Re: Can somebody give me the lowdown on charge offs?
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Posted by JKelly
(151.197.123.138) on July 12, 2004 at 16:31:44:
In Reply to: Can somebody give me the lowdown on charge offs? posted by mooly on July 12, 2004 at 16:22:03:
Charge off is an accunting term. After 180 days, the original creditor will charge off the account and take the tax loss.
Are these YOUR accounts? Joint or individual accounts. Were you actually on the accounts with your husband, or were you an authorized user. These accounts have either been sold or assigned to CAs. Your homestead is protected in Texas and they can not garnish your wages. However, PROTECT YOUR BANKING INFO ASAP. In Texas, if they can convince a judge that you will remove your money from the bank in order to avoid paying the debt, the account CAN BE FROZEN before they get a judgement. This is not something that happens frequently as far as I know, but it is better to play it safe. It is best not to talk to CAs. Ignore them. There is a lot of psychology in debt collection. Lies and threats are the norm for these low life scum bags. Mostly hot air. So, do yourself a favor, you don't need the stress. Change your phone number, watch caller ID, let the machine pick up. Ignore their mail. IF SOMEONE SUES YOU (not likely) then you must answer the law suit immediately. When CAs sue, they are looking for a default judgement. If you show up and defend, they will likely crawl back into their little black holes to look for easier victims.
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