Did they sell it off?

[harleyreb]

I just pulled my wife's credit report and the acct we are dealing with shows a balance as of 12/09 of $28,000+ but has a pay status of "charged off as bad debt". Does this mean they still have the account? Or have they sold it? I don't see any CA listed on the CR report.

[chuckygee]

The OC likely still has the debt. It is still fairly new. They will attempt to collect themselves first. They will use a collection agency or a attorney/collection agency to collect.

They won't sell unless you have no assets and they think they have no hope of collecting. They usually get less than $0.10 on the dollar when they sell. It's even worse now. Supply and demand. There are a lot of bad debts out there and less chance of collecting so the JDB are paying less.

[harleyreb]

It sounds as though my best hope is to try and settle. We are not behind on other stuff. I'm sure they are looking at our CR and thinking they can collect. Does anyone have a recommendation; knowing we have this large debt, being collected by a CA, and not having any other debt issues? Would it be better to beat them to the punch and call them to try and settle?

[Massive]

It sounds as though my best hope is to try and settle. We are not behind on other stuff. I'm sure they are looking at our CR and thinking they can collect. Does anyone have a recommendation; knowing we have this large debt, being collected by a CA, and not having any other debt issues? Would it be better to beat them to the punch and call them to try and settle?

Who's the original creditor? If it comes down to a lawsuit I'd make them prove that the original creditor has authorized the lawsuit.