Has anyone ever heard of a bank taking an account that is charged off and included in a Chapter 7 bankruptcy and selling that account to someone else. I have the discharge papers – so if someone were to come after me for one of these accounts I could prove that it was discharged. So…I do not understand why someone would buy one of these accounts. Please let me know if you have had any experience with this.
Actually, this has happened to me. Most people don’t really understand that they don’t have to pay off an account that was discharged so it’s a good gamble for a mean collection agency. These accounts don’t cost them much to buy, and so if they convince some consumer to pay them, it’s a good deal.
I’ve only had one collection agency try to do this to me, but at least two, maybe three, of these old accounts have reappeared on my credit report with new last reported dates and facetious information. My BK is about to hit the 10-yr mark, so I’m actually expecting many of them to reappear. It’s frustrating for sure because I have to keep disputing with the credit reporting agencies and everyone knows how diligent they are about getting my accounts right. Ha. I saved myself only by getting 5000 dollar loan and using it to pay all my bills. What a relief!
ts my understanding that there is a difference between a “charged off” debt and a “discharged” debt due to bankruptcy. If your account was “charged off its still a valid debt and you still owe it. If the debt was “discharged” by your creditor in a bankruptcy(not yours but theirs) then you dont owe it. I’ve been reading all night about this stuff see my next post…