Comments on: What to Do When Your Credit Card Debt Has Been Charged Off

By: rudi

rudi — Tue, 19 Oct 2010 03:26:58 +0000

Have 1 credit default loan and 2 unsecured credit loans,
the bank sold them to a collection agency. Have not heard
anything from the agency for more than 5 months. Only
income is retired military pay depositied into checking
accnt. Why has the debt collector not contacted me as
the bank gave them the correct address and am presently
living overseas and the debt collector has my overseas
address.

By: Sue fidel

Sue fidel — Wed, 07 Jul 2010 15:39:38 +0000

Hello, I am in default of a Chase card and it has now gone to a collections agency. I found a note on my door the other day from the county Sheriff looking to serve me with some sort of papers from the debt collector. I called the collector and tried to make some kind of deal with them and they told me they would not accept my offer. Unfortunetly I probably gave them to much information and didn’t realize it at the time, like the name of my bank.
They said they have no other option but to sue me.. They are saying that I owe them $14,000.00, but Chase had given me an amount to settle of $6,000.00 at one time. Due to not having any money at that time, I couldn’t afford to pay them.

What should I do?? Do i need to get a lawyer Involved, which i have no money for that either..
I should mention about 10 years, due to a divorce I had to claim bankruptcy, is this an option for me again?

Please any info you can offer will be greatly appreciated…

By: Johniece Williams

Johniece Williams — Fri, 11 Dec 2009 21:34:11 +0000

If a account has been charged off since September 2008, and it it turned over to a collection agency, why do I still have to pay it?

By: Peg

Peg — Tue, 29 Sep 2009 21:35:33 +0000

I am being sued by an attorney supposedly for Capital One, an account I do not remember. My credit report shows the debt charged off, so I assume this attorney bought it? If so, can he legally collect when I have no contract with him? I asked for verification of the debt and all he sent me was the company of the debt, the account number and when it became delinquent. I asked for the original signed contract, but didn’t get it. Can he legally sue for this?

By: Wayne Martin

Wayne Martin — Sat, 08 Aug 2009 00:39:08 +0000

Can you pleae let me know which law gives me the right to go back to the original creditor? I believe I am in the process of being sued ( a lady claimng to be a processor came to my door last week to verify my home address, I guess?) I have contacteds the last know debt collector attorney (their last letter is six months old) asking to confirm they still have my debt and asking if we can work something out. To date, there has been no reply. By the way, I live in Texas.

I would love to be able to go back to the original creditor (HSBC) and get this thng settled.

Please let me know.

Regards

Wayne Martin

By: Bill

Bill — Wed, 10 Dec 2008 22:40:08 +0000

When it was said:
“refuse to deal with anyone but the original owner of the account (the bank that issued the card.) This is your right by law.”

What Law exactly says that so when I write my letter I can include it?

I too tried to call my credit card company and they said there was nothing they could do and I would have to contact the Collector.

The Collector told me he had power of attorney over the account also.

Please help I am running out of time.

By: vijay

vijay — Sun, 07 Dec 2008 14:18:42 +0000

Dear Sir

I had credit cards , because of financial position iam not able to pay the banks, now all the collection agencies coming and torturing my parents when iam not in my residence , so please tell me what should i do to stop those tortures from collection agencies, is there any way to complaint about thse agencies

By: Jack Deadbeat

Jack Deadbeat — Sun, 09 Nov 2008 18:04:24 +0000

Do Not settle with the Credit Card company. Stay on the down low. The problem is that Joe Biden and his cronies repealed Chapter 7 of the bankruptcy law which allowed you to have ALL your debt discharged. Now many people cannot get their debt discharged. If you settle for pennies on the dollar the government will treat the difference as income. You are better off skipping on the debt.

By: lori

lori — Wed, 17 Sep 2008 17:01:49 +0000

Dear Sir,
I have 3 credit cards and today they were charge offs. I have called each company and none of them would talk to me. Two of them told me this account was being sold and I would have to talk with them. I would like to deal with the original creditor but since none of them will visit with me, I cannot negotiate a settlement. What should I do? thank you, Lori

By: Jacue Walton

Jacue Walton — Wed, 10 Sep 2008 00:13:57 +0000

You said,

Call the collection company who owns your debt now, and offer a settlement for a reduced amount.

For a person who had to deal with one of the biggest unethical, uncaring SOB collection agencies in the country, you really need to tell people that if they settle on a lesser amount of the debt they owe, they will have to pay the balance in their income tax for that year. But a person really needs to check with their tax accountant/preparer to see how much tax they would have to pay on that balance and if it is beneficial for them to do so. Depending on how large the debt is versus paying half and having to pay taxes on the other half. Does it balance out and when it comes time to pay the taxes, will you be able to? Oh, and the collection agency will not tell you that if you settle for a lesser amount, the balance will be treated as income and you have to pay taxes on that unpaid balance. Collection agencies are ruthless people who shouldn’t be allowed to exist!!!!

I had to deal with the company I dealt with for over 4-5 years, with them calling me, harrassing me at home and work more than 5 times a week, sometimes several times a day from different employees leaving message on my home phone, threatening to sue me, calling my mother for my whereabouts, having to get a government attorney involved in telling them to stop calling me at work on government cell phones, etc. I probably have a good case to sue them, but don’t have the time and don’t want any more headaches in having to deal with them. I would never settle with them the first five years, but when it got down to around $3,000, I finally settled for half of that. When I came into some money about a year ago, I sent them a check through a debt management company I was dealing with for all my debts and they wouldn’t take it. They had the check in their hot little hands, but said because it came through the debt management company, they couldn’t take it. So I took the check back and told them where they could go and continued to make the monthly payments through the debt management company. Funny how they would take the monthly payments, cash the check, etc, but wouldn’t take the final payoff check. Owe, and I am in another class action law suite because of the debt management company I used and will probably get back half of what I had to pay the collection agency.