Re: Timmy
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Posted by Drew
(24.59.27.46) on December 31, 2003 at 16:19:24:
In Reply to: Timmy posted by What is charge off? on December 31, 2003 at 16:11:26:
The cc company wrote off your account as required by federal banking laws. After writing off your account as a loss (chargeoff), they placed it with a collection attorney to sue you. They are requesting arbitration. After they get the arbitration award, they will convert it to a judgment so that they can legally collect from you either by garnishing your wages, freezing your bank acccounts, or siezing your assets. If it is within SOL, get yourself a lawyer especially if it is a large amount. Walpoff is a third party debt collector/attorney. They have to provide validation of the debt if you ask them to and they have to follow the Fair Debt Collections laws enacted by federal legislation. Good luck.
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