Charged off Debt
I wish I could say I had some $$ to buy/read your book but I have none. I hope you will be gracious enough to answer this for me.
We just had our first credit card debt "charged off" by a bank. The bank still owns the debt and has not sold it but they have turned us over to a 3rd party collection agency.
We have been advised by the 3rd party collection agency that even though the bank has charged off the debt it will still accrue interest and the money we owe will continue to increase
Is this allowed?