I have an account that is charged off. Which means the creditor wrote it off as a loss. Can they still send my file over to a collection agency to collect on it? I now have a collection on my report also for the charged off acct. Please let me know. I thought if an acct is charged off, that was it and it just remains on my credit report for 10 years. Thanks
2007-07-21 16:23:08 · 11 answers · asked by ANGELMOM 1 in Business & Finance ➔ Credit
it may be charged off, but you still owe, and they can and will try to collect it.
2007-07-21 22:40:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well, I believe many companies write off the balance as bad debt (loss) when they send the account over to a collection agency. After the collection agency collected the money, company and collection agency each get a % of the amount that is collected (ofcourse, not every company is the same)
To answer your question, yes, they can and probably will send your file over to a collection agency to collect on it. Otherwise, collection agency should be out of business already.
2007-07-21 21:25:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Charge off means they wrote it off as a loss and sold the account to collection agency.
It aslo means credit card company only gets certain amount back on each dollar that you owed them. That doesn't mean they wrote it off as a loss and you go on with your life.
The fact remains that you still owed them the money no matter how many times the account was sold.
2007-07-22 03:43:20 · answer #3 · answered by Notredame 3 · 0⤊ 0⤋
This is how collection agencies make money. They find old debts and then harrass the people hoping that the scare tactics will work and the person will pay the debt and then the collection agency get paid for collecting. The next time they call tell them that if they continue to harrass you that you will filing a complaint with the Better Business Bureau and will charge the company with harrassment.
2016-05-20 02:15:59 · answer #4 · answered by ? 3 · 0⤊ 0⤋
That is exactly what happens...they say the debt is bad and they send it to a collections company to try to collect the debt that way...double wammy because then the collections company shows up on your report and the charged off debt shows up too. You are best off negotiating a settlement with the collections company and trying to get them to remove it from your report.
http://www.creditinfocenter.com/rebuild/
2007-07-21 17:20:51 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Many times they actually sell the debt at a reduced ammount and that company will continue collections.
but you still owe it and they can send you to collections
2007-07-21 16:27:06 · answer #6 · answered by Dean C 6 · 0⤊ 0⤋
"Charged off" is just an accounting term., but it does not affect credit procedures one bit, nor does it mean the debt is "forgiven." yoiu will owe, and they'll continue to press for payment.
2007-07-21 16:31:32 · answer #7 · answered by Barry auh2o 7 · 0⤊ 0⤋
Oh but yes they can and will. Collection agencies are ruthless and they will "hound" you to death about the account.
2007-07-21 16:54:01 · answer #8 · answered by David M 2 · 0⤊ 0⤋
you still owe money. so yes.
2007-07-21 16:25:07 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Yes they can, and probably will.
2007-07-21 16:29:53 · answer #10 · answered by Judy 7 · 0⤊ 0⤋