charge off

Date: Wed, 04/25/2007 - 13:43

Submitted by anonymous
on Wed, 04/25/2007 - 13:43

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Total Replies: 1

I have a charge off credit card account in my husbands name and mine, I never signed for this card, but I guess sine he listed me as a user on this card, its showing on my credit report as well, we got into some financial difficulty when he got laid off and I havent been working due to an illness, and the credit card is listed on our credit report as a charge off , but Ive been trying to make $50 payments every month, but havent since Oct, my question is, if its already listed as a charge off, do I still have to pay them every month, they keep calling and the next step is it will go into a lawyers hands, my husband is still laiD off and we are living on a limited income, what should I DO?

A charged off account is still legally owed; the term just means

A charged off account is still legally owed; the term just means it has affected their accounting in that they have charged your balance against their loss reserve in order to discount their net assets.

The $50/month payments may have kept the account from being sold/transferred/sent to an attorney. When the payments stop, they may do something else to your account.

Possibilities may be that they sell your account to another company, who will then try to collect on it, and possible sue you for it. If the account is not sold, they may decide to sue you themselves. Credit card companies don't sue very many people directly these days, usually they just sell it to a bad debt buyer.

Your best bet may be to keep making the $50/month payments while the original creditor still owns the account (they are usually easier to work with than anyone else). Call them, see if they can put you on a fixed payment plan until your husband gets back on his feet.

lrhall41

Submitted by DebtCruncher on Wed, 04/25/2007 - 16:16

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