Charge Off
If an account was written off by the original creditor can
another lender sue for the balance? I was served a citation
on 05/06/06.
The last payment on this account
was in 2002.
Asked on 5/18/06, 10:44 pm
2 Answers from Attorneys
TC Langford
Langford Law Office
Re: Charge Off
Yes. The original creditor can assign their rights under the contract to a subsequent party.
Answered on 5/19/06, 6:52 am
Peter Bradie
Bradie, Bradie & Bradie
Re: Charge Off
A charge-off is strictly a bookkeeping function, and not absolution of the debt. Your contract to pay can be sold to others.
Answered on 5/19/06, 9:52 am
