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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.
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∙ 17y ago
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If your bank charged off your bank account and was bought out by another company do you still have to pay?
yes the debt does not go away, the bank simply sold the debt to an outside collection agency.
Car was charged off and repoed will you still have to pay the loan?
Yes.
If a credit card has charged-off balance it means that you don't have to repay the debt?
You don't have to repay the debt but u are required to report the amount of the "charge off" to the IRS and pay taxes on it when you file your tax return
Does the repossession debt get immediately charged off?
No, the vehicle will be sold at auction and after expenses are paid, any money left will be applied to the loan amount. You will still be responsible for the remaining amount of the loan. If you don't pay off the remaining amount of the loan, the debt will be turned in to a collection agency and possibly court action will be initiated.
Should you pay off a credit card that charged off last month and is now in collections the full balance or the settlement amount?
If possible pay the entire amount. A settlement is better than nothing, but paying off the debt is the best option.
Bank account debt collection?
I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed
If your bank charged off your bank account and was bought out by another company do you still have to pay?
yes the debt does not go away, the bank simply sold the debt to an outside collection agency.
Did Serbia pay off the WW1 debt?
no it didn't. it still needs to pay 154 millon pounds of debt.
What if your car was repossessed and the lien holder charged it off but sold the debt to someone else?
You are still walking. You must pay off the new holder of the note. act wuick as they will sell it fast.
Car was charged off and repoed will you still have to pay the loan?
Yes.
Do you still need to pay a company if you are paying a collection agency for the charged off debt?
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
If you pay taxes on a charged off account can a debt collector still collect that account?
If a 1099-C form was received then you are required to pay taxes on the amount shown. This is done when a debt is considered cancelled. A cancelled debt cannot be pursued for collection. ALthough there is no guarantee that unethical collectors wouldn't make an attempt to do so.
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...
How do you get a title for a car that has been charged off for non payment?
Pay it off. It will still likely be repossessed.
Will a debt settlement law firm be able to take care of an account that has been charged off?
Yes. Charging off a debt in no way removes your obligation to pay. The charge off is simply a matter of taxes and losses for the creditor.
Can a family member buy the house that is in a reverse mortgage?
Only if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgage
If a credit card has charged-off balance it means that you don't have to repay the debt?
You don't have to repay the debt but u are required to report the amount of the "charge off" to the IRS and pay taxes on it when you file your tax return
