I received a letter in the mail from Asset Acceptance, a debt collector, saying my circuit city/chase account is closed. It shows I have a zero balance and says it is not being reported to the credit bureaus.
I pulled my credit report after reading the letter and it shows that my account was 'charged off'. I was under the impression that when a debt is 'charged off' it is sold to a collections agency. Did that happen here? Am I going to be hearing from somebody else wanting to collect on this debt?
Contact with your original creditor and ask them whether or not your account has been sold to a collection agency. I hope you will get your answer.
Debt Samaritan
Posts: 5223
Credits: 71492.266580171 Send message to OhioGal1
Did you have a balance on the card or was it closed due to inactivity? Charge off generally means you were behind on payments and the creditor couldn't collect from you so they were forced to charge off the account as a bad debt, but you're saying there's a zero balance so I'm perplexed.
Have you called Chase to clarify your situation?
I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.
I am perplexed also. My original creditor was circuit city/chase. I had roughly a $3000 balance which I was having trouble paying. They sent me to collections, this Asset Acceptance company, which sent me the occasional letter informing me of my debt. The letter I received yesterday was from Asset Acceptance informing me my debt was charged off and my balance is now zero. They also said they are not reporting this to the credit agencies any more.
It seems like this debt has just gone away. Seems to good to be true, but that is what I am being told as well.
Posts: 1
Credits: 130 Send message to Mr. T
I am a bit perplexed as well. My original debt was through circuit city/chase and had a balance of roughly $3000. I had trouble paying my bills and they sent me to a collection agency, Asset Acceptance. Asset Acceptance had been sending me the occasional letter informing me of the debt and so forth. Yesterday, I received a letter from them informing me that my debt was charged off, I now have a zero balance, and they are no longer reporting this to the credit agencies.
It seems that this debt has just disappeared. Hard to imagine, but that is also what a credit 'professional' told me.
Posts: 14279
Credits: 110287.92042813 Send message to paulmergel
save that letter as assett acceptance is a dirty a$$ JDB.they more than likely found out that if they pursue it they would lose.however knowing this pile of JDB slime(and there are several threads about them on this site)it wouldn't suprise me in the least if they tried to pursue it further.to #2 poster yes since this is a JDB it was sold.most likely out of SOL for the OP'S state for this kind of debt.so save that letter.you may need it.
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