Charged off debt

[ronla]

I live in Georgia. I want to know when a debt is reported on your credit report as charged off or written off by the original creditor with a zero balance but shows transferred/account charged off. What are my legal rights. The reason I ask is that I just came from a court where I was being sued by one of these outfits that buy charged off accounts for pennies on the dollars. I told the judge that with the Federal Fair Credit Act, maybe not the right name but he bought it, that there is no legal obligation to pay anyone anything. He rescheduled it for next week so just need some evidence, or a website link that I can print telling me my rights.
thank you

 

[Debt Guy]

If I understand your post -- you are saying that you no longer owe the debt since the original creditor charged off the debt and sold it to a 3rd party.

You are mistaken in that belief. Neither action (the charge off or the sale) modifies your obligations under the contract.

There are some BS websites out there that claim you have no obligation and cite Modern Money Mechanics and the Creature from Jekyll Island. They are BS arguments.

You do have certain rights under the Fair Debt Collection Practices Act and the Fair Credit Reporting Act. You can read and download the acts at www.ftc.gov. However, there is nothing in the FDCPA or the FCRA that will provide you the relief you are seeking.