i saw a credit lawyer on a marning talk show who was giving consumers secrets about credit cards. one of the things that she said was that your bank will only try to work out a past due account a couple of times before they turn you over to a bill collector. she said that once you are turned over to a bill collector, the creditor writes the debit off on their taxes and can no longer take your money. you are noted as being delinquent on your credit report which is similar to a small bankruptcy. How ever a bill collector works on a commission and can pocket most of the money that you are now not required to pay, because you have been reported delinquent and the creditor has already written the amount off on their taxes. is any of this true? it makes sense to me, but maybee i just wasn't paying close enough attention.
Ummm...You may have been watching the new Suzanne Somers thigh master II infomercial.... Actually after a "charge off" the original creditor or their hired gun "collector" can and will pursue the debt. Now they have techniques in skip tracing etc but if they dont find you and the statute of limitations passes (varies by state) they might try to sue for the amount (rarely done) but by then you have the defense of Statute of Limitations as a defense that must be raised to dismiss the case. In some states a partial payment revives the statute (it starts over again) So to answer your question time is an ally and if a period of years passes it is sort of like a bankruptcy in that those debts cannot be recovered through a lawsuit, however secured items MAY still be repossed ie. car, jewelry, prosthetic arm, and other debts like taxes may or may not be barred. So to pu a long stroy short IF YA HAVE SOMETHING TO LOSE LOOK INTO BR PARTICULARY IF CONGRESS IS CHANGING THE LAW TO A LESS CONSUMER FRIENDLY DEAL and if you don't, time heals all wounds. Just don't call any bill collecors or creditors using your own phone or cell phone and that Mail Box Etc address is very handy (ITs a bummer opening you own mail box and seeing letters from Brunos Collections or even worse, "The Best of Bobby collection of writings, poetry, musings, and credit repair" Venceremos CR
