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Can I still be reseponsible for credit card debt that the company wrote off?

Can I still be reseponsible for credit card debt that the company wrote off?

Q: Do you have to pay a debt sold to a collection agency?

Yes, you must pay a debt sold to a collection agency. The sale of the debt does not erase your obligation to pay. The collection agency has the legal right to collect the debt, and failing to pay may lead to further collection actions.

Full question:

Can I be forced to pay a credit card company's write-off of my old account now in possesion of a collection company that bought the credit cards write-off account?

Category: Debts and Credit
Date: 04/07/2025
State: National

Answer:

A write off or charge off is merely for accounting purposes of the company, so that the debt is recognized as uncollectable on its financial records. However, a debtor still owes the money that a creditor writes off.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Do I have to pay a debt that has been sold to a collection agency?

Yes, you are still responsible for paying a debt that has been sold to a collection agency. When a creditor sells your debt, they transfer the right to collect the money to the collection agency. You still owe the original amount, and the collection agency can pursue you for payment.

How to dispute a debt that was sold to a collection agency?

To dispute a debt sold to a collection agency, first send a written dispute letter to the agency within 30 days of their initial contact. Include your account details and clearly state why you believe the debt is incorrect. The agency must investigate your claim and cannot continue collection efforts until they provide verification of the debt.