that matter freeze your assets?
2007-01-29 04:10:12 · 4 answers · asked by Steve A 2 in Business & Finance ➔ Credit
Listen to Sunbun's answer. Absolutely correct.
Yet another example of why you need to be very careful about listening to responders here who don't supply you with a source. The first two answers are not only wrong, but if you followed their advice you would find yourself in a whole world of hurt!
Just because a debt is charged off does not make it go away. It's a bookkeeping practice that removed your account from their books for tax purposes. The debt can/will be sold to a collection agent.
Once that happens, and if they win a judgment, they can collect from you. Wage Garnishment is illegal in Texas, but there are other ways they can collect.
Be sure to check the age of the debt. Texas has a 4 year Statute of Limitations...debts older then that can NOT be legally collected on.
2007-01-29 07:11:53 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The state doesn't matter. A charge off is the company writing off the debt as noncollectable. No, an agency cannot collect after it is written off and they sure as heck have no write to freeze assets....unless of course, a crime was committed.
I had a similar issue; after writing off my debt, one month before the time when this would be pulled off my credit record, they attempted to collect. A nice (well, not so nice) letter explaining that they cannot legally collect a debt written off as noncollectable made the whole thing go away.
Do it all in writing; to the collection agency, the company, and file a complaint at the FTC site.
2007-01-29 04:21:26 · answer #2 · answered by Enchanted 7 · 0⤊ 0⤋
A credit is normally unsecured, so no. They will eventually sell that debt to a collection and they will try to get a hold of you. Do not respond to phone calls or mail that they send you and it will fall off in 7 years as long as they can't contact you, but if you answer a phone call from them the collection can stay on your credit another 7 years.
2007-01-29 04:19:15 · answer #3 · answered by STRAY 2 · 0⤊ 1⤋
not in TEXAS; however, they can put this on your credit report for 7 years...and there are other legal issues they can consider...for example: abstract of judgement, route of execution, and lastly, seizing a checking account....(this last one is difficult to do and certainly requires the assitance of an attorney)
2007-01-29 04:22:36 · answer #4 · answered by sunbun 6 · 1⤊ 0⤋