how are charge-offs legal?
541742
Company "A" sold your debt to company "B". That wasn't really \n"charged off". Charged off accounts means that company that you originated the loan with has simply stopped trying to collect the debt from you. Sounds like your account was sent to collections (or more accurately sold to company "B"). \nSo, don't worry, company "A" got the money they were willing to get.\nAll of it is a junky way for things to refresh on your credit history and really should be fought against by lobbying the government.
1041018
The places charge money.
829588
nope\n\nits illegal\nyou can get sued
317712
Is this for your attorney, or for court ordered payments to the other parties attorney?  If it's your attorney then there is no specfic letter.  Just type up a letter listing the charges in dispute and why you think they shouldn't be billed.  If it's a court ordered payment for the other parties attorney then you need your attorney to type up a motion/order for the court to consider if the charges are valid.  \n\nAlso remember they get to bill for ANYTHING they do.  This can be talking with you on the phone, looking up a court case, typing a letter, etc.
769848
Also when they don't provide you with a bill, they don't have to pay tax for the things you've bought. That's because the selling of that item hasn't been recorded. But when you pay for the things you've bought, you pay the amount inclusive of all taxes. That's one form of consumer exploitation. But i guess it comes under the over-charging thing.
964154
Even if the loan is charged off the creditor can still reposses the car, because it was offered as collateral.  Basically a charge-off is saying the loan is in the worst state possible for your credit reporting.
1154101
When a creditor 'writes off' or 'charges-off' a debt it is a big negative on your credit. A 'charge-off' is an accounting function where the creditor moves the non-percorming (not paying) account off of their books and they get a tax break for the bad debt. \n\nThe negative of the charge-off will sit on your credit reports for 7-1/2 years from the date of first delinquency that immediately precedes placement for collection and/or charge-off. \n\nYour scores are going to take a serious nose-dive.\n\n**edit*** \nNO DEBT can stay on your credit reports for 10 years !! That is just WRONG information.
88675
Yes, if you try to screw them by not paying...Is this what you are asking?
720074
well there is usually a phone number next to the charge.. call it and ask... otherwise, if no phone number is provided call your credit card company and give them the reference number for that charge and they will be able to provide you with who charged that $16 and a phone number for you to call and clarify who authorized that charge and what for
808115
The uncharged gets charged.
887120
Sadly, the practice you describe is legal in England but was banned in Scotland some consioderable time ago.  The High Court decided it was extortion.  \n\nI agree that this is worth an insurance claim.  It may also be worth a call to the local paper...
749853
no, but there IS a law saying you have to PAY those fees.
212850
Student loans do not get charged off, they simply get bought and sold to different collection agency's. They also take your state and federal income tax to pay them off.
1012743
The interest rate you are charged varies by state. Some states have laws that restrict "gouging" or it's formal term - Usary. \n\nConsumer Advocacy Center (www.caclawyers.com) should be able to help you.
376219
fIRST, i THINK that is BS.  They cant stop youfrom making a payment.  \n\nSecond, to answer your question.  \n\nA couple of gallons of gas and a book of matches should do the trick.
395433
It means the financial institution (lender) has charged-off a loan (its asset) from its financial books.  It has no impact on the legal obligation of the borrower to repay. It is a blemish on the credit report of the borrower that remains for at least seven years. Other potential lenders will view a 'Charge-off' very negatively, and will likely decline a loan request or charge a substantially higher rate of interest and require security/collateral to mitigate the risk associated with making a loan.
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.