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Should you pay off a debt that has been written off by a company and sold to a collection agency if the agency is now trying to collect?
Wiki User
∙ 17y ago
The debt is still valid and collectible therefore the creditor/collector can use whatever means necessary to recover monies owed. Collection procedures would also include the possibility of a lawsuit if the state SOL relating to the debt in question has not expired. It is always better to pay one's debts if at all possible.
Wiki User
∙ 17y ago
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Can a credit card company collect on a debt over seven years old?
Yes. Even though the chargeoff line item should come off of the credit report in seven years, the credit card company may attempt to collect their debt for as long as they wish (assuming no fair credit collection laws are broken in the process).
Should payment be sent to the credit card company or the collection agency?
If you have a collection agency working for the credit card company then it is them you need to make payments too as it is now too late to pay the credit card company. They have sold the debt to the collection company and you will have to pay any charges on top of the debt now also. Try not to let it get that far in future, but that's easier said than done.
Can a payday loan company come to your home?
No. A payday lender has no right to come to your home to collect a debt. If ANYBODY comes to your home to collect a debt, you should inform them that (1) they are breaking the law (FDCPA) and (2) document the situation (with a photo or a clearly written description of what happened). The next step is to retain an attorney in order to take advantage of the debt collector's mistake. Your attorney will be able to guide you from there.
How do I collect on an insurance policy that is dated 1946. I have policy number and amount.?
If it is life insurance then most likely, yes. Contact the company. If the company no longer exists, their policies probably have been taken over by a different company. You might have to get your State insurance commissioner's office involved to find out who is responsible for paying the proceeds, but you should still be able to file a claim with the company.
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.
Can a credit card company collect on a debt over seven years old?
Yes. Even though the chargeoff line item should come off of the credit report in seven years, the credit card company may attempt to collect their debt for as long as they wish (assuming no fair credit collection laws are broken in the process).
A collection agency is attempting to collect for a 5 year old medical bill you do not owe can they collect in the state of Ohio?
if you do not owe it, they shouldn't be able to collect it anywhere. even if its past the deadline for you to contest the bill you should still try
When a small business needs help collecting delinquent payments they should?
they can hire a collection agency, they will try and collect any debts for a percentage.
How do I Collect the depreciation from Homeowners insurance claim?
If you want to collect the depreciation your insurance company withheld from your claim payment you must make the repairs to your home. After you make the repairs contact your insurance company and they should issue a check for the depreciation.
What should one know before buing a debt?
Before buying a debt, you should know the risks involved and collection laws regarding collecting the debt. Usually private collection companies buy debt for pennies on the dollar in hopes of making a profit if they manage to collect.
Should payment be sent to the credit card company or the collection agency?
If you have a collection agency working for the credit card company then it is them you need to make payments too as it is now too late to pay the credit card company. They have sold the debt to the collection company and you will have to pay any charges on top of the debt now also. Try not to let it get that far in future, but that's easier said than done.
When does an account become uncollectible?
"Bad debt expense, or noncollectable accounts expense, or doubtful accounts expense. When does an account or a note become noncollectable? There is no general rule for determining when an account is noncollectable. once a receivable is past due, a company should first notify the customer and try to collect the account. if after repeated attempts the customer doesn't pay, the company may turn the account over to a collection agency. After the collection agency attempts collection, any remaining balance in the account is considered worthless." -Principals of Accounting book, page 394-
Is it legitimate if a collection agency sent you a letter stating that their client would settle for a certain amount if paid by a certain date and they want you to fax the letter to them?
Before making any commitments to a collection agency, you should get confirmatio from the original creditor that the collection agency has legal authority to collect at settle the debt.
Can you collect private disability and state unemployment at the same time?
Their should be no problem. I would double check with your insurance company as their may be some variation by company and state. Be well.
How can you get dogs in zoo tycoon complete collection?
Collect them one by one until you have all of them. With this information, you should most likely be able to beat Zoo Tycoon and move on with your life.
Can a collection agency attempt to collect a debt that was settled by another collection agency as 'not valid' a year prior?
Yes, a collection agency can attempt to collect a debt that was settled by another agency if they believe the debt is valid. However, if the previous agency settled it as 'not valid,' you may dispute the debt with the new agency and provide them with documentation supporting the previous resolution.
If a property management company forgets to pay owner for past month rent should the property management company still collect fee for services?
No, It Will not. It will give free management service.
