COLLECTION’S?
Of course they can, the term charge off is simply a term for bookkeeping purposes it doe’s not relieve you of your debt.
They can continue to try and collect or they can sell the account to a collection company and then they will come after you.
Depending on the amount you owe they can take you to court, get a judgment and at that point they can attach your bank accounts, garnish your wages (if your State allows it) and file liens on any real property you may own like cars, boats, land and homes.
Sure….a charge-off is just an accounting term. The debt is still owed and they can still try to collect on the debt.
When a card is charged-off as bad debt, the damage to your credit is already done and there is no undoing it. The charge-off notation will stay on your credit report for 7 years….unpaid or even if you pay it off in full. Because of this, if you plan to pay the debt back, you should get the lowest, rock bottom settlement you can get…in the 20-50% range. If you settle, get all terms in writing BEFORE you give them your money.
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Write off is an accounting term. The creditor gave up on getting payment and wrote the debt off their books. This does not mean you no longer owe the debt.
Typically the creditor turns the account over to collections — either their own collections dept or a third party collection agency. They can continue to hound you for payment and even sue to collect.
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Of course they can, the term charge off is simply a term for bookkeeping purposes it doe’s not relieve you of your debt.
They can continue to try and collect or they can sell the account to a collection company and then they will come after you.
Depending on the amount you owe they can take you to court, get a judgment and at that point they can attach your bank accounts, garnish your wages (if your State allows it) and file liens on any real property you may own like cars, boats, land and homes.
References :
Finance Manager for over 9-years / 2009 edition Consumer Action Handbook.
ANY delinquent acct can B pd off & the status updated as paid. creditors report every 30-90 days & when an acct’s fully pd, then there MUST B an UPDATE shown on yer reports. NOW, u can ALSO get them 2 remove this from yer records by getting a Pay 4 Delete agreement. some creditors will ‘say’ they’ll delete the item when the acct’s paid off, but will refuse 2 give it in writing. this is where u must get downright stubborn & play dirty, b/c their refusal 2 give something IN WRITING raises a red flag that they’re up 2 no good.
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