What are the steps that take place when a charge off has been placed on your credit and attorney has been given the debt to collect it?
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What are the steps that take place when a charge off has been placed on your credit and attorney has been given the debt to collect it?
If you were making a monthly payment to a company, however were behind on your payments. They have the right to charge off the account and once they charged it off still accept a payment.
Asked on August 4, 2012 under Bankruptcy Law, North Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
In essence what you have written about is a situation where the creditor has written off a debt on its books but has sold its account receivable to a third party debt collection company by way of an assignment. When this happens the third party debt collector then owns the debt and makes every effort to try and collect upon it against the debtor.
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