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The only person that can accept payment once an account has been charged off is the purchasing agent. When a collection agency purchases your debt, they purchase all legal rights to it, including any payments made towards the account. If you were to pay the original creditor after a chargeoff, they are required to forward that payment to the purchasing agency and this can be a rather lengthy process. Understand that many debts that go to collections are interest bearing and the longer a payment takes to get to the correct party, the more you may be paying in the end.

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โˆ™ 2006-03-10 17:13:59
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Q: Can you pay a debt to the original company once it has gone to collection?
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How do you find the company that is holding the debt from someone that has gone into recievership?

You will need to begin by contacting the company in where the debt originated from. They can tell you if they are still holding the debt collection or if it has been released to another company.


If a collection account was sold to another collection agency is it correct that they should both show up on your credit report as late payments?

When a collection agency sells your debt they no longer have any claim to your debt. It's like selling a car, once it is gone it is gone.


If an original card account has gone on to multiple collection agencies do you include all or the most recent one in Ch 7 bankruptcy and what if you dont know all of them?

Include everyone you know of and just make sure to keep the paper work ready for anyone in the future that tried to collect it. If the debt was not sold by the original card company then you should not have much of a problem in the future; if it was sold it can be a pain as it may jump around to a handful of other debt buying agents before someone does their job and deletes it.


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Once a collection agency has gone through the procedure to garnish your bank account, they can do so as many times as necessary until the debt is paid.


A collection that is removed from your credit report be gone off the report but the collection agency said you still owe on account?

Well, check your states statute of limitations. If the SOL is up then tell the company to stop contacting you are you will sue them for harassment based on the fact that they have no claim under your state's SOL. The collection agency will try to say you still "owe" and I guess you do if it is your debt but you no longer have any legal obligation to pay.


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How much of the payments prior to repossession is allowed to go toward interest?

Get a hold of a lawyer, because I was told by my friend going through this situation, that His lawyer told him that NO debt once it has gone to repossesion (once that car has been resold), or collection beyond the finance company is allowed to still accrue late payments or interest.


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No. The damage was done as soon as the debt was defaulted on. It is common to have accounts taken over by various ca's.


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What are Credit card charge off laws?

Depends upon the state you live in, every state has different laws like statute of limitations of how many years that they can collect after credit has gone to bad debt. Generally the creditor will "charge off" the debt within 180 days of the last DLA. There are not specific laws regarding such action it is mainly a procedure done by the creditor to remove a debt from their account books for means of tax issues and for collection of the debt via other methods.


Would it be better for you to consolidate through a debt consolidation service verses chapter 13?

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In most cases all the debts of the deceased are the responsibility of the estate. If someone was also a co-signer on any of the agreements might also be responsible. Consult a probate attorney in your jurisdiction for help.


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Has the bopo company gone out of business?

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Are you responsible for a debt that has gone to collections under your name if it was your roommate who signed the contract?

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