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Credit Card Charge Offs

Date: Tue, 09/19/2006 - 15:57

Submitted by nwilson61
on Tue, 09/19/2006 - 15:57

Posts: 5 Credits: [Donate]

Total Replies: 4


Recetnly a law firm contacted me and were really intimidating to me on the phone. Claimed they were collecting a debt for Household Bank. They bullied me into giving them my ckng account info and a series of ck numbers. Later, I pulled my credit report and Household Bank was listed as a charge off. When I received correspondence from the law firm, they listed another company, not Household Bank. A colleague mentioned that perhaps the other company bought my acct from Household Bank....but I never heard anything until this law firm called and they were really awful to me. Once I thought about it, I stopped payment on the cks and eventually had to close the account. Once a creditor charges off an account...what does that mean? Can they sell the accts...or do they continue to go after those funds?


If your HSBC card is in charge off, you need to get that cleared up as soon as possible. They will take you to court. I know I have been there and the credit card was in consolidation. You did the smart thing by putting stops on the checks. Is the law firm acting as the collection agency? If so, then you need to send them a debt validation letter certified mail with return receipt.


lrhall41

Submitted by Not so Lucky on Tue, 09/19/2006 - 16:17

( Posts: 3041 | Credits: )


nwilson61, I was in the same situation w/ HSBC. When I ran my credit report I have 2 items there for the same amount and same account # but for diff company. It was for HSBC and the other company is the Collection Company that was taking care of my account before. I paid the collection company but my account w/ HSBC is still showing deliquent.


lrhall41

Submitted by chicagobabe0725 on Tue, 09/19/2006 - 16:36

( Posts: 96 | Credits: )


Thanks Tammy....actually...all my credit cards say "charged off" on my credit report. (my business went under and I lost everything.) Yes...it appears that the law firm is acting as the debt collector. Their terms were too tough for me manage...but again...I was afraid. What do you mean a debt validation letter?

Thanks!


lrhall41

Submitted by nwilson61 on Tue, 09/19/2006 - 16:50

( Posts: 5 | Credits: )


On the left under members section, go into the ebooks section and you will find a sample validation letter. http://www.debtconsolidationcare.com/books/sampleletter.pdf
This letter makes a collection agency prove they actually have the debt. Never make an agreement before knowing if the agency actually has the debt in question. Keep in mind that even though this guy is an attorney acting as a debt collector, he is bound by the laws of the fdcpa.


lrhall41

Submitted by Not so Lucky on Tue, 09/19/2006 - 17:18

( Posts: 3041 | Credits: )