off on your credit record?
Yes, a 'charge off' does not invalidate the debt nor the legal rights of the creditor to collect that debt.
Can you be sued for a charged off credit debt by the original creditor?
Yes.
You owe Americredit for a car you returned can they charge some of that debt off?
They can charge off all of that debt, but it in no way remediates your repsonsibility to pay. All "charging off" a debt means is that it has been removed from the lender's active books. Charge off does not forgive the debt, only bankruptcy can do that.
What can be done to someone who owes credit card debt but has no money or property and is being sued?
get a job(s!) and pay off the debt
What is internal charge off?
A bank or a loan company can "charge off" a small amount of debt to get the amount off their books. However, this will affect a person's credit report. And it does not mean the person does not have to pay the debt. A debtor should still work to pay off the charge off, to clear the debt and save their credit rating.
Can a collection agency sue for a 'charged off' debt?
Yes, the term "charge off" does not render the debt invalid or uncollectible.
How many years does it take for a debt to be written 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.
Can you be sued by the original creditor if the debt is now owned by a debt buyer?
No they can not sue you.
What is a Charge-off in a credit report?
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.
Can creditors collects a debt from seven years ago in New York?
Only if it is a judgement. If they never sued you, then after 7 years, it will come off of your credit report, and you are no longer liable for the debt.
Can a credit card company still continue to charge interest if the debt has been charged off?
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.
If a creditor charges off a debt can they still go after you for repayment?
Yes, the designation "charge off" does not make the debt owed invalid or uncollectible in any context.
