Internet's first get-out-of-debt community - 128,000 members

Posted: Tue Jul 08, 2008 11:52 am Subject: Charge off

I was wondering, after the OC charges off an account after 120 days or something like that. Are they still able to collect on this debt or does it have to go to a collection agency?

Posted: Tue Jul 08, 2008 3:35 pm Subject:

whatever the want to do. The charge off is really an accounting issue that does not affect the ability of a company to collect the debt.. usually companies will either farm out the debt to a CA, sell it to a junk debt buyer or simply eat it.

Posted: Tue Jul 08, 2008 5:30 pm Subject:

With the exception of MS and WI, whose statute of repose actually extinguish the debt at the expiration of SOL, an un paid debt can follow a consumer until the sun goes super nova. Depending on which OC you might be referring to, normally internal collections commence at the 60-90 day late, then 3rd party 90-180 (CO) and could extend for several years before it is sold off to a JDB. Cap1 will rarely sell off their bad debt while still w/in SOL. AMEX still holds my account that went delinquent in 2003. Household sold one of mine w/in 60 days of Charge off. YMMV

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Charge off

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