Can an original creditor pursue collection efforts after a charge off or write off ? do they usually send the debt to a collection agency. The situation I know of is with a bank and a debt of more than $15,000 from a HELOC.
Yes. A charge off/write off is an accounting term that means the account is no longer being paid as agreed and the OC expects it to be difficult to collect. The OC can collect, assign it to a collection agency or sell it to a collection agency or third party. Most Debts can be collected on for up to 7 years depending on the state.
