do consumers have to pay charge off accounts?
94932
The charge off account could be sold and buyer of the account could try to collect it legally.  And they would be entitled to do this.  So it can be collected until the statute of limitations runs and this varies from as little as 4 years in some states to as long as 10 years in others. Interest can accrue this entire time even if the original creditor charged the account off.  Accounts beyond the statute of limitation are called "zombie debt" and you can challenge collection of these under the Fair Debt Collection Practices Act.
37391
Are you using an accounting software package?  Your question suggests that you are.  If so, there is actually an account type for credit cards.  You need to create a new account for that card.  You will also need to set the credit card company up as a vendor.\n\nCharges to the credit card would initially be booked either to an expense account or a capital account.  Then when you start paying off the card, you book everything other than the interest expense to the credit card account.
785892
It will not hurt your credit if you pay off their bill.  If you do not, then it will.  After all you did promise to pay if they do not.
350470
Well all of you information will be on your credit report for 7 years.  Charged off accounts impact your account negatively, only when they are paid in full will they bring your score back up.  If it is not listed on your credit report DO NOT worry about it, if you are only worried about your credit score.  Looking at your scenario, it looks like your credit is in the high 500's, low 600's.  I would suggest keep making payments on time, do not close out any accounts that are currently paid to date, and if you have any more questions contact me... :)\n\ngood luck.
201721
NO, you do not have to pay they are just saying that because they want the money however, if you want the car back you'll have to. Just let'em eat it, its part of the towing business. There are no laws requiring you to have to pay.
657464
No. If you're getting charged, someone is getting over on you.
1112949
Credit card companies don't collect insurance when they write you off. They basically lose that money. If the credit card company is still calling you, they haven't declared you a chargeoff yet. When they've given up on seeing that money, they stop calling and sell the debt to a collection agency, usually for a lot less than you owe. The collection agency then gets to call you and chase you down till you pay.\n\nYour best bet--- call the credit card company and tell them you don't have the money to pay them. Often they will erase the penalty fees and reduce the interest rate if you close the account and agree to a payment plan that you can afford. Their ideal goal is to get full money and interest from you but if they can't, they'll often agree to accepting just the money without the interest.
34012
If you have a charge off, you have to pay the debt.  That's the only way to get rid of it.  You can wait 7 yrs til it falls off your credit report, but you still owe the money, collectors will continue to call you.  A charge-off is a term used to explain a debt that is over 180 days past due.  If you wait for it to fall of your credit report, you also run the risk of them filing a judgement against you (which is on your credit report for 10 years!), or suing you for the money before the 7 years.  LOL at all the people who think that your debt disappears after 7 years.  That's just the limit as to how long it can hurt your credit.  You will always owe the money.\n\nThe other people who have responded have responded in a way as if the debt wasn't a valid debt.  If this debt is rightfully yours, a letter of dispute or any of the suggested things are useless.
19028
Pay your bills and stop  charging.
472326
Can you make the payment without the statement??\n\nCan you make the payment online??\n\nCan you set up an automatic draft of the payment so it will come directly out of your account on the due date??
431487
Columbia House allowed me to do that during the xmas holiday.  I had not planned on it, but I ordered several on the phone and then she asked me if I would prefer to be billed.  They may only do that if you are a member in good standing, I'm just not sure what the reqs are.
500015
NOT TRUE!!!\n\nI just got done with a Credit management company.  Smart Credit Management Group.  They don't give you a loan to pay off your credit cards, instead you give all of the CC information and they call your creditors on your behalf.  Negotiate lower APR's and monthly payments.  Once your cc company has accepted this offer you send one  monthly payment to your credit management company and they send payments to all of your creditors.\n\nStudly is correct.  \n\nYou will have to pay a small monthly fee for their services.  We paid $48.00 per month.  Which I think is a small price to pay to get your sanity back.  Going from over $1000.00 per month in debt to just a hair over $700.00 was a welcomed relief.  \n\nAlso, if your currently behind in your payments on a regular basis, this wont be any different then that.  The only thing that it did to my credit report is on each of my creditors it showed that I was working with a debt management company.  In which you have to look at your situation and kind of pick your poison as they say.
297587
Yes the can.\n\nIf/when a creditor "charges off" a debt, he is taking it off his books.  The loss can be taken off his taxes as a bad debt.  \n\nCollection agencies buy these contracts, and will continue to attempt to collect on them.  The only thing stopping them is the Statute of Limitations.  Depending on the state you live in, (Michigan, for example, is 6 years), they can still sue you.  After that, you no longer have a legal obligation to pay.
67259
Some companies use outside credit card processing companies to manage their accounts.  Any one who loans you money to make purchases for goods, etc., has the right to charge interest.  Interest rates are regulated by the federal government though, so there is a cap they can charge.
211459
I don't think there is one.  Even if the report is free, they still want your credit card so they can start charging you after 30 days if you don't cancel the service.  Otherwise, why would any company want to give it to you for free?
919502
You will still get bills from the CC company until the balance is paid off.  It does not matter if you cancel the card before it registered as a charge.  \n\nSame is true if you wrote a check.  The bank will keep the account open for several days to confirm there are no outstanding checks.  If the check comes in, they will ask you to pay that amount and possibility list it as a bounced check.
848512
At this point Amex probably does not even own your account anymore, as for the charge off it will remain on your credit even if you settle the debt. Once it gets to charge off status you can't do anything about that. As far as paying off in installments the collection agency wants it in one lump sum. Their thinking is if you ca pay 1260 you can pay the whole amount.