Re: HELP!!!! $12000 Charge off

Posted by Linda (65.120.51.173) on August 28, 2002 at 09:51:21:

In Reply to: Re: HELP!!!! $12000 Charge off posted by Angie on August 27, 2002 at 22:58:51:

If it has been more than 6 months since default, then yes, you can assume that it was sold. After 180 days, the original creditor writes the debt off to P&L and invariably sells it.

If they believed they could collect on it, they would have taken legal action prior to the 180 day time limit.

It is safe to say this debt has been sold to the CA.

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I would still call the original creditor to CONFIRM IF THE DEBT HAS BEEN SOLD/BOUGHT, we can't just ASSUME that it was.
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