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Say that you had a credit card that had a balance of say…

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Say that you had...

Say that you had a credit card that had a balance of say $30k and after a period of time the company charged it off. Now it probably was sold to a some firm for pennies on the dollar - my question is since the debt was charge off does the original holder of the credit card still responsible for the monies? Or since it was charged off does he have to pay

Lawyer's Assistant: What state is this in? And when did the issue begin?

Originator is in Penna

Lawyer's Assistant: What steps have you taken so far?

Why I ask is that I am presently refinancing my home and I want to incor

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Some people say since it was written off you dont have to pay for it now

Submitted: 3 months ago.Category: Legal
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3/22/2018
Lawyer: Legal Eagle, Lawyer replied 3 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 13,401
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Lawyer: Legal Eagle, Lawyer replied 3 months ago

Thanks for your patience. If a person has a credit card that is charged off and sold to another debt collector, then the original holder of the credit card would still be responsible for the money. A creditor can sell or "assign" their debt to a third party. Many credit card companies do this when they do not want to invest the money to try to collect on the debt. The third party debt collector can pay for the right to collect on that debt. The third party debt collector also has the authority to sue the original credit card holder on the debt as well. Once the statute of limitations pass, they can longer sue on that debt.

Did you have any other questions for me today that I could help you with?

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