Most people look for ways to pay their debts and get out of a financial hole. Whether it’s by taking a second job, reorganizing payment schedules with creditors, or possibly deferring payments to the end of the loan, there are steps that can be taken to resolve delinquent accounts.<\/p>\n
If the creditor is unsuccessful in collecting with no payment by the borrower, the creditor may designate the debt as “charged-off”.<\/p>\n
What is a Charge-Off?<\/strong> Debt Collectors may collect Charged-Off debt<\/strong> Credit Reports list Charged-Off Accounts<\/strong> Tips to negotiate charged off accounts Seek Help from a Consumer Lawyer<\/span><\/p>\n Flitter Milz is a nationally recognized consumer protection law firm that pursues cases against debt collectors that have violated a consumer’s rights under the Fair Debt Collection Practices Act.\u00a0 If you have received contact from a collection agency or collection law firm, Contact Us<\/a><\/strong> for a free consultation:\u00a0 888-668-1225<\/strong>.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Most people look for ways to pay their debts and get out of a financial hole. Whether it’s by taking a second job, reorganizing payment schedules with creditors, or possibly deferring payments to the end of the loan, there are steps that can be taken to resolve delinquent accounts. If the creditor is unsuccessful in … <\/p>\n
\nUncollectible “charged-off” debt is an internal accounting function and means that the creditor may choose to collect at a later date, or assign the collection to a third party collector, such as a collection agency or law firm collector. Charged-off debt does not disappear.\u00a0 These debts may continue to be collected and probably be assigned or sold to a new debt collector.<\/p>\n
\nIf the debt moves to a collector, the consumer may begin to receive calls or letters from the debt collector about the underlying debt.\u00a0 Whether the consumer owes the debt or not, the collector must follow the law called\u00a0The Fair Debt Collection Practices Act<\/a>.<\/p>\n
\nThe creditor is required to report charged-off debt to the credit bureaus. The creditor’s listing on the report will note the status as “Charged-Off” and can remain on the report for seven and a half years. This status carries negative weight and may impact the consumer’s ability to obtain credit.<\/p>\n
\n<\/strong>-Request an itemized calculation of the debt
\n-Only agree to payment terms you are able to manage
\n-Remain in control of your checking account
\n-Get the payment agreement in writing<\/p>\n