A "charge off" is an accounting term. In short, the creditor is basically declaring your debt as a loss for the company since they don't expect to ever collect it. However, your are still responsible for the debt and they will continue to try and collect it or hire someone to collect it for them.
Thanks, Also how come the collection never contacted me about the debt?I the only time they called me is when I called the original creditor.The called me after I hung up the phone and left me a message. Is there a reason whay? Also how many times are they going to have a different collections companies try to collect the debt for them this is the 2 one the hired? Thanks
Collection agencies are very busy these days...they probably just hadn't gotten around to your file yet. You may have raised some sort of red flag in a tracking system if you tried contacting them or the OC too, which is why they contacted you right away. Also, your debt could keep getting sold to new CAs over and over again if the current owner is unsuccessful in collecting from you.
Well, I send a settelment offer almost 3 month now,but no respond from them yet. They also try to call me twice now.I did send a letter asking them not to call me or anything. Why is it taking them for ever to respont,I don't even know if they still the one trying to collect the debt now. What do i need to do next now? Also this number called me about my accoun 1800 419-7878,but they did not leave who they are or any thing.Dose any body knows this number please? Thanks
Sorry- I don't know whose number that is. Did you send your settlement offer CMRRR so you know that it was actually received? Also, is the CA reporting anything on your credit reports yet? If they're not reporting anything and they refuse to respond to your communication, you may want to think about just laying low for awhile and letting some time pass. How old is this debt again?
Thanks for the respond. Yes I did send the settelment CMRRR on the 10/18/2010 No the only thing I see on my credit report with the www.Credit Keeper.com is the Original creditor reporting it every month, but they also reporting as chargeoff or collection. last collection agency who obtained my report is Commercail recovery system on the 9-14-2010. The orginal creditor started reprting on my credit report on the 05/08 when I got the loan. I am in Montana State,and I don't know how the SOL works. Do you know what SOL in Montana for unsecured personal loan. Thanks so much.
No, it is not a credit card,but it is a personal loan that I take out from a finace office that I belive works with Household Banks. The statute of limitations in years in Montana is: Judgment : 10% Open Account: 5 Written Contract: 8 Domestic Judgment: 6 over 5,000 renewable Garnishment: see the federal law Collection Agency Bond and License: Bond : No License: No Fee ; No Thanks
Ok, Well, what this mean when they are reprting it to my credit report as chargeoff or collection? If it is charge off whay they are still reporting it. I was wondering also, if the Original creditor reporting on my credit report is that mean they still owne the account and they did not sell it or any thing? My last question please is, I file a Bankcrupcy in 2002,and it was chargeoff,so it has been over 8 years now, and I would like to take it off my credit report is there way to do that please,and how I hard you can is that true? Thanks
The OC will continue to report a charge off, even after the debt has been sold/transferred to a CA. That's exactly what it was for them, so they don't need to stop reporting the charge off after they've gotten rid of the debt. Sorry- but I'm not understanding your last question. Are you saying that this debt was included in your BK 8 years ago?
No, I was just asking if there is a way to take the BK that is 8 years old out of my credit report. I know the BK stays on the credit report for 10 years, but I would like it off now if I can? If yes, how can I do it? I also want to ask if it better for me to pay a credit card that I have a balance on it of 2,000 or do I try to use the money to settel my other debt that the collection trying to collect from me,and that debt it is more than 2000,00 but I am trying to offer them 2,000? Thanks
Sorry, but there's not much you can do about the BK- it will probably stay on your CR for 10 years. BKs are public record. Also, if you have $2K to spend and you have a card that's current and active, I would use the money to pay that off first and keep it current. I wouldn't want to lose what available credit I still had.
Hi, Well after 3 month waiting for their respond on the settelment offer that I send them CMRRR. What i get back from them is anothere letter saying that my account has been assingned to Commercial Recovery Systems for collection for the balance of $.... Please pay the balance. Unless you notify this office within 30 days after receving this notice that you disute the validity of this debt. Well we already been throug this before,and I send them letter to validity the debt also asking them not to call me any where in any way. Every thing has to be in writing,but they did try to call after the letter couple times witch they should no't done. My question now is do I have to do this at all over again meaning sending them another letter to validite the debt again or what? I was waiting on the respond for the settelment offer not this. Thanks
Are you saying that the CA sent you a letter notifying you that they've assigned your debt to another CA for collection? Also, is Commerical Recovery reporting anything on your credit reports yet?
I said that the CA meaning the Commercail Recovery Systems send me another letter telling me that my account has been assingned to them to collect a debt for original creditor. That is funny because they send me a letter like this 5 month ago,and I responted to them by asking for validations of debt,and asked them not to try to call me. In Novomber 2010 I did send a settelment offer to the Commercail Recovery Systems,but they never respond to me about the settelment. Then Yesterday I received a letter from them. It is the same letter that they send me 5 month ago saying that my account has been assingned to them. well they send me the same letter twice in the last 6 month, So my question do I have to send them a valditaion letter to validite the debt again with them witch I already did 3 month ago ? It still shows on my credit report the original creditor reporting the debt,but I don't see the Commercail Recovery Systems reporting any thing. I did see that the Commercail Recovery Systems pull my credit report.
You're lucky that the CA isn't reporting anything on your credit reports. Hopefully it stays that way. I wouldn't send another DV letter either since you've already gone through that process. Obviously, they have no intention of responding to the DV and you should have proof of that. Who is the OC? If the CA won't work with you or respond to any of your written requests, then I go back to my original thought that you need to play all your cards and convince the OC to pull your account from collections so you can pay them directly. I know you've said you tried that, but you may want to try it again. Tell them the CA won't respond and you want to take care of this debt once and for all.
