What happens when Chargeoff happens and JDB gets a hold of it

[frustratedguyhere01]

Hi, I am looking at my credit report and see that the OC has filed a chargeoff. A JDB is hounding me about the debt and has filed judgment on me. Now when a chargeoff occurs, doesn't the OC have to file the balance at $0 and state that it has been sold to show that JDB does actually have ownership of the debt? I see transunion report it as Charged off as bad debt

Profit and loss write-off and Experian as Unpaid balance reported as a loss by the credit grantor. Wouldn't it say something into an effect of "sold off" and reflect a balance of $0? Thanks

[donqII]

Hi, I am looking at my credit report and see that the OC has filed a chargeoff. A JDB is hounding me about the debt and has filed judgment on me. Now when a chargeoff occurs, doesn't the OC have to file the balance at $0 and state that it has been sold to show that JDB does actually have ownership of the debt? I see transunion report it as Charged off as bad debt

Profit and loss write-off and Experian as Unpaid balance reported as a loss by the credit grantor. Wouldn't it say something into an effect of "sold off" and reflect a balance of $0? Thanks

An account can be charged off and written off and NOT sold.

Just because your are being hounded does not necessarily mean that

your account was sold.

The OC may have just handed you yo a CA who will make the

endevors to collect for a commission or portion of what is

recovered.

If it is sold, then yes... it should be noted on the credit reports.

And the account reading zero balance.

But it may not be sold.

[frustratedguyhere01]

Thanks for the response. My report shows as follow:

- Account No.: 66**

- Condition: Derogatory

- Balance: $8151

- Type: Credit Card

- Pay Status: Collection/Chargeoff

Now if it's Collection/Chargeoff wouldn't the balance be $0?

Also if my account has not been sold, does the JDB have any right to collect? The only way they are able to collect is if the CR states that it was sold off? Am I correct on this assumption?

[donqII]

Thanks for the response. My report shows as follow:

- Account No.: 66**

- Condition: Derogatory

- Balance: $8151

- Type: Credit Card

- Pay Status: Collection/Chargeoff

Now if it's Collection/Chargeoff wouldn't the balance be $0?

Also if my account has not been sold, does the JDB have any right to collect? The only way they are able to collect is if the CR states that it was sold off? Am I correct on this assumption?

No, the zero comes in when the OC says account is sold.

Cghargeoff is an accounting trme they use and has nothing to do with

you still owing it. They can continue to try and collect.... even after SOLs.

You need to find out if they bought the account from the OC or perhaps are just acting for the OC.

What it says on the credit reports does not matter.

What does is if the account was actually sold.

This may or may not be reflected in a timely manner in the CRs.

Who is the JDB you are concerned with?

[frustratedguyhere01]

thank you for the reply. I got off the phone w/ the OC and was told that the debt was not sold, but is being represented by a JDB by the name of Fred Hanna & Associates. I believe they in turn sent the debt to another JDB in my area to try and collect (they have filed a judgment on me AND they are AGAIN sending letters to try and collect!)

[GlitterGal]

You're missing an important fact, here.

JDB=Junk Debt Buyer

CA=Collection Agency

If you are dealing with a JDB, then the debt has been sold. OC is out of it, has nothing to do with it, and they might as well not exist. Your issue is that someone has a judgement against you. Unless you get that vacated, you're screwed.

If you do go back to court on it and go back for having it reheard, there is a chance you will lose, but there is also a chance that the JDB will hang themselves in court. Even if it starts looking like you will lose, you have a chance to settle, but without vacating that judgement, you are wasting your time doing anything BUT vacating it.

[tx3amigos]

It sounds like you may be confusing the the terms JDB and CA. If the OC hasn't sold your account, they probably hired a CA (collection agency of Frank Hanna & Assoc to do the collecting and the dirty work for them)... A JDB (junk debt buyer) comes into the picture when the debt has been sold. According to your conversation with the OC, the OC has hired a CA attorney to collect from you.

From my experience, once you have a judgement..you just have to pay it. The days of trying to get a settlement or "working something out" are past.