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What can I do about a credit card that was not charged off properly?

San Ramon, CA |

According to my original credit card statements, and leading to the final statement. My credit card was not properly charged off. My understanding is typically a bank will write it off six months from the last missed payment or charge.

I demanded debt validation, from the debt collector, and the information they provided was of no benefit. I called the original creditor, and they stated they have no records for 2007, and 2008.

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Attorney answers 3


What is not "right" about it?

Keep in mind, a charge off does not mean you don't owe the debt. Lenders are required to charge off a debt for accounting, tax, SEC, and banking regulation purposes. But a charge off does not forgive your obligation to pay the debt.

Maybe clarify what you think is not right about the charge off, and maybe we can provide more insight.



Thanks for being patient. Normally, I am familiar with charge offs, and the process. My situation is unique. My last payment, was 11-2007. After that payments were being forced through my bank account, without my permission. The bank at the time, had all my credit card payment information. I was paying online. I did not set-up auto pay. Every month I received a statement in the mail. I would log on to the site, and make my payment online. About June 2008, I received a letter that Indicated. I had accepted an offer to make payments, and part of the deal, they agreed to waive over-limit fees-late fees, and a fixed 2% APR. As long as they could automatically deduct the payments. (these terms were promised already, when I assumed responsibility of the c/c account) August 2007. The letter I received was a schedule of payments from 6-2008-5-2009. They forced the first payment on 6-13-2008. The only problem is that my bank account had already been closed. Not for this reason. I received a letter from the original creditor dated June 15, 2008. Thanking me for enrolling in their "BALANCE LIQUIDATION PROGRAM" the letter goes on to say that if i don't fulfill the payment terms under the "BLP" My terms will change back to the "Cardmember Agreement" ( I did not have a card member agreement) I received a debt collector's first notice, dated July 7, 2008. This debt collector's letter stated, according to their clients records, my account balance is long overdue. Over the course of time, my debt was bouncing from one debt collector to another. Attempting to collect for the original creditor. In 2010, Asset Acceptance appeared on my credit report. By this time I had seen enough of the bouncing. I simply figured they were collecting for the original creditor. It appears now they purchased the debt. I never received anything from them. They have never called me. I would call them. I recently disputed, the information they are reporting to the credit bureaus. As part of the dispute. I have received settlement offers, and verification letters. I do admit, I was not familiar with credit laws. I was completely ignorant. The information I shared is based on my documentation. The debt collector, mentioned in their debt verification letter that they have verified their information, with the original creditor, and the information I provided is not sufficient for them to make changes, and deny there records are inaccurate. What do you advice, me to do?


Charge-off is irrelevant to you as the debtor. A charge-off is a loss to the creditor. An account that has charged-off is still collectible by the creditor. Keep in mind that the no lawsuit can be filed after the Statute of Limitations has passed. In California, the Statute of Limitations for a credit card debt -- written contract -- is four years from the date of the breach or missed payment.

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For most cases, the ability to demand that a debt collector validate a debt is essentially a waste of paper and postage, in my opinion, as you seem to have learned. Once the original creditor has assigned the debt to a collection agency, they really don't want to expend any further resources on dealing with the person who stopped making the monthly payments.

As stated on my website's page (linked below) of terms used in collection lawsuits, the term "charged off" is from accounting, meaning when a creditor has determined that an account is likely to be uncollected. Bank regulators and auditors have a maximum amount of months (typically six months) before a creditor must charge off a debt, but they can still collect it by filing a lawsuit or making more calls or letters to encourage the debtor to make payments.

If this debt is past the statute of limitations, then they may be violating the Fair Debt Collection Practices Act (FDCPA) by threatening you (the consumer, if this is a consumer debt) with a debt collection lawsuit. Please read my blog on the "Don't Pay A Dime Strategy," which is linked below.

Robert Stempler (please see DISCLAIMER below)
Twitter: @RStempler

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The debt collector, sends me letters that are written in Spanish. My housekeeper, interpreted the letter, and they offer a few options to pay. The worst one is paying $50.00 a month until the debt is paid off. Clever!

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