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

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โˆ™ 2005-10-09 18:10:54
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Q: If a creditor charges off a debt can they still go after you for repayment?
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Can a creditor sue you if you are enrolled in a debt settlement program?

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.


Can a collection agency put a lien on your house because of a charge off?

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.


What is mortgage in common law?

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


Can a collection agency sue you if you're enrolled with a debt settlement group?

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.


What are some debt elimination ideas?

One debt elimination idea would include contacting a debt settlement company. You may also try contacting the creditor and arranging repayment options with them directly.


What is the exact definition of a debt iva?

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.


If you have signed a promissory note with a five-year repayment term and you file for bankruptcy will you be protected from repayment of the debt?

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.


Where can I learn about tax debt resolution?

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


If a debt on your credit report says 'bad debt write off ' can the creditor still sue you or collect the money?

= 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.


What to do if a creditor still says that you owe them after a cancellation of debt?

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 you have about 50000 of credit card debt that is 10 years old and you have not filed for bankruptcy does the debt still have to be repaid?

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.


Can a credit card company collect from you after your spouse's death in Texas?

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.


What can be done if you filed for chapter 7 and didn't list a specific creditor?

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.


How can one get debt repayment services in the UK?

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.


Can a spouse have her name placed on your credit cards as a second card holder with out your authorization Can you be held financially liable for her debts in Florida these were not joint accounts?

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.


If a debt is charged off to you still have to pay it?

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.


Can collection agencies request additional money on interest charges after the debt is paid in full?

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.


What are debtor exemptions?

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).


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.


What is does it mean for an original creditor to recall their collection?

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.


What is the difference between debt service and debt repayment?

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!


How is collateral connected to a loan from a bank or credit union?

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.


Do you still owe to a creditor that has a lien on your property and you lose it in foreclosure?

Yes. The foreclosure does not affect the other debt.


If a creditor did not file during a chapter 13 and then it is discharged will you still have to pay them?

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.


Can an account be in Charge Off Status if payments are behind but being made?

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!