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After a charge off has reached 7 yrs and is no longer on your credit report can a private company bill you for payment on behalf of the creditor?
The answer to your question depends on the laws which govern the debt.
Morally, if you owe a debt that is 7 years or older and have never paid it, you still owe the debt. The 7 year time period is how long the derogatory information may show on your credit report. There is a separate time period, the statute of limitations, for how long you could have been sued over this debt. Both of these have, most likely, expired.
What else can I help you with?
What does it mean when I'm over the threshold when making a payroll tax payment?
A threshold for a tax payment is a level above which some provision of the tax is applicable. So when you are "over the threshold" you have reached a level where some addtional aspect of payroll tax applies to you.
If you owe a credit card company and your credit report says that the account is charged off do you still have to pay the debt?
Sorry to disagree with the previous poster. You do indeed still have to pay. A charge off is a term used by the original creditor to indicate the debt is being removed from their books. That is done for tax purposes, so it can be claimed as a loss. The account will be sold to a third party who will then pursue payment in full collection. If an agreement cannot be reached, the collection agency may resort to legal remedies, in other words a lawsuit. It also depends on the age of the "last activity" on the credit card. Each state has a statute of limitations on collections, anywhere from 4-7 years. If the statute has expired since your last activity, the amount is no longer collectible by the company, tho it will remain on your CR for 7 years. Word of warning: If you want to pay it off, get a letter from the creditor first stating that they will remove the trade line "charged off". If they don't, your payment is new activity, and the negative credit, tho reflecting "paid", will remain for an additional 7 years. ---- I agree with the prior answer noting the 4 & 7 year statutes I work in the pre-legal department of a collection agency.From the last activity it will remain on the report for 7 years ,so if it was here for 6 years and you decided to make a payment your 7 years of credit reporting starts all over again.There is a 4 year statute of limitations for suit, after 4 years from last activity a creditor can call you all day long but they can use no other means ie a law suit for judgments for a wage garnishments or property leins to recover the debt.
Does it show a balance if you settled a debt?
If you settled a debt, it typically means you reached an agreement with the creditor to pay a reduced amount to satisfy the debt, which may be reflected on your credit report. However, the balance on the account would show as zero if the debt was fully settled. It’s important to check your credit report to ensure it's accurately updated to reflect the settlement, as this can impact your credit score.
What are checks called that haven't reached the bank yet?
Checks that haven't yet been processed or cleared by the bank are referred to as "outstanding checks." These checks have been issued but have not yet been presented for payment, meaning the funds have not yet been deducted from the issuer's account. Outstanding checks are important for reconciling bank statements and managing cash flow.
When do credit card companies report late payments to the credit bureaus?
After your account has reached 60 days past due. After your account has reached 60 days past due.
Can an individual get into legal problems for stopping payment on a check after not being serviced correctly as a consumer?
Yes, it is possible. The company may take you to court and/or file a lien against you. The proper place for contesting the payment would be, first with the company itself, and if no satisfaction is reached, take them to court.
How can one contact the Mercury Insurance Company?
One can contact the Mercury Insurance Company either by email through their website or by phone. They can be reached at (800) 503-3724 for questions related to bill or payment.
What is a voluntary judgment?
A voluntary judgment occurs when the debtor agrees to the charges against them from their creditor. A court will act as a mediator to finalize a payment arrangement that the debtor offers to the creditor.
Does a creditor who buy's a charge off have a right to file a civil suit?
As long as the debt hasn't reached your States SOL for legal recourse
Can life insurance proceeds be taken away if the beneficiary has judgments against them?
Generally, almost any property can be reached by a creditor if they can find it. There is usually a statutory provision that allows a creditor to attach property of a debtor that is in the hands of some third party. In Massachusetts it's called trustee process.
Can you stop payment on a check that is clearing the same day?
It Depends: Yes - If the check has just reached the bank and the banks is still processing the payment. If so, you can issue a stop payment and the bank will not pay for the check No - If the bank has already processed the check and released the payment to the payee customers bank account.
When might a company pay out dividends?
When it has reached a point of stable earnings.
When can I cancel my PMI?
You can cancel your Private Mortgage Insurance (PMI) once you have reached 20 equity in your home, either through paying down your mortgage or an increase in your home's value. You may need to request cancellation from your lender and meet certain criteria, such as a good payment history and a current appraisal.
What company reached its billionth serving in 1963 on the Art Linkletter Show?
McDonald's
How much does the insurance company pay after the stop-loss has been reached?
After the stop loss is reached the insurance company normally pays 100% of the losses. Read the policy to make sure that this is the case as different policies can vary.
What company in America reached 1 billion in annual sales the fastest?
Excel Communications
What as Bad Company's greatest hit?
Can't Get Enough reached Number 5 in the US
