You can go back to the original creditor, but they may not offer you a line of credit. Usually they will not extend any more credit after it is charged off, but this is an individual company or individual decision.
Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid the original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.
Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.
It depends on if the debt has been charged-off. Typicall after a debt is charged-off the original creditor has a specific time period depending on the state in which the debtor reside to file suit to obtain a judgment in order to force the repayment of the debt. If the time period mentioned above elaspes without the creditor filing suit then typically the answer would be that the debt does not need to be repaid. However, if you made partial payments to the creditor after the charge-off date you have started the clock over on that time period and the creditor get another chance. The best thing to do is contact a bankruptcy attorney for all the detail concerning the specifics of you particular situation.
Charging off the debt has not impact on the creditor's ability to sue. Charging off is simply a write-off for tax purposes. A creditor can sue any time prior to the expiration of the statute of limitation regarding of whether or not the debt has been charged off. The applicable time deadline will vary from state to state and depending on the type of debt.
The general rule is "paid" means the account has been, well, "paid." Closed means the account has been closed or written off by the original creditor. This could mean they gave it up as being uncollectable or they have sent it to a collection agency or sold it to a third party creditor.
Yes. Once a contract has been defaulted on, the creditor has no legal obligation to accept any payment other than that which was agreed on in the original contract or subsequent agreement.
Recall of a debt by a creditor is when the original creditor asks for the debt to be returned to them after they have sold it, often to a collection agency. This may occur if the debt has not been collected for a certain amount of time, and the debt will be sold to another agency to collect, or if the debtor offers the original creditor a settlement.
No, it's the same account and the new creditor is simply taking over the same rights as the original creditor.
Yes, this debt should have been marked as a bankruptcy by the original creditor. It cannot be changed from a bankruptcy to a discharge unless the bankruptcy did not go through.
If the debt has been cancelled, no; if the debt has been charged off, yes.
Charge offs are accounts that have been written off by the creditor as uncollectable. The debt owed is still valid and can be collected on either by the original creditor or by a collection agency. You can only erase charge offs by disputing them to the credit bureaus or negotiating the removal by the original creditor.
Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid the original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.
The term "written off" does not mean the debt has been cancelled/forgiven. The term indicates that the original creditor will no longer continue to collect the debt in the usual manner. The debtor will receive a notice from the original creditor of whatever further action will be taken with the account.
It is unlikely that the account was "sold" to a collection agency. Rather, the agency was contracted to recover the debt. The "charge off" of the account only affects the original creditor, and represents a loss reported against the company's taxes. If the collection agency has attempted to recover the debt and has been unable to, the original creditor will likely pull back the account and refer it to another agency in hopes of greater success.
Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.
No the creditor only gets the original amount that was loaned (plus interest) regardless of how may co-signers there may have been.
If the original creditor charged interest then the collection agency will continue to accrue interest at either your states legal rate or whatever you agreed to in the original contract until the debt is either paid or sold to another collection agency or placed with an attorneys firm for legal litigation.