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If your credit report shows an account as closed or charged off can the bank or someone that has purchased the debt still collect on the account?
The charging or writing off of a debt is only a required accounting entry by the creditor.
It does not effect you, or change the amount you owe, or that you owe it.
It does not change any of the legal methods to force collection that were available before making the entry. It does not change any of the creditors rights, or change your obligation in it. The debt is NOT forgiven.
All it does is make the creditors accounting statement recognize that an asset (your receivable) that it expected to realize, and already recorded as income, is not going to happen. they are taking the charge to their books for the expense of your not paying, or that it is now considered unlikely you will ay, and the asset does not exist (or in bank terms, is no longer productive). When the charge off occurs depends on many things in accounting parlance...most companies actually establish an account for expected bad debts (an accrual) as a current charge against sales, (expecting some to go bad), and adjust that account on experience...without having to do much on any particular account.
What else can I help you with?
How do you sign up for a msn adcenter account?
Microsoft AdCenter makes it easy to sign up for an account by visiting their website and easily registering online. Your ad account is charged once someone clicks on your ad.
What does 'Transferred Account charged off' mean?
It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
How do you collect owed money from someone?
how do i collect money owed to me from someone in canada
What is an account of an event created by someone who witnessed it?
Its a Personal Account!!
Can you deposit a cheque in your name into someone elses account?
If you endorse it as payable to them it will usually be accepted for deposit into someone else's account.
What happens when you cash a check someone wrote but they don't have money in they account?
The check rebounds on the sender... And their account gets charged.
What are bills payable?
That is money you owe someone for services rendered or goods purchased on account.
When you have an account charged off why can someone else buy out this account and have it start all over again?
The simple answer is because it is perfectly legal. Creditors sell defaulted accounts to third party collectors for literally pennies on the dollar. They can then collect the full amount plus interest and penalties until the account is in some way settled or paid in full.
How do you sign up for a msn adcenter account?
Microsoft AdCenter makes it easy to sign up for an account by visiting their website and easily registering online. Your ad account is charged once someone clicks on your ad.
How long does a creditor have to go after someone to collect a medical bill in Ohio?
I believe in Ohio a medical creditor can attempt to collect a bill for 7 years. However, they can hold onto the account as long as they decide.
Can your checking account still be charged after you close it?
No. once an account is closed, it ceases to exist. It is no longer a valid account that can be used for transactions. So if someone wants to charge you for anything, they cannot use this bank account. Even the bank cannot charge anything on that account.
What is a managed forex account?
A managed forex account is one in which someone with financial expertise (a financial planner or manager) trades stocks for an individual so that they do not have to do it themselves. A fee is charged for this service.
What does 'Transferred Account charged off' mean?
It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
What to do if someone passes you a check on a closed account?
If they passed the check to you in payment AND they KNEW the account was no good they committed "fraud." You should report it to the police, they can be charged with passing bad checks (or whatever the law of your state call it).
Can you send gmod 10 to others on steam?
Yes, but it must be purchased as a gift for someone. You must have their email or steam account. You cannot transfer a copy that belongs to you. Only one that you have bought to gift to someone.
Are mionors charged as adult in Sweden for murder?
If someone is 18 or older they are charged as adults. Someone that is younger then 18 can't be charged as adult.
How do you collect owed money from someone?
how do i collect money owed to me from someone in canada
