Are you responsible for paying credit card debt after it was charged off and the account sold?

Answer

Absolutely. "Charge off" is a term used by the original creditor when removing the account from their books and listing it as a loss for taxation purposes. In most cases the account is sold for pennies on the dollar, to a third party agency who will pursue colletion of the debt. The begining procedure is telephone and mail contact in an attempt to set up payment arrangements or payment in full. Some colletors will offer to settle for a percentage rather than the entire account balance. If satisfactory arrangements for repayment cannot be made, the agency may refer the account to a collection attorney. The attorney can then file a lawsuit and proceed through due process of the court to collect the money owed. Macky

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