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If a creditor charges off a debt can they still go after you for repayment?


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2005-10-09 18:10:54
2005-10-09 18:10:54

Yes, the designation "charge off" does not make the debt owed invalid or uncollectible in any context.


Related Questions

Yes. A debt repayment program other than a chapter 13 bankruptcy, does not confer legally binding terms on creditors to prevent them from seeking litigation. AN exception obviously would be if the creditor has signed an agreement agreeing not to file a lawsuit as long as the debt repayment obligation is met. It is however, very doubtful a creditor would agree to such.

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.

A Mortgage is a pledge of real property to a creditor as security for the repayment of a debt involving the property.

Yes. A lawsuit is still viable even if the debtor is actively participating in a debt repayment plan. It is unusual for a creditor to take such action however, as it is added expense and aggravation and often there is no certainty that a creditor would be able to execute a judgment.

A debt iva is a contractual arrangement between a debitor and creditor that constitutes a formal repayment of debts. This is also a formal alternative to avoid bankruptsy.

Tax debt settlements are a little more precarious than the normal debt settlement because the creditor is the U.S. government. Uncle Sam has greater penalties and is far more demanding in repayment of the debt settlements due him. However, the government can actually be a fair and merciful creditor in resolving these situations

Ask the creditor to send you written verification of the debt including all of their documents after incurring the debt. If the cancellation of the debt is not indicated in their documents, then dispute the debt by providing your written notification of cancellation of the debt to the creditor and if unsuccessful, then dispute the debt with the credit bureaus who will initiate an investigation with the creditor and the credit bureau will usually repond to you in 30 days. If no response from the creditor then it will usually be deleted from your credit report. If the collection harassment continues then ignore it realizing that probably no legal action will be taken against you or you can contact an attorney to contact the creditor. Either pay the debt or file bankruptcy.

= If your credit report reports that you have a bad debt write-off, then it means that the original creditor has written off the debt, but they can still sell the rights to the debt to a collection agency and they can contact you and take legal action.

If the BK has not been discharged, you can ask to have it reopened and you filing amended to include the creditor. That will be expensive, though. If that isnot possible, then you owe the creditor the full amount of the debt, and should try to work out an agreement for repayment.

Texas is a CP state, that being the case it might be possible for a creditor to hold the surviving spouse responsible for the deceased's debt if the estate is not adequate for repayment. Whether or not it is viable option for the creditor depends upon the type of debt that was incurred.

In the United Kingdom, the most popular company to offer debt repayment services is The World Bank. The World Bank offers debt repayment services and management for a great price.

It depends on if the debt has been charged-off. Typicall after a debt is charged-off the original creditor has a specific time period depending on the state in which the debtor reside to file suit to obtain a judgment in order to force the repayment of the debt. If the time period mentioned above elaspes without the creditor filing suit then typically the answer would be that the debt does not need to be repaid. However, if you made partial payments to the creditor after the charge-off date you have started the clock over on that time period and the creditor get another chance. The best thing to do is contact a bankruptcy attorney for all the detail concerning the specifics of you particular situation.

Unless you committed fraud, the answer under most circumstances, yes. If you pledged any collateral as security for the loan, the creditor's lien on the collateral would survive. The creditor would have 60 days after the meeting of creditors to file an action objecting to your discharge. If the creditor took no action, the debt on the promissory note would be discharged.

Under Florida law a spouse cannot be held liable for debt repayment if the debt was not jointly incurred. The issue concerning the second card holder will need to be taken up with the creditor. If the couple were still legally married at the time, the creditor will probably accept the spouse's right to use the account. In which case the account holder will be held liable for all charges pertaining to the account in question.

Yes. A charge off does not cancel the debt, it is still valid and collectible by whatever means is available to the creditor, including but not limited to a lawsuit.

No, a debt collection company purchases a debt from a creditor. They can try to collect on that debt but may not charge interest on it as they have no contract with you outlining interest charges. If a company is attempting to do that, cite the Fair Debt Collection Practices Act, a federal law, and complain to the Federal trade Commission, which oversees debt collection practices.

Real or personal property that under state (sometimes federal) laws are not subject to seizure by a judgment creditor(s) and/or government agency such as the IRS for repayment of debt(s).

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!

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.

The main difference between the two is that when a account being. Debt services means they consolidate your debt and debt repayment means they are asking for repayment through money. You should go for debt services to get out of debt. The meaning of this is that the debt consolidator will get in touch with all your lenders, "pay off" the balances on your behalf and subsequent to this instead of two or more credits, you only be indebted to one lender!

Recall of a debt by a creditor is when the original creditor asks for the debt to be returned to them after they have sold it, often to a collection agency. This may occur if the debt has not been collected for a certain amount of time, and the debt will be sold to another agency to collect, or if the debtor offers the original creditor a settlement.

Collateral - in the form of a repayment promise or property... is a 'guarantee' that the person will repay the debt. If the borrower defaults on the repayments, the creditor can recover their money from the guarantor.

No. If a creditor fails to file a proof of claim on a Ch 13, then they do not get paid and the debt gets discharged.

The Limitation Act 1969 (NSW) places time limits on the rights of a creditor to bring an action for the recovery of debts. In most cases a creditor or a debt collector must recover the debt, or commence court action to recover the debt, within 6 years of:the date on which the debt first arose orthe date you last made a payment orthe date you acknowledged the debt in writingThe 6 years runs from whichever event from the above list occurs last.If the creditor does not commence court action within the six years, you will have a complete defence to the debt. There is nothing to prevent the creditor commencing court action, it is up to you to raise the Limitation Act defence, if it applies.Some examples to explain:Example 1: Sarah stopped making repayments on her credit card around 5 1/2 years ago. A debt collector contacted her and threatened to commence court action if she does not pay. As she is afraid of court action she makes a small repayment (which is all she can afford). The 6-year time limit begins to run again from the date of that repayment.Example 2: Kim stopped making repayments over 6 years ago. The creditor contacts Kim to recover the debt. Kim got legal advice and discovered that he now has a defence to the debt under the Limitation Act (NSW).If you are contacted about an old debt, DON'T make a repayment or acknowledge the debt in writing. Do get legal advice about a possible defence under the Limitation Act (NSW).

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