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    corawood's Avatar
    corawood Posts: 16, Reputation: 1
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    #1

    Jan 19, 2008, 12:37 PM
    Can a debt collector collect on a debt charged off with a zero balance?
    Since I have been served papers for lawsuit by Capital ONe. Someone from Elite Recovery services, Inc has sent a letter to my husband saying "advised this account has been identified by our legal Department as an account to be forwarded toan attorney." This was seen on my husbands credit report as dated Jan. 2008. This is the first we seen a letter from these people claiming it's a capital one account from 2003, marked as deliquent in 2004. I was going to send letter to them to validate debt, will that help and can theydo this? On the credit report under capital one it says o balance.
    s_cianci's Avatar
    s_cianci Posts: 5,472, Reputation: 760
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    #2

    Jan 19, 2008, 12:42 PM
    Send them a letter denying the debt and asking for verification of it.
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #3

    Jan 19, 2008, 05:05 PM
    What does it say on the suit that Capital One filed against you?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Jan 19, 2008, 05:51 PM
    Charged off, is merely an accounting term, meaning they charged it off their taxes taking a tax credit on it as a business loss.
    This does not stop them from still trying to collect the money, So they can still sue you for the actual moneys owed plus interst plus charges.

    They can also sell it to another company who can sue you for it.
    Normally these companies that buy will threaten to sue but want you to settle with them, since moswt likely they bought the debt for 10 cents on the dollar at most.

    Now my question is, has the statue of limitation ran out, I would check your states law on that.
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