Legal Question in Credit and Debt Law in Virginia

Re: third party

Biggest misconception I hear from consumers is since the debt is charged off they no longer owe it or are obligated to pay it. Wrong! Think of it as simply an accounting tactic that permits the lender to take the bad debt off their taxes.

Re: third party

Why, of course, why couldn't such a "third party", buy whatever kind of aging(or aged) debt that he or she pleases, despite the fact that such debt as a desirable commodity, unlike good wine, rarely improves with age.

FYI, a charge off is merely a company's accounting maneuver which has nothing to do with the legal viability of a particular debt, and such debts which have been charged off may no longer be counted on its ledger as among a company's assets.