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Help! Charged off account!!!

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Posted on Mon Feb 22, 2010 4:28 am  

Can a third party take you to court trying to collect a debt for the other company.


Joined: 08 Feb 2010
Aaron's page
Posts: 2632

48565 Magic Points

Subject: collection agency
Posted on Mon Feb 22, 2010 12:41 pm  

Hi Lorrie,

If the third party has the authorization over the debt, he can collect the debt from you. Thus, in the process of collection, if you are not paying the dues, they can sue you.

As far as I understand from your query, your debt has been charged off. When a company realizes that, it won't be able to collect the dues from you, it writes off the account as a loss. They then hands over the account to a collection agency. This is called the charge-off.

Hope this helps.
Keep in touch Smile

Subject: mortgage charge off
Posted on Tue Sep 21, 2010 2:36 pm  

My Citimortgage was charge off now i'm getting calls from a debt collector, can the debt collector start a garnishment on me. HELP NOW


Joined: 08 Feb 2010
Aaron's page
Posts: 2632

48565 Magic Points

Subject: mortgage charge off
Posted on Wed Sep 22, 2010 11:15 am  

Hi tt,

To start a garnishment, the collection agency will have to sue you first and win the lawsuit against you. However, before they can sue you, you need to set up a payment plan with the collection agency.


Keep in touch Smile

Subject: Charge Off and Debt Settlement
Posted on Tue Nov 09, 2010 5:57 am  

In Oct 2006 I settled several accounts with Cap One only to find out that 2 of the 3 accounts were charged off and never reported the settlement. We negotiated on the phone and I gave verbal authorization for the payments. Payments were collected and I have copies of the payments but no letter of settlement. Cap One is trying to collect again and is reporting the charge off as a 2010 event.
The credit agencies had Cap One verify the accounts which they did but still w/o the settlement.
Do I have to pay again? Is there a way I can challenge Cap One? I really want to resolve this matter the best way possible.
I also received a 2010 statement for the 2 accounts - last time I received one was in 2006.

Please Help

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