I had a loan 170 days past due, and I just contacted them to pay it off in FULL. They responded via email saying that they have already charged off the account and that they are willing to offer me a settlement amount. Can they charge-off my account without prior notifications of this? I never received 1 letter in the mail saying the account would be charged-off. Nor was I contacted by any collection agency to pay the debt.
2006-12-11 08:43:44 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
It depends on what your loan documents say. If your agreement states that if you are past due 90 days (let's say), they can charge it off immediately at day 91. Since I don't know all the fine print of your loan, this is where I would suggest looking first.
They don't have to send it to collections to do a charge off, thus why you never heard from one.
2006-12-11 08:48:32 · answer #1 · answered by Jen 5 · 0⤊ 0⤋
Normally they don't charge off an account without trying to notify you. Maybe they sent you letters that you did not get and if they never got any returned mail on you they assumed you received the notification and that you were just ignoring them. Maybe they don't have your correct phone #. If they tried every possible way to contact you and they could not find you, then they would consider you a skip and they can charge off your account.
2006-12-14 15:55:55 · answer #2 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Yes! Unfortunately if you do not make your payments according to the contract they can give your information to a collection agency or charge off as you say. If I were them, I would assume you were not going to pay off the debt with it being 170 days late either. Take the settlement offer and get it cleared off. Its better to show you settled then for a full charge off.
2006-12-11 08:49:14 · answer #3 · answered by rdncgirl 2 · 0⤊ 0⤋
Yes, in fact, it's just about standard to charge an account to loss reserve when it becomes 180 days contractually past due. That's just about 6 months and holds true for an estimated 98% of the time.
Creditors can charge off sooner, for example, you can be up to date and file for bankruptcy. They will generally charge it off when they get the notice.
2006-12-11 09:11:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Im wondering of a kind between 0 and 800 ... haha you've gotten first price credit there are some places which will amplify credit, to human beings and in no way using a cosigner, even with the undeniable fact that the prices of pastime will cost you larger acceptable than what its worth.
2016-11-25 21:18:18 · answer #5 · answered by wygant 4 · 0⤊ 0⤋
Yes, the cc company can sell your account at any time.
2006-12-11 10:38:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋
they have to notifiy you. usually they send you a past due notice or sometimes harassing phone calls. i work at a bank so i know this for a fact.
2006-12-11 09:11:12 · answer #7 · answered by Ivy 2 · 0⤊ 0⤋
Yes they can. According to common law, it is the debtor's obligation to seek out the creditor.
There is no law requiring them to notify you that you're late...you're supposed to know that.
2006-12-11 08:49:34 · answer #8 · answered by Jack 6 · 0⤊ 0⤋