Atfer charge-off can the OC get a judement on me
Date: Sun, 09/14/2008 - 18:50
But how can capital one sue me if they charge-off the debt as per my credit report shows.
The summons show capital one as the plaintiff.
A creditor who has charged of an account, ie. sold the debt to a
A creditor who has charged of an account, ie. sold the debt to a 3rd party collection agency, can't sue you but the collection agency can.
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Charge off is essentially just an accounting term. It means tha
Charge off is essentially just an accounting term. It means that the creditor is no longer showing the balance of your account as an asset on their balance sheet, and they wrote it off as a bad debt (for accounting/tax purposes). It doesn't mean that you no longer own the debt, and it doesn't mean that they sold the debt to a third party.
Some creditors still keep their debts in house, even after they charge them off, and some of them do sell the debts to a third party, and some of them merely assign the debt to a collection agency but still retain ownership of the debt.
If the summons shows Capital One as the plaintiff, then they probably still own the debt. I think (but I'm not positive) that I've read elsewhere on these boards that they usually do hold on to their debts, even after charge off. If you do not show up in court, then they will most likely get a default judgment against you.
Just because it was CO'd doesn't mean you don't still owe it. T
Just because it was CO'd doesn't mean you don't still owe it. They own it...you owe it. What state do you live in? When was the last time you made a payment on the account?
