Posted on
August 4, 2009
at
11:52 pm
If charged off as bad debt is in your credit report and it was paid in Mar 07 and closed in Apr 07 and the person did not use this account anymore even up to today and another debt collector buys this debt, is the person still obligated to pay it. The creditor that charged it off as bad credit was a reputable one and not a debt collector and was not the original creditor. The date that this would have been removed is 2 /2012. It was bought by this debt collector in 08. Is the person still obligated to pay this. I bet this debt collector who is out of state did that because they knew it would be removed soon. the person lives in NY.
Posted on
August 5, 2009
at
6:55 am
Charged off as a bad debt means that the creditor has written the debt off with the IRS to get a tax break. Actually, lenders are required to do this typically after 180 days past due if the person is behind on monthly payments. Ultimately, it means that the debt is no longer an asset to their books, and it is at that time that they usually turn it over to a third party for collection. If there is a balance on the account, the person would still be liable for the debt. If a debt charges off it does not mean that they do not have to pay it anymore. What is the balance, and who is the original creditor and current collector?
Posted on
August 5, 2009
at
12:55 pm
The balance was 0. It's on my credit report. This was not done by the original creditor, the credit card changed hands 3 times. On my credit report it said original creditor but it wasn't. Then a 3rd party debt collector bought the debt in 2008. It was paid off in Mar 07 the account was closed in April 08, this 3rd pary debt collector opened it without my knowledge. 2012 would have been 7 years. I am talking to a lawyer about it now.
Posted on
August 5, 2009
at
12:57 pm
Oh the person who charged off the debt as bad debt was from a reputable bank. I told her of my hardship at that time.
Posted on
August 5, 2009
at
1:13 pm
Sorry to hear about your situation. I have never heard about a debt charging off if there wasn't a balance and the debt was not past due. Are you sure you paif off the debt before they charged it off?
Posted on
August 5, 2009
at
1:42 pm
No actually the lady from HSBC bank did that. It is on my credit report. It says 0 balance. Then this 3rd party debt collection agency buys it knowing the balance. It said purchased by another lender. A lawyer said I may have a claim. These 3rd party debt buyers or collectors need to be stopped.
Posted on
August 5, 2009
at
1:44 pm
It was a balance of over 5or 6,000.00 but it was charged off and the balance said 0.
Posted on
August 5, 2009
at
2:00 pm
Ok this is very confusing. A debt buyer wouldn't have purchased a debt with a $0 balance- there is no logic in that. Are you sure you satsfied the debt before it was sold?
Posted on
August 5, 2009
at
2:33 pm
I am disputing the amount. I haven't paid on this in over 3 years. No one didn't bother me until now. It is saying it is charged off as bad debt. I don't understand it either, It says 0 balance., then the date 07 update then the high amount.
