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Can credit cards still charge interest after credit debt has been paid offbefoe due date?
Yes they can. They charge you from the time they last charged you interest until its paid off.
What does it mean when an account has been charged off on a credit report?
Charged off is a shortened version of "charged off to profit and loss". This is an accounting term which describes actions taken by creditors to avoid showing loss (red ink) on their books. For a consumer, charge off is the same as a collection account. It is a defaulted debt that remains owing until paid in full, at which time it is called a paid charge off.
Do guglielmo and associates by charged off debt?
Guglielmo and Associates is a debt collection agency, and it is possible that they may handle charged-off debts on behalf of creditors. Charged-off debt refers to an account that a creditor has deemed unlikely to be collected and has written off as a loss. If you have specific concerns about a charged-off debt with Guglielmo and Associates, it is advisable to contact them directly for clarification on their practices and your account status.
If you pay on charged off accounts are you throwing money away since no one is trying to collect on them?
Just because an account is charge-off does NOT mean the debt is not being collected upon or that the debt is expunged. Charge-off accounts are often sold to collectin agencies or junk debt buyers who will subsequently try to collect on it. Paying a charged-off debt will not help your credit scores. A status of 'paid charge-off' or 'paid collection' is still a negative. A mortgage lender may look more favorably upon accounts like these, but paying won't remove the tradelines or increase your scores.
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.
How does paying off a charge off affect your credit?
Usually, once a company charges off a debt, they will send the unsavory transaction to the credit bureaus, lowering one's credit score. Even if that individual pays the charge-off, the damage is done insomuch as the lender rarely sends an updated message indicating that the debt was paid. If you paid the charge-off, you may dispute the transaction line (by having a note added to the line that states that the debt was paid on a particular date), however, you DID allow the debt to get charged off, so that line will only go away after seven (7) years.
Can you be sued by a creditor who has charged you off as a bad debt?
Yes. Being "charged off" is merely an internal accounting term to indicate that the amount owed should not be carried as an asset of the company. It does not mean that the debt itself is discharged. Companies will charge off debts because they cannot keep inactive accounts on their books indefinitely. But after they do charge them off, they either sell them at a discount to collection agencies, try to collect on them themselves, or forget them. But they can sue. If a collection agency comes after a debtor on a charged off debt, the debt can probably be settled for a lot less than the real amount. This is because the agency probably bought the charged off debt for less than half of the amount. If the debtor offers an immediate payment of say 75%, the agency still makes money on the difference between what it paid for the debt and the amount it gets from the debtor. Agencies want quick money with the least effort, so if it can make one phone call or write one letter and get more money for the debt than they paid for it, they will do it.
Why does your credit report have chargeoffs when you have paid all the creditors off?
in most cases your original crediter, say sears, charged off your account and then turned it over to a collection company. the collection co bugged you and you paid the amount owed. in this way you did pay in full but prior to paying in full Sears charged it off as a bad debt. the collection company got 50 60% of the total amount you paid.
Can a collection agency sue for a 'charged off' debt?
Yes, the term "charge off" does not render the debt invalid or uncollectible.
Mortgage charge off and debt forgiveness?
wells Fargo charged off my 56,000 dollar home. Reported as 0 payment. 0 balance, and 0 old. What does that mean to me. I have not paid anything since 2007.
What is a paid charge off?
If you fail to pay a debt for a period of time (usually around 180 days), the creditor usually assumes it will not be paid, and writes the balance due off his books as a tax deductible "charge off". If you then pay the debt after it has been paid, it is a "paid charge off". It is usually good to try to negotiate with the creditor to see if they will remove the line "charge off" from your CR, but it's best to negotiate before you pay them. Paying the charged off account without removal of the trade line will help your credit rating surprisingly little.
After a debt has been charged off can a third party start collection on the debt 2 years after the debt was charged off?
Yes, because all that charged off debt is just charged off by the original lender, not for the entire world. They will sell it for some amount of money to collections agencies in orde to get something and write off the balance of the debt on their taxes as a loss which you have to in turn enter charged off debt as income unless you pay it back. The collection agency starts the process all over and the seven years starts all over too, to infinity and beyond...It never goes away unless it is legally disccharged off through cp 13 or 7 bankruptcy unless is a student loan, federal IRS debt, child support, judgment, etc...
