Re: Charged off accounts
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Posted by JerNTN
(24.158.147.91) on July 25, 2004 at 12:29:37:
In Reply to: Re: Charged off accounts posted by justme on July 24, 2004 at 20:25:34:
You're missing the point. Once the OC has charged off an account and has received the tax credit as a bad business expense, the SOL gives them the legal option of STILL collecting the debt. Does this sound fair to you? If you have assets and a good candidate for executing a judgement, they usually assign or sell the debt to a scumbag CA who will do their dirty work for them....namely, trying to collect money when they've already received the entire amount as a tax break. Secondly, you fail to mention the fact that once an account has been sold to a CA, the OC CAN NOT
negotiate with the credit bureaus to designate the account as 'settled and paid in full' when the account now belongs to the CA. How can the OC make an entry on your CR when they have disssolved their interest in the debt? IF the account has only been assigned to a CA, the OC can , ideed, make an entry on the CR BUT you have to make sure that any type of payment to a CA, on behalf of the OC, is legitimate and is authorized by the OC....Most of all, everything should be in writing with a valid signature from the OC, not just a piece of junk mail from the CA. When it comes to debt collection issues, most people consider it irresponsible debt management and a nuisance. However, it is a MAJOR problem in this country. I view it on the same basis as trying a person for murder....TWICE. Ever heard of double jepordy? What's the difference? You can't and shouldn't have to pay a CA money for which the OC has already profited?
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