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The term "charge off" indicates the original creditor has removed the debt from their balance sheet as uncollectible from the borrower. This is misleading however, as the debt may remain it must be validated according to the FDCPA should it come back in some other type of collection activity and subject to collection by means of an agency working for the OC or a third party that purchases the account. Also be aware that there are times that the debt is also used as a tax loss by a creditor then cannot be collected at a later time as the collector would then obtain unjust enrichment by obtaining two bites from the same apple. To determine this would require due inquiry by a process to validate and verify the debt. Remember no debt is not to be deemed valid unless validated and verified. It is surprising how many debt collectors do not have the original documentation that can actually be used in a court of law for collection purposes. Many of the debts must be wiped off your credit report if it cannot be lawfully validated and verified. If the debt cannot not verified and validated by the debt collector and the collector continues collection activity you may have grounds to sue the creditor and possibly the credit reporting agency pursuant to the Fair debt Collection Practices Act.
What else can I help you with?
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.
If you pay taxes on a charged off account can a debt collector still collect that account?
If a 1099-C form was received then you are required to pay taxes on the amount shown. This is done when a debt is considered cancelled. A cancelled debt cannot be pursued for collection. ALthough there is no guarantee that unethical collectors wouldn't make an attempt to do so.
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 a collection agency sue to collect an old debt?
If the debt has not been paid on in more than seven years than no. Otherwise yes.
Does a bad debt have to come off your credit report regardless of last activityafter seven years?
Debt that is charged off plus 180 days can be removed after seven years but a creditor may be able to collect on the debt up to 10 years [depending on state SOL]
What may debt collectors do?
can a debt collector come to your house to collect a debt
Where can one find a list of debt collectors in the UK?
There are sites online that advertise their debt collection business. Some of these Debt Collectors are UK Debt Collection, Debt Recovery UK, Debt Collect and Debt Recovery Plus.
Can debt collectors take you to court for unpaid debts?
Yes, debt collectors can take you to court for unpaid debts in order to try to collect the money owed.
What can debt collectors do to collect debt?
Debt collectors (not the original creditor) is governed by this very nifty federal law: Federal Debt Collections and Practices Act (FDCPA). Sample of FDCPA and Sates see below in the link
Can a credit card company still continue to charge interest if the debt has been charged off?
Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.
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 the repo man speak to your employer about repossesing your car?
Debt collectors will use any means for information to collect their debt.
Can debt collectors trespass?
Debt collectors are not allowed to enter your property without permission, so if they do so, they would be violating trespassing laws. However, they can visit your property to attempt to collect a debt as long as they do not enter your home without permission.
Do debt collectors have to notify you by mail before taking any action?
Yes, debt collectors are required to notify you by mail within five days of their initial contact before taking any further action to collect a debt.
Limit to how long collectors can legally collect your debt in Ohio?
In Ohio, the statute of limitations for collecting a debt is typically 6 years for written contracts and 4 years for oral contracts. After this time period has passed, creditors cannot sue you to collect the debt, although they can still attempt to collect it. It's important to be aware of your rights under the Fair Debt Collection Practices Act (FDCPA) to ensure collectors are following legal guidelines.
Can a debt collection agency make calls from the US or Canada into the UK for debt collections?
Not all companies collect outside of the US, but when they do collect, collectors dont have any issue calling international
What is your business?
When a customer's loan or bill goes into default the company that lent the debtor the money will try to collect the debt. Most debt collectors are from the actual lender or are contractors that have purchased the debt and will try to collect the money from the debtor with interest.
