Legal Question in Credit and Debt Law in Iowa

Collections

After a credit card company ''charges off'' your account, are you liable for that account?


Asked on 1/31/02, 2:32 pm

2 Answers from Attorneys
Bruce Buckrop Bruce Buckrop

Re: Collections

Legaly, the only thing that protects you from the creditor deciding to "un" charge off is the statute of limitations.

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Answered on 1/31/02, 2:52 pm
Sheldon G. Bardach Law Offices of Sheldon G. Bardach

Re: Collections

A "Charge Off" simply means that they do not count your obligation as an asset. It does not mean that you do not owe the money. It should mean that you can negotiate at good settlement figure. At least half and maybe a third. Don't be afraid to ask. Good luck!

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Answered on 1/31/02, 3:03 pm


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