u can t sell a chargeoff to a new collection agency its illegal. why are people so dumb!
2006-08-19 08:32:36 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
I don't think we are the dumb ones. Simply stating that you can sell a chargeoff. You can sell it a million times over.
2006-08-19 14:54:41 · answer #1 · answered by bella_4624_19 4 · 0⤊ 0⤋
A Collection falls under the Category of Accounts Receivable. Which means someone owes money. Another way of looking at Collection is when an Account is turned to a Collection Agency to get your monies owed. You do pay a percent to the Collection Agency for their work. When an Account is turned over for Collection, the monies can no longer be sent to the Company. If the money is, the Company has to inform the Collection Agency and the Company pays the percent to the Collection Agency. A Charge-off is when the Company writes off the funds as non-collectible and relieves the Accounts Receivable and at the Fiscal or Calendar year end it is written off on the Companies Taxes.
2006-08-19 08:48:08 · answer #2 · answered by Juliet 2 · 0⤊ 0⤋
actually , you can. We sell judgments and charge offs all the time. A charge off meaning a P & L , or profit and loss accounts. This is perfectly legal in the United States.
If you are reffering to chapter 7 bankruptcies , you would be correct.
because a company charges an account off doesn't mean the people no longer owe. when we charge off , we put them on a watch servive . when they apply for credit , we get the information and garnishee. When a charge off is approaching the statute of limitation, we will get a judgement even without job information. Because a judgement is good for 21 years , enough time for us to find an attachable income.
I've been doing this since 1967 and feel well qualified to give this answer.
2006-08-19 08:55:38 · answer #3 · answered by ? 6 · 1⤊ 0⤋
Gee, all people can't be as smart as you but thank goodness they are not all as ignorant as you.
Is a chargeoff or collection so important that you need to be so nasty to people that don't know what they are.
Pick your battles and get upset over social injustice and innocent people who are suffering because of wars and unnecessary illness.
You must be a very unhappy person to be so nasty.
By the way, change your name, you are not such a Koooooooollllll Cat
2006-08-19 08:42:17 · answer #4 · answered by nellie 3 · 0⤊ 0⤋
Sorry, Dude. Wrong.
If I charge off a debt, and show it as a loss in business, then decide to turn it over to a collection agency, it's perfectly legal.
If I receive any part or all the collection, I must show it as a bad debt collected. It then becomes taxable income.
You are not dumb. You are ignorant of business.
"Everyone is ignorant. About different things."
A. Lincoln
2006-08-19 08:43:55 · answer #5 · answered by ed 7 · 0⤊ 0⤋
Oh, I'm sorry, you forgot to word your answer in the form of a question.
Also, I don't think that response is all that obvious. If someone didn't know exactly what a charge-off was then they may not know the rest. I don't think knowledge of charge-offs is common among the general population.
2006-08-19 08:42:36 · answer #6 · answered by kayzee_72 2 · 0⤊ 0⤋
Sounds like you are informed about some new and exciting change in the law. Please be kind enough to supply us with the source of your information? What law prevents this?
2006-08-20 06:52:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋