Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
fmonaco48021

0 Contributions
0 People Helped
Charged off bad debt loss write-off Do I still need to pay that?
I have a closed account on my credit report that the creditor closed with this remark: Charged off as bad debt
Profit and loss write-off. Will they still come after me?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-4 of 4Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1132 Contributions
1210 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

They can sell your info to another collections agency and the new company can come after you...... If it is a small amount; try to get it paid off with a reduced price settlement...

Top Contributor
5038 Contributions
1134 People Helped

Find out what the "Statute of Limitations" is to be sued for debt, this will affect the decision for you to make on how to proceed. If the debt is within the SOL to be sued, then you may want to get it taken care of asap before a collection account pops up in addition to the charged off account. Please ask a new question stating the age of the debt and the SOL in your state to be given further advice on how to proceed.

2 Contributions
0 People Helped

New can of worms

I thought I read that if you engage a creditor or collection agency concerning debt that has been written off, it starts the clock over again...and now it looks like fresh debt that could "again" influence your score AND could be written off or sent to collections "again"... is this true?

Top Contributor
7356 Contributions
3808 People Helped

Helpful to 0 out of 1 people

They charged it off as a bad debt because you apparently weren't paying it, but you still owe them.  They 'loaned' you the money when you bought on credit, and you received the benefit.

Reply by
PushingTin

2 Contributions
0 People Helped

I get that sister...that wasnt the question though.  The question concerned the regulatory ability of a second party opening the issue again after you already took the "hit' on your credt score once.

And I do not see where that was answered here in the thread.

Results 1-4 of 4Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.