0
What else can I help you with?
If a creditor has written off your debt can a collection agency then come after you for the amount?
If the debt has been cancelled, no; if the debt has been charged off, yes.
Can you be sued by a creditor who has charged you off as a bad debt?
Yes. Being "charged off" is merely an internal accounting term to indicate that the amount owed should not be carried as an asset of the company. It does not mean that the debt itself is discharged. Companies will charge off debts because they cannot keep inactive accounts on their books indefinitely. But after they do charge them off, they either sell them at a discount to collection agencies, try to collect on them themselves, or forget them. But they can sue. If a collection agency comes after a debtor on a charged off debt, the debt can probably be settled for a lot less than the real amount. This is because the agency probably bought the charged off debt for less than half of the amount. If the debtor offers an immediate payment of say 75%, the agency still makes money on the difference between what it paid for the debt and the amount it gets from the debtor. Agencies want quick money with the least effort, so if it can make one phone call or write one letter and get more money for the debt than they paid for it, they will do it.
Can debt collectors collect on a debt after it has be charged off?
Yes, A charge off simply indicates that the debt has been written off the creditor's account as uncollectible. The debt can then be sold to a collection agency for pennies on the dollar. The 'buyer" of the debt will then pursue collection action by whatever means is allowed by the laws of the state where the debtor resides. Such action would be phone calls, letters and in many instances a civil suit for the debt owed.
Can a collection agency sue for a 'charged off' debt?
Yes, the term "charge off" does not render the debt invalid or uncollectible.
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.
If a creditor has written off your debt can a collection agency then come after you for the amount?
If the debt has been cancelled, no; if the debt has been charged off, yes.
What is the fine line difference between commercial debt and consumer debt?
Consumer debt is governed by the FDCPA....commercial debt is not.
What is difference between loan and debt?
loan is money borrowed and debt is money owed. :-)
What is the difference between debt and loan?
A debt is something you owe someone, a loan is something you borrow
What is the difference between debt settlement vs bankruptcy?
There is a subtle difference between debt settlement and bankruptcy. Debt settlement allows a person to pay off some of their debt with their creditors. Bankruptcy claims do not result in payment of the debt. Either practice creates bad credit scores for the consumer.
Difference between debt settlement and negotiation?
No difference, 2 different words for the same thing.
What is the difference between a liquidated debt and an unliquidated debt?
The difference between an unliquidated debt and a liquidated debt is this: Liquidated Debt: A debt that has an exact monetary value. Unliquidated Debt: A debt that is undisputed as to its amount, but still under the liability of the debtor. Each one of these debts has a statute of limitations to it. I believe they stand at 3 years for liquidated debt, and 6 years for unliquidated debt. These numbers are for Colorado and can change from state to state based on their rulings.
Difference between interest-bearing and non-interest-bearing debt?
Difference between interest-bearing and non-interest-bearing note.
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!
What best describes the difference between credit and debt?
Credit measures ability to buy, while debt means money owed.
What is the difference between debt and debit?
Debt is money that is owed to someone else, while debit is a transaction that reduces the balance in a bank account.
Difference between asset management debt management?
That's the difference between ying and the yang. For example the 'Unsecured Assets' department of a Bank issues you a credit card- That's an asset to the bank; And a debt for you. How effectively the Bank manages its credit card portfolio is called asset management. How effectively you pay back your debt is called debt management
