Posted on
August 13, 2009
at
1:21 am
I've been wondering about it because most of my creditors and bill collectors are threatening me that I would not be able to restore my credit and all that when a debt is not paid for a long time and gets charged off. But really, what happens when a debt is charged off?
Posted on
August 13, 2009
at
1:58 am
in my understanding a debt that is charged off means that it has gone beyond payment, right? Am I still obnliged to pay for it? I mean, it already is called a "bad debt" by my creditor anyway...
Posted on
August 13, 2009
at
2:16 am
Well, a charge-off happens when the consumer fails to make payments on their account/s for at least 180 days. When this happens, the creditor wil deem it as a "bad debt," or a liability on their record books.What happens when a debt is charged off? Well, it may either be transferred to the creditor's in-house collections department, assigned to a third-party collections agency, sell the acct to a debt buyer, or forwarded to an in-state attorney.
Posted on
August 13, 2009
at
2:43 am
Curious George ---- to answer your question, yes you are still obliged to pay for the debt even if it has charged off. Consequently, what happens when a debt has charged off is this: a negative notation on your credit report that will last for seven years--and if I'm not mistaken from the day that the account had charged off. Even if one tries to reason and plead with their creditor to have that removed from their credit file, only the passage of time will ensure its removal from that document.
Posted on
August 13, 2009
at
2:56 am
What happens if a debt is charged off and has been transferred to the in-state attorney? Will I be sued because of not paying my bill?
Posted on
August 17, 2009
at
11:59 am
When a debt is charged off and sent to an attorney's office for collection, and that attorney has passed the bar in your state, it may be a signal that the creditor intends to pursue legal action to collect the debt. I would suggest getting in touch with the law office to see what options are available for a payment plan or if you have funds available for a settlement. That way you can resolve the debt quickly and avoid any future headaches.
Posted on
August 17, 2009
at
7:48 pm
That's pretty scary. I sure don't want that to happen to me. Having a debt to charge off really has serious repurcussions.What are my options to consolidating a charged off debt?
Posted on
August 18, 2009
at
3:47 am
There are many ways of finding out what happens when a debt is charged off, and fittingly, there are also solutions in order for this to be rectified.JB, one of the best ways to go about a charged-off debt is by settling the debt. Creditors are typically more forgiving in terms of negotiations because the debt is already considered as a liability in their books.
Posted on
August 19, 2009
at
12:16 am
Wat are the percents that they agree to do with charged off debt ?
Posted on
August 19, 2009
at
2:55 am
Based on my experience in working with debt collections ---- we used to offer 25-35% settlements in charged-off accounts, payable within 90days. It would typically be easier to get them to pay because they were really that hard-up on finances and that they just needed a quick fix for things to get better. Some would attempt to ask for a lower amount but my former employers--the managers particularly--just wouldn't allow it. Some would not pay, at all.
