What is a credit card charge-off lawsuit?

Yes, you can be sued for a debt that has been charged off.

The term “charge off” means that the original creditor has given up on being repaid according to the original terms of the loan.

Many people confuse the terms “charge off” and “forgiven.” If your unpaid debt has been forgiven, you do not usually owe the balance. However, a charge-off means that one creditor has written the debt off and either sold it or gave it to another debt collection agency to collect on.

If your debt has been charged off, you do owe the balance. Nonpayment can result in legal action from debt collectors and debt collection agencies. You may be sued, and this can result in consequences such as a frozen bank account or wage garnishment. Not to mention, nonpayment looks bad on your credit report.

If you are unsure whether your debt has been forgiven or charged off, contact a professional who can assist you in locating this information. You may qualify for a debt relief option, depending on the financial institution, lender, or credit card company. Asking thorough questions will help you make financial decisions with confidence. Options might include setting up a payment plan with monthly payments. Making small, regular payments on your outstanding debt could help you get through financial hardship and avoid debt-collection lawsuits.


The team at Tayne Law Group, P.C. is here for you. We tailor our solutions to your specific situation and can help you with a credit card charge-off lawsuit. Call us for a free consultation at 866-890-7337 or fill out our short contact form and we’ll get in touch!

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