If you have a credit acct that is charged off, can they still send you to collections?

Now listen very carefully. What I'm about to say is priceless when considering making demands to anyone in charge of fixing your credit report!

If the account is charged off, "COMPLETELY" and "FULLY" charged off, first things first.

It's been charged off and as such now legally able to be "reported as loss" both public and private when concerned with "consumer credit reporting".

If it's been fully reported as a CO-Charge off, it's because it's met the federal criteria to be written off in the first place, then it's loan sharking and racketeering to still sell a note, debt, or bill or collect upon a bill with an outside collection source, since the original note/bill//debt has already been exhausted by way of "debt collection insurance write offs, and federal tax break kickbacks"!!!

That would be selling the same note to multiple partners! That's racketeering and loan sharking!

Before applying for and trying to write off any note/debt they//loaner/lender are permitted to send, not SELL the note to a collection broker ""before"", but only BEFORE trying to write it off//charging it off: as a first option; to see if a collection agency can get some of the refund for them, but once they see that no collection agency can make the debtor budge and pay, then they can SELL IT to recover some of the loss.

Selling though is a last ditch effort since collection efforts won't work, and it can't be found to be written off/charged off-federal tax break/kickback.

So once it's sold now, they can't legally charge off/write off, that sold note as it is no longer a legal valid note in any business transaction, for that would be fraud, extortion, running a racket and of course "loan sharking" of an already settled note, even though the note was settled for a "lesser" than agreed upon amount!

Which of course it's usually highly illegal to sell anyones debt without first a lengthy and costly civil proceeding where a jury of your peers first over-sees all the facts and reasons that one of the members of their commonwealth and community has suffered at being able to repay a debt!

But then again, who actually demands or expects such valid consumer laws to be enforced or even demanded upon these days?!?!

Most write offs/charge offs cannot be granted or tax refunded//kickbacked as such, if the lender does not first try to have "professional" collection sources try to collect the debt!

If there's a good chance, the note will not meet the criteria for a charge off or write off, nor be collected by a professional collector the note should be SOLD to the highest bidder because that's the only likely way to get any of the money back!

But once your note is for sale, legally you have first choice on buying it!

Once it has been bought, you no longer have to pay the full debt that is owed, since the debt has been legally paid by a lesser amount by "DEFAULT"!

But if someone else buys the note/your debt, you now only legally owe the difference if anything since it's loan sharking to re-sell a loan, and racketeering to sell a bill without first seeking a civil court to dispute by reasons of hardship or catastrophic ideals that might have made repayment of the debt impossible due to an "act of God!"

So Make sure your charge off is a complete and full charge off where it's now "reported as loss".

The legal charging off process means that the account holder turned it over to their insurance company to get some of the loss back on the chance they took on extending you credit.

They also can get some of their loss back by reporting it on their Annual Federal Tax Statement. They get a small tax break when they have losses that were considered "good investments" because of the CRA's reporting standards and the information you submitted to them that they checked out and verified.

In other words, these companies blame not you exactly, but they blame the CRA's, which blame the FTC for making it so hard for them.

That means it's totally legal to get a tax break on it; a "federal" tax break//kickback!

Most of the largest shareholders of all these companies are politicians or friends and family of politicians!!!

Once they put it in for a kickback/break, they can't legally now sell it to a collections agency then, and have a collections agency report it as a collectible bill on your credit report whilst the original creditor is still listing it as a "charge off" on your consumer credit report.

The FTC monitors these companies for these types of "racketeering" although the FTC is funded by most of the companies who are involved in consumer credit racketeering!

Each derogatory account, has to be duly noted once, and the CRA's provide the collectible bill to be listed by a collection agency with the original creditor being listed as well.

When a bill is written off as loss, that means they've went ahead and collected what little they could from other sources to help dumb down your debt to them/insurance-Federal Investment Kickbacks due to high degree of uncertainty, instability and trends!

They can't sell the debt now, because that would be fraud and extortion. If that were the legal case we would be paying debts endlessly as they were being again sold as the debt is not actually being paid now to fund the original source. Which was who we made the first agreement with when we signed on the dotted line!

Imagine a debt being paid off to a collection agency by us, and they then in turn sell it, again and again just for the sole purpose of not reporting it on our credit reports and lowering our scores as long as we pay it each and every time it passes hands.

That's called a racket and loan "sharking"!

A fully charged off, "written off as loss" debt is finished! Takes 7 years to come off, not 10.

10 years are for public records and bankruptcy and where some jumbo financial deals went belly-up and the civil courts have ruled that it was the intended purpose of the borrower to do this, just to obtain funds in the first place and then in turn write this off as a loss; also racketeering and "loan sharking"!

Just a reminder. The CRA's and most collection agencies break the FTC laws on a daily basis and never get so much as a warning. They operate in ways that make us stay harnessed to large fees and bogus charges just to have a car or mortgage because they stack the cards in a way that say, "credit risk, take warning, warning, warning".

As soon as "risk" and "warning" are there on your credit portfolio, you'll still need and get your credit, but they'll have all the support they need to keep saying, "sorry, but, but, but we gotta charge you these massive funds and fees and hidden costs!!!!!!!!!"

But I will guarantee you, their friends, friends families, and their own family and close acquaintances as well as those who have friends who have friends who know someone "who knows someone", will have good scores and pages upon pages of debt erased and disputed and then disputed and erased so that it cannot ever be reported again.

Some people have in the past have had multiple bankruptcies and kept right on getting excellent credit, filing endless bankruptcies, but then the regulators caught on, and said, "hey wait a minute, we gotta have some sort of checks and balances on here!"

Scandals upon scandals, and here we are still suffering for a few late pays and hospital bills!

It's usually the hard working little guy that once he slips up a few times, takes the brunt of the punishment they are due!

The CRA's are the illusionists who can paint any picture they want, and there's no making friends with them. The only way to compete and make them work for you is for you to know all the laws, each and every one of them and not break your contracts or deals you put into place!

But even then, beware, our fight continues and rages on and on, as we struggle just for that!!!!!!!