Attorney Elias Leonard Dsouza, Esq.
Life is Short. Get Rid of Debts !!!!
954-358-5911
The term "charge off" is often very confusing to most people. Many people mistakenly believe that one a debt is "charged off," they do not owe this debt any more. This is far from true.
Let's say I owe a credit card debt in the amount of $10,000 to Chase, and I stop paying on this debt. First Chase will try to collect from me for a few months. They will call me, harass me, send me collections letters, etc. But I am tough guy. I don't care, and I don't pay.
What happens next:
Chase finally determines that the debt I owe them is no longer a "performing" asset. In plain language it means that they are not getting their minimum payments and interest on this account. They take this debt off their assets, and put the value of this asset [my debt] to Zero. Then they turn around and sell this debt to some collection company for "pennies" on the dollar, sometimes as low as 20% of the amount owed.
Under the law, Chase has to stop reporting on your credit report, and reflect the balance as "Zero," since they no longer own this debt. Remember, they sold it to a collection agency for "pennies" on the dollar.
In real life though many times Chase and the Collection Agency reports this debt to the credit bureaus. So now you have two $10,000 debts on your report. This is when you call us so that we can get one of them off your report.
It may so happen that this debts gets sold a few more times, and it is not surprising to see all these collectors report to the credit bureau at the same time. In theory, once the debt has been sold, the seller must stop reporting.
The million dollar question: DO I STILL OWE THIS DEBT. ANSWER: YES, YES, YES.
You owe this debt to the last collector that purchased this debt. And you owe the entire $10,000 plus interest, etc. even if the collector purchased this debt for "pennies" on the dollar.
If you have items on your credit report that are inaccurate, and you want them corrected, please contact my office. I may be able to help you.
Attorney Elias Leonard Dsouza concentrates his practice on Bankruptcy [Chapter 7, 13 & 11,] Foreclosure Defense, Defense of Credit Card Lawsuits, Credit Restoration, and Debt Settlement & Credit Counseling. Our office also handles complex Civil Litigation, Business & Corporate Transactions & Litigation, Employment Law, Collections, Creditor representation, Real estate transactions, Personal Injury, Family Law, Immigration, Landlord-Tenant law, Franchise Law, Tax Law and We Sue Debt Collectors under the Fair Debt Collection Practices.
If you have questions on this Program, please call me at 954-358-5911.
MY MISSION:
I am very passionate about helping consumers protect their rights, and my goal is to compassionately and passionately help people reorganize their debts, help them keep all or most of their property, save their homes from Foreclosure, stop wage garnishments, and assist people to “get a fresh financial start”. I am available to assist and advise you on how to rebuild your credit and buy the new house or start the new business that you always wanted to. This is a small law firm, and as such, can and does provide personal service, professional representation, and follow up. If you would like to learn
more about your options, contact me as soon as possible for a FREE INITIAL CONSULTATION so
that I can assist you through these difficult times. I also offer an affordable payment plan for legal fees.
Elias Leonard Dsouza, Esq.
"The best compliment you could ever give me is a referral."
A CONSUMER RIGHTS PROTECTION LAW FIRM
LIFE IS SHORT. GET RID OF DEBTS !!!
"Life is Short. Get Rid of Debts"
111 N. Pine Island Rd., Suite 205
Plantation, Florida 33324
Phone: 954-358-5911
Fax: 954-357-2267
www.DsouzaLegal.com
Skype: elias.leonard.dsouza
Skype: 954-762-7608
Http://Facebook.com/Elias.Leonard.Dsouza
Blog: http://dsouzalegal.blogspot.com
