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The creditor is required by law to charge off an account after it has been delinquent for 180 days. The account is usually bought by a third party collector for 2-3 cents on the dollar. The collector will proceed with collection action for the entire amount of the debt plus interest and any fees that are allowable pursuant to the state laws where the debtor resides. If an equitable repayment agreement cannot be made, the collector may submit the account to a collections attorney who can then file a lawsuit in the state where the debtor lives. There are also collection attorney firms who have been granted arbitration status. That involves a somewhat different procedure...Macky (macky83@juno.com)
What else can I help you with?
Is selling knock off in Canada legal?
it is legal as long as the merchant tells you it is a knock-off, if they try and sell it as a original and charge that price they are in deep trouble.
How do you remove charge off child support?
One of them is until they reach legal age.
What are the legal steps to starting an independent church?
What are the legal steps to starting an independent church?
What is the difference between pre-charge off and post-charge off accounts?
A pre-charge off is when the creditor is giving the debtor notice that the account is in default and will be sent to collections if a payment agreement is not made by a specified date. Post-charge off is when the account has been sent to collections, sold to a third party creditor or referred to a legal firm for further action.
Can a collection agency still add interest to a charge off?
Yes, as well as any subsequent legal fees.
Can you be sued after a bill was charged off on your credit record?
Yes, a 'charge off' does not invalidate the debt nor the legal rights of the creditor to collect that debt.
Can a creditor keep reporting a charged off account?
That is perfectly legal. The term "charge off" does not mean that the debt is not still valid and fully collectible.
What is the legal charge for burning money?
The charge is defacing currency.
How many steps are there in a gorilla's charge that often begins with hooting?
7 steps
Will the iPod charge if it is off?
No, the iPod will not charge if it is off. The iPod must be on for it to charge.
What are the steps in rounding off numbers?
steps rounding off number
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
