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Can Lawyers sue if Charge off on Credit Report?


nevragainwillIusecc
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I know I've already sent this, however I'm sending it again in case someone needs to read it in order to understand my next question. How can it be that on my CR this Juniper Bank cc is a charge-off and I received this? Read below:

I live in Florida and received a letter from the Law Offices of Noam J. Cohen, P.A. Their address shows Miami, FLA. and their website is www.FLORIDACOLLECTIONS.NET, they are admitted in FL, N.Y. AND N.J. I am giving you all this info. in hopes of making it easier for someone to give me a response. PLEAZZZZZ! It is for a debt on my Juniper CC of $1,736.80.

They state:

RE: LHR, INC. as successor in interest to JUNIPER BANK

Our law firm has been retained by LHR, INC., in the above-referenced matter to collect the outstanding balance of $1,736.80 with respect to this delinquent account.

Please forward your check to this office. Said check should be made payable to Noam J. Cohen, P.A. Trust Account and the above-referenced file number should be inserted on the lower left hand corner of the check.

We hope that this matter can be resolved promptly and amicably.

SHOULD THIS MATTER FAIL TO BE RESOLVED WITHIN THIRTY (30) DAYS FROM THE DATE OF THIS LETTER, OUR CLIENT HAS AUTHORIZED US TO FILE SUIT WHEREIN YOU WILL ADDITIONALLY BE LIABLE FOR OUR COURT COSTS. WE WILL THEN PROCEED VIGOROUSLY TOWARDS OBTAINING A JUDGMENT AND WILL EMPLOY ALL LEGAL METHODS AT OUR DISPOSAL TO COLLECT THIS OUTSTANDING DEBT.

PLEASE GOVERN YOURSELF ACCORDINGLY!

Can they still sue me even though Juniper Bank made it a charge-off on my Creidt report and transfered/sold this account to LHR who in turn contacted Noam's office (attorney)? I'm confused!

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Charge off is a shortened version of "charged off to profit and loss". This accounting term describes a bookeeping entry routinely performed by creditors. While there are technical differences, for a consumer charge off is the same as a collection account. They are both derogatory defaulted debts which are due and payable in full. They show on a consumer's credit report for 7 years from the last month/year when they were paid as agreed immediately prior to default. Charged off accounts frequently are transferred or sold to collection agencies and become the target of lawsuits to recover the money owed.

Answer

Important to understand Charge Off is NOT a forgiveness of the debt in any way. It is only an accounting entry by the one who is owed.

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My goodness! I have 8 cards that I owe money on. All and all a total of about $8,500.00. Hopefully, (what was that term I read on here?) the sleeping dogs? something? something? Oh boy, I'm so nervous!

Oh, and what's that SOL thing again? I don't get it. I know it stands for Statute of Limitations. But what does that mean? I read about it-but I wish someone could explain it to me like I was 2-year old!

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Are all these accounts charged-off? What was the last time you paid on these?

You might want to start reading here:

http://www.creditinfocenter.com/debt/settle_debts.shtml Then read this: http://www.creditinfocenter.com/repair/Repair.shtml

In the meantime, do NOT talk to any Collection Agency on the phone.

You need to familiarize yourself withthe Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Repair Act (FCRA). You can find the links at the top of the Forum. There is no better way to empower yourself by reading these documents! Most important reading I ever did!

Good Luck and take a deep breath. This is not going to change overnight but you are on your way! :)++

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Are all these accounts charged-off? What was the last time you paid on these?

You might want to start reading here:

http://www.creditinfocenter.com/debt/settle_debts.shtml Then read this: http://www.creditinfocenter.com/repair/Repair.shtml

In the meantime, do NOT talk to any Collection Agency on the phone.

You need to familiarize yourself withthe Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Repair Act (FCRA). You can find the links at the top of the Forum. There is no better way to empower yourself by reading these documents! Most important reading I ever did!

Good Luck and take a deep breath. This is not going to change overnight but you are on your way! :)++

I have 8 charge-offs, but for one of those I just got another letter from another attorney! Most of them were last paid on 10/2006, 11/2006. and 12/2006. Some of them don't have dates of last payment! And, two of them I paid in full recently. Before I found this forum-I got papers to go to court (for the first PD in full) and I sent in all the moeny to this supposedly lawyer, and suffered on making all my other (house, phone etc.) payments on time becasue of it. For the second paid in full it was a small amount, and they even called a relative of mine up north so I ended up paying because of sheer embarassment to my relative!!!

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If it has been charged off and still in SOL you will probably get more CA's coming after it. Don't forget the new CA will also start reporting it on your report if you do not send a DV ( assuming you got a dunning). Many people have 3 or 4 CA's reporting the same debt as they pass it around to collect it.

Read some info on how a charge off it suppose to be reporting on your credit report.

Very important that you answer all dunnings with a DV within the 30 day time frame with a C&D. If you do not it then becomes a nightmare for you as you did not dispute it as yours and they will then come with all barrels.

Credit repair is not easy it takes allot of time, effort and research. Search SOL on this board and you will find what you are looking for. Each state has it's own SOL for them to collect ( or get paid for ) the debt, but they can still report it for the full lenght of time.

Most states, but not all have a 4 year SOL. Many JDB's will try to get paid after the SOL.

Just because a charge off is on your report does not mean you don't owe it, it will just change the amount owed etc on your report because the transfered or sold it to someone else to collect and they inturn can also start reporting it on your report if you do not take action against them from the start.

So in short, I hope you answered that dunning letter.

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I have 8 charge-offs, but for one of those I just got another letter from another attorney! Most of them were last paid on 10/2006, 11/2006. and 12/2006. Some of them don't have dates of last payment! And, two of them I paid in full recently. Before I found this forum-I got papers to go to court (for the first PD in full) and I sent in all the moeny to this supposedly lawyer, and suffered on making all my other (house, phone etc.) payments on time becasue of it. For the second paid in full it was a small amount, and they even called a relative of mine up north so I ended up paying because of sheer embarassment to my relative!!!

I re read this part, you got papers to go to court then you do not answer the dunnings, they are suing you and you must show up or they will get a default judgement and go after your wages etc to collect.

Since you last paid in 2006 depending on what state you are in this could go on for 4-6 years if you do not take a very active learning stance.

Sometimes also paying a CA will hurt you in the long run, they will then keep reporting it for another 7 years too. Making it a double hit on your credit reports for the same debt.

If you ever pay a CA, get it in writting that they will delete the TL and will agree not to collect, sell or transfer that same debt again.

From here on in answer all dunning letters and do not ever talk to a CA.

All communications must be by US Postal CMRRR.

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I re read this part, you got papers to go to court then you do not answer the dunnings, they are suing you and you must show up or they will get a default judgement and go after your wages etc to collect.

Since you last paid in 2006 depending on what state you are in this could go on for 4-6 years if you do not take a very active learning stance.

Sometimes also paying a CA will hurt you in the long run, they will then keep reporting it for another 7 years too. Making it a double hit on your credit reports for the same debt.

If you ever pay a CA, get it in writting that they will delete the TL and will agree not to collect, sell or transfer that same debt again.

From here on in answer all dunning letters and do not ever talk to a CA.

All communications must be by US Postal CMRRR.

The letter I got from the attorney says I have 30 days to dispute. They are not suing-at least not yet. I don't have wages. I'm not working. I'm taking care of my baby, You're right about getting a letter from the CA about it being paid and so forth. Is it too late to do that? What's a dunning letter? I never talk to CA's.

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