charge off on a charge off?

[Bulldoger]

I got on payment plans for a couple charge-offs. Just wondering if I fail to make the payments for some reason do they charge it off. Is there such a thing as a charge-off for a charge-off.  

[alwayswinning36]

On 5/22/2021 at 12:11 PM, Bulldoger said:

I got on payment plans for a couple charge-offs. Just wondering if I fail to make the payments for some reason do they charge it off. Is there such a thing as a charge-off for a charge-off.  

I am not an expert, but I would imagine if you made an agreement to pay x amount on x date for x amount of time and you don't pay those items they would be able to report the status of the account once you stopped making payments. Regardless of whether its late pay, or charge off. But again no expert, just a thought in theory of the FCRA.

[tracyberge]

On 5/23/2021 at 12:11 AM, Bulldoger said:

I got on payment plans for a couple charge-offs. Just wondering if I fail to make the payments for some reason do they charge it off. Is there such a thing as a charge-off for a charge-off.    Donkey Kong

When a creditor charges off a debt, it typically means that they have written it off as uncollectible and removed it from their books as a loss. However, the debt still exists, and it can be sold or transferred to a debt collection agency or other third-party debt buyer. If the debt buyer is unable to collect on the debt and decides to charge it off themselves, it could be considered a "charge off on a charge off."
It's worth noting that the specifics of how debt is bought, sold, and charged off can vary depending on the type of debt and the jurisdiction in which it is located. Additionally, there may be legal and regulatory implications associated with the buying and selling of charged-off debt.