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credit card debt was charged off then bought by another company They want to take you to court you have no money?
Wiki User
∙ 10y ago
It is legal for companies to purchase charged off debt from credit card companies and then to collect it. If you owe the money, the sale doesn't change that. The Court can only determine whether or not the money is owed. Not having money is not a defense.
If the Court determines that you owe the money, the company will have a judgment that can be collected via wage garnishments, bank levies, property liens, and so on.
Companies do sue on debts, and they do obtain judgments. If you cannot work out a settlement or payment plan with the owner of the debt, consider bankruptcy protection.
Wiki User
∙ 10y ago
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What do you do if merchant has filed for bankruptcy after you have paid for a purchase with a credit card?
Nothing. You bought - and received - a product or service. You charged it, which means the merchant was paid by your credit card company. Your debt is now to the credit card company, and you owe it whether the merchant is in business or not.
What is a Thomas Cook travel credit card?
Thomas Cook used to be a credit card company years ago. Thomas Cook no longer provide any credit cards they were bought out and merged with another company.
Can a credit card company reopen a charged off account?
No, a credit card company will not reopen a charged off account. They may choose to grant you a new line of credit, but this would be rare.
When an original creditor sells a charged off account to another company does this start the 7 year clock ticking all over again?
No. When an original creditor sells a charged off accounts to another company. I asked the Credit bureau to investgate. However, the creditor is unable to remove it from my credit report. does this start the 7 year clock ticking all over again from the date the credit bureau investigate?
Thomas charged 2400 on his credit card to buy furniture the interest rate charged by the credit card company is 24.9 percent after one mon?
2399.80
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?
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.
How much would i be Charged for downloading on my LG Scoop?
It depends on what plan/credit you are on. Call your phone company if you don't know your plan/credit so they can tell you how much you will be charged.
Can you pay your debt to the original company if the debt has been passed to a credit company?
No because the original company has 'sold' the debt to the credit company or in other words the credit company has bought the debt account from the original company for less than what you owe. That is why credit companies keep chasing you to pay them.
What is outstandanding balance in a credit card?
The outstanding balance is very simply the amount of debt that you have charged on the credit card. You owe that amount to the credit card company.
Thomas charged 2400 on his credit card to buy furniture the interest rate charged by the credit card company is 24.9 percent after one payment the minimum payment on the debt is 50?
2399.80
If an account was charged off and removed from your credit report after 7 years can another company buy the account and place it back on your credit report?
No, it is illegal, and if you are a victim of this, you can have it removed from your credit report by disputing it with the bureaus. After the statute of limitations is up on any trade line, it can not be placed back on your credit report.
Where can I find about a business credit line?
When a company, or members of a company, have a company credit card they are being extended a business credit line. This means that all expenses they pay that are related to the company are charged directly to the company on this credit line. You can go to local banks and their official websites to find out more. You can also go to credit card companies websites such as Chase.
