logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Can a charged off account be sold?

Date: Wed, 09/12/2007 - 13:02

Submitted by anonymous
on Wed, 09/12/2007 - 13:02

Posts: 202330 Credits: [Donate]

Total Replies: 4


How does a collection company purchase a debt from the original credit card company? My credit report says that a credit card has charged off how can someone else buy that account? Is that legal? Did the collection company pay my debt? If they paid my debt I should be paid in full on the one account.


Welcome to th eCommunity :D Sorry- it doesn't work that way!! The cc companies sell off their old, or uncollectable debts in a "bundle". collection agencies buy them for pennies on the dollar, hopeing they can get some of them to pay off.

Just because a debt is charged off, doesn't mean you still don't owe the debt.

Before you pay any collection agency, make sure they have your debt, the amounts are correct, and they have the legal power to be collecting. Aslo, that the debt isn't our of the SOL.

The collection company usuall sends a letter, from which you have 30 days to ask for debt validation, to have them prove they actually have your debt.

Feel free to ask questions..KAren


lrhall41

Submitted by Bossy4455 on Wed, 09/12/2007 - 16:27

( Posts: 5854 | Credits: )


CAN A CREDIT CARD THAT HAS BEEN CHARGED OFF BE LEGALLY SOLD TO A COLLECTION COMPANY? I HAVE BEEN SUMMONED TO A MEDIATION FOR PAYMENT. WHAT SHOULD I DO?


lrhall41

Submitted by on Tue, 12/30/2008 - 05:20

( Posts: | Credits: )