answersLogoWhite
Credit and Debit Cards
Credit Reports
Debt Consolidation

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


Top Answer
User Avatar
Wiki User
Answered 2007-01-08 03:00:59

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.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Still Have Questions?

Related Questions

How can you keep a collection agency from taking your car?

Pay off your debt.Pay off your debt.Pay off your debt.Pay off your debt.


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 is a sum paid toward a balance?

That means you pay off part of your debt.That means you pay off part of your debt.That means you pay off part of your debt.That means you pay off part of your 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.


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


Should you pay a debt that is charged off?

The term 'charge off' does not define the debt as invalid and uncollectible. The term is something that creditors use to signify a debt is in collection status which relates (in a roundabout way) to taxation purposes. One should always honor their debts when it is at all possible. Not paying a 'charged off' debt can subject the debtor to collection action from third parties and/or a civil suit.


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.


If you have little saving for over 1 year but you are in debt for more than your savings do you still have to pay zakath?

No. First pay off the debt and next year, may be, you get enough money to pay Zakat.


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


If an account was charged off can you still be hounded to pay by collection agencys?

Yes, Charged off accounts are sold many times for collection .It also depends on many things as to what can be done . One is the statute of limitation for the state its in.There is a wealth of inf. on the PC about debt collections and may laws that apply.


Can you trade in a vehicle that has been charged off?

You can trade it in but the dealer will have to pay it off before consumating any deal he has with you. Charging it off does not relieve you of the debt nor does it erase the lien on the title.


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.


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.


Is it better to settle a credit card debt or pay it off?

Pay it off


Do homeless people have to pay off the national debt?

Homeless people have no ability to pay for anything themselves. They certainly have no ability to pay off the national debt.


Are there any free debt consolidation or debt assistance companies?

No debt consolidation will be free. All they do is pay off your debts for you, and then have you owe them the money. You still have to pay someone the money, and there is still interest gained on it.Debt settlement helps you in reducing your credit card debt & other unsecured debts. yourdebtfreeadvisor.com provides credit card debt settlement,tailor made plans for debt negotiation and giving you relief from your debts & taking the financial burden off your shoulder.


Should you pay off a debt that is already listed on your credit report as charged off?

A debt being designated as a "charge off" does not mean the debt is not valid and collectible. Collection of the debt will still be pursued either through an agency contracted by the original creditor or a third party purchaser. The creditor/collector has the option of filing a lawsuit against the debtor to recover monies owed as well as using common collection practices such as telephone and written correspondence.


Can you use your Stafford student loan to pay off debt?

No, you cannot use a Stafford student loan to pay off personal debt. The only debt that should be paid off with an educational Stafford loan is your college debt.


Still have questions?