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Yes unfortunately they can. Companies today want the charged off account money and will sell it to another agency in order to get this. It will show up on your credit report under another company...so you have 2 listings on your credit report for the original account.

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โˆ™ 2005-10-07 07:34:11
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Credit and Debit Cards

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The law is derived from three main sources what are they

If there is an erroneous payment then

These funds last 5 years have limited use and cannot pay for new obligations

How do you know which transactions are awaiting your approval

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Credit and Debit Cards

21 cards

The law is derived from three main sources what are they

If there is an erroneous payment then

These funds last 5 years have limited use and cannot pay for new obligations

How do you know which transactions are awaiting your approval

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Math and Arithmetic

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Please Evaluate this algebra expression -4 -3

Joe borrowed 8000 dollars on a one year note at 13 percent how much will joe owe when the note comes due

How much time will a 500 investment need to earn 100 in interest at a rate of 10 percent per year

1000 dollars in a savings account pays 7 percent interest per year The interest earned after the first year is added to the account How much interest is earned on the new principal the following year

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Q: If you settled a charged off account with a collections agency for less than the full amount can they resell the difference to another agency?
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Related questions

Can a company who bought a charged off account try to collect interest on the account?

Yes, interest and fees are still charged when an account is sent to collections or purchased by a third pary collector.


How long does it take for credit card accounts to be closed if they have not been paid?

If a credit card account has an outstanding balance that is defaulted on, the account will not be closed. The account will be charged to profit and loss, or sent/sold/assigned to collections, either internal or external.


Is it possible to go outside the country even if you have an unpaid credit card account?

Unpaid credit cards won't effect your ability to travel. If left unpaid, they will be charged off and likely assigned or sold to a collections agency. The collections agency will continue to attempt collections, and your credit will be impacted negatively for seven years.


What is difference between a charged off debt and written off debt?

In most cases there is none. Charge off and written off are terms that indicate the debt is being removed from normal account action and sent to collections. Only when a debt is "forgiven" by the original lender or collector is it considered no longer collectible.


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Will the bank keep funds if you attempt to cash a check written by another party at a bank that you have a charged off account?

If the lending agreement has a "set off" clause the bank can legally remove funds from any account the debtor has with their institution (out of state branches included). That being the case, if the debtor deposits funds into an existing account, the bank can seize them without the necessity of a judgment order. --- If you come into the bank just to cash the check as a "non-customer" and you DO NOT disclose that your account is charged off with them, they can't hold the check. Even if you did disclose the charge off, they can't take your check unless you have a lending agreement or another account it can be deposited into. Once an account is charged off, to pay the charge off, you usually have to go through that banks collections department, which isn't inside the branch. My suggestion, if you can pay your charge off, DO IT. It will benefit you later. Chexsystems will show the chargeoff being paid, and most banks will at least CONSIDER an account for you and give you a little more leeway to get you back on track.


Does the interest and finance charge stop each month after a credit card charge off?

No - I am a collector and service primarily unsecured credit card debt. Per the cardholder agreement that was signed with the credit card company, the account holder is often liable for a LARGER interest rate after an account goes into collections. This may not always be the case, but I rarely see credit card collections that have interest rates lower than 18%. Finance charges are not often applicable when the tradeline has been closed and charged off into collections.


If your car is charged off how should you handle it if you don't have the money?

Wait until the account goes to collections you will be charged the difference between what was owed on the car and the amount the car was sold for at auction plus some legal and auction fees. The lender will try to collect the balance from you for three or four months then give up and sell the debt to a collection company for about six cents on the dollar offer them ten to fifteen cents if they will remove it from your credit report.


What is the best way to get Last Activity Dates to reflect on credit reports versus closed or charged-off dates because there is a big difference in legal reporting time when considering the two?

There is no difference. The DLA indicates the last activity noted, whether it was the last payment made by the debtor or the time the account was charged off. If a debtor makes a payment after an account is charged off, then the 7 year credit report requirement is restarted.


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.


Do you have to pay for a Google account?

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If your bank account says EFT Charged Off does this mean that the account is closed?

If an account is charged off it is automatically closed. It is listed as uncollectable debt.


Can you open an account with a bank if you have had a charge off with a past account?

Typically no, once your account gets to the point of charged off, it has been overdrawn for roughly 45 days (give or take). Your name and SSN then get reported to ChexSystems which then notifies every bank of your charged off account. Not many banks want to risk losing their money to you if you've already lost money for another bank. Your best chance to get an account is to go back to the bank your account was charged off, explain what happened, and hope for the best. And next time balance your checkbook... daily.


If an account was charged off can they report a late payment a year later?

NO! When reporting accounts the creditor/collections company, by law, must report it from the date of last activity. If no payments have been made on the charged-off account it should be disputed with both the CRA and the creditor. What they have done is illegal. Here is a different opinion from another FAQ Farmer: I think that response is well, not wrong, but not on point and confusing. A charged off debt is not a forgiven debt. It is only an accounting acknolwegement by the one owed that the amount due the lender is probably not going to be received. It is however still owed. In the question above it is a red herring. Hence, I read the question as the person has an outstanding account and made a payment a year late. In keeping with the first response, this payment is reported as being what it is: One year since last payment (or late). The accounting (short of forgiving it) on the lenders books makes no difference.


If you deposit a check in your checking account and it bounces does it affect you credit?

i dont think soo it starts affecting you if the company you gave the check to starts trying to collect from you then it might affect it. if your account got charged a issuffisiant funds fee and its negative and you dont take care of it it will go to collections and affect your credit as well.


Is it legal to charge off a vehicle account when the owner wasn't notified?

Yes, there is no law that says a debtor needs to be notified of any debt being charged off by the lender. The term simply refers to the original lender moving a debt from an open account to inside or outside collections. The debt remains valid and collectible.


What is the best way to negotiate a 'settled but satisfied' collection account that cannot be paid off in full?

Definately in writing. Get a written confirmation of the accepted amount from the creditor before handing over the settlement. If the account is currently listed as 'in collections' or 'charged-off' paying this account will most likely show 'settled/not in full' or may show 'settled' and the dollar amount of what was paid [by you] and what was not paid.


How do you dispute a closed account that was charged off and sold to another lender?

You can't dispute the fact that it was sold to another lender. you can dispute the account if the information is incorrect. To do that, you have to fill out a form provided by the credit bureaus (TransUnion, Experian or Equifax) or write a dispute letter.


Do you get charged for creating an itunes account?

No.


When you become a VIP member of the site IMVU will it automatically be charged to your account?

No its Charged after your Month or year or whatever


Can you still be charged any fees after you close a credit card account?

You can be charged any fees that were applicable to the account when it was still open. Yes, fees and interests will still be applied as long as there is an account balance.


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


What is a DDA debit from a checking account?

A "debit" is a subtraction and "DDA" means checking account. You should contact your bank directly for information about exactly WHY your account was debited, but here are some possible reasons:- You requested a transfer to another account from your checking account, and a DDA debit form was used to complete the transfer- You are overdrafted on another account or owe the bank money and they have recollected their loss by debiting your checking account- You deposited checks and totaled them wrong on the deposit slip, so the bank has made an adjustment to reflect the correct total- You are being charged for another reason, such as a returned check


Can you sue a credit card company for a charge they let go through on a closed account and then they sent you to collections and charged off the debt on your credit report?

They can but if what you say is true (although seems nearly impossible) then I don't know why they won. File a complaint with the Federal Trade Commission.


When a defaulted secured loan is charged off and the property isn't repossessed but the account is turned over to an attorney do you still have to pay the loan?

Absolutely, a charge off does not affect the validity of a debt. The issue of the account being referred to a collections attorney or law firm may indicate that the creditor has decided to file a lawsuit or enter into arbitration action to recover the debt.