avm42000 Posted July 19, 2006 Report Share Posted July 19, 2006 okay i had a credit card 3 years ago with bank of america which has been charged off. Lately i've been getting calls from someone who says they are with bank of america. However the number is to NCO financial services. The question I have is that the guy who calls told my wife that he is going to sue me. What's the deal with that and can they sue me, and for what the debt has been charged off. i'ts been a year since i heard from bank of america. This nco financial is really begining to bother me. Also what can i do? Thanks Link to comment Share on other sites More sharing options...
J_Snow Posted July 19, 2006 Report Share Posted July 19, 2006 Note: Post moved from Board Announcements.... Link to comment Share on other sites More sharing options...
Robert Nashville/Savannah Posted July 19, 2006 Report Share Posted July 19, 2006 The fact that the debt was charged off doesn't mean you don't owe the debt. "Writing-off" or "charging-off" a debt is simply an accounting entry; nothing more.Yes...BOA (or whoever actually owns the debt at this point) can sue you and they might if it is enough $$$ to be worth their trouble. Will they sue??? Maybe but the jerk from NCO was probably just trying to scare your wife (that is illegal by the way).If NCO is collecting for BOA then you should have received written correspondence within a few days of the first time they spoke with anyone on the phone. Have you?Don't ignore this...start the DV process to protect your rights. Link to comment Share on other sites More sharing options...
madshooter Posted July 19, 2006 Report Share Posted July 19, 2006 how can the OC "write the debt off, or charge it off" and then also sue you for the same debt. You can't write something off and than sue someone over it. They can sell the debt to someone, but if they write it off and then try to collect it they would be causing a tax problem for their company. That is the way that I understand it, am I wrong? Link to comment Share on other sites More sharing options...
Robert Nashville/Savannah Posted July 19, 2006 Report Share Posted July 19, 2006 Many people seem to have this mosconception about debts that have been charged off.The SEC and GAP require companies to write off bad debts...it's an accounting entry, nothing more...you still owe the debt.Nor does eventual collection create a tax issue - if at some future time the OC collects on the debt, they simply reverse the original entry they made on their books and reflect the corrected/current information. Link to comment Share on other sites More sharing options...
LadynRed Posted July 19, 2006 Report Share Posted July 19, 2006 You can't write something off and than sue someone over it. Link to comment Share on other sites More sharing options...
avm42000 Posted July 19, 2006 Author Report Share Posted July 19, 2006 hey thanks for the info, I thought he was just trying to scare my wife and I appreciate you letting me know the legality of it. Are you 100% sure that what he did was illegal? Just checking. But in sc after 3 years the statue of limitations would help to get a suit thrown out but I don't think NCO will make it worth their time. Thanks again Robert.The fact that the debt was charged off doesn't mean you don't owe the debt. "Writing-off" or "charging-off" a debt is simply an accounting entry; nothing more.Yes...BOA (or whoever actually owns the debt at this point) can sue you and they might if it is enough $$$ to be worth their trouble. Will they sue??? Maybe but the jerk from NCO was probably just trying to scare your wife (that is illegal by the way).If NCO is collecting for BOA then you should have received written correspondence within a few days of the first time they spoke with anyone on the phone. Have you?Don't ignore this...start the DV process to protect your rights. Link to comment Share on other sites More sharing options...
divemedic Posted July 19, 2006 Report Share Posted July 19, 2006 Yes, it is illegal to threaten to take an action you cannot legally take, or an action which you do not intend on taking. Link to comment Share on other sites More sharing options...
imacosmetologist Posted July 26, 2006 Report Share Posted July 26, 2006 Isn't it also illegal to discuss your account with ANYONE but you? I thought the CA could only leave a message for you to call and no additional information, especially telling someone else they are going to sue you Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted July 26, 2006 Report Share Posted July 26, 2006 yep its illegal.. they can't even leave details on voice mail... but honestly he sounds like a CA so stay off the phone... NCO has a lot of bark.. but after their butt has been sued a few times (check bud hibbs site) their bite has become less Link to comment Share on other sites More sharing options...
lyle7289 Posted July 26, 2006 Report Share Posted July 26, 2006 Do a search for "NCO success" on this board. It is even a sticky now I believeI think you will be quite surprised with what you find there !!!Regards,Lyle Link to comment Share on other sites More sharing options...
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