Charge off

[crusheroz]

What is the name of your state?Washington

Hello, I just recently found out that a creditor of mine charged off my account. I have a couple of questions. What is the earliest time frame a creditor can charge off an account? I was 3 months behind and would have been 4 months behind as of yesterday. I did mail them a payment last week (mailed out on the 13th) for the amount due according to my statement. Payment was due by yesterday (20th). Also does the creditor have to tell you that you are about to be charged off? I had spoken with them at the beginning of the month and told them I would be bringing the account current this month (by the due date). Today when I called the creditor (to make sure payment was recieved) they told me that my account was with a collection agency as of the 11 of this month and that my payment would be forward to them. When I asked why they didnt tell me about the account being charged off by the 11th,, they told me they didnt have too. If they had told me I would have gotten the payment in the mail sooner or have done a payment over the phone. Have they done anything wrong here. I lost my job and that is why I got behind and they knew this,, I had been in contact with them about it. They were not ignored.

 

[Tayla]

Earliest time?..There is NO set time clock. Charge off is an accounting term-

No they do NOT have to inform you via letter, smoke signals, tin cans, or pigeon carrier when they do a charge off. Its completely at their discretion. Heck they can leave it on there books for 7 years if they dern well want to and then slap a nice little charge off notation on the account.

Its the clients/customer/consumers right to pay bills on time. They dont have to wait til you get your life in economical balance in order to proceed forward on collecting. They made no illegal maneuver by charging the account and moving it to a third party collection agency. Sorry that you hit hard times, but from what you posted I see no wrong doing by the business .