- Centurion Member
- Posts: 639
- Joined: Sat Aug 24, 2013 8:45 pm
- Location: Grand Forks, ND
Hello, Kristen and welcome to the forum.
It is very rare for an account to be reopened after it reaches the point of being charged off. Once it reaches that point, the creditor has basically washed their hands of the account. In most cases nowadays, this is what happens... the creditor(in this case CFNA) sells a bunch of their charged off accounts to the collection agency (Alliance One) for say, ten cents on the dollar or CFNA may chose to continue to own the bad debt and give Alliance One a fee for what they collect on their behalf. So CFNA either no longer owns your debt or they no longer want to deal with you.
You're not in Alliance One's system yet because the first step they have to do, by law, is give you an opportunity to dispute the debt. They will send you a letter giving you a certain amount of time(60 days?) to dispute. Then you will be in their system and more than likely, they will call you... multiple times a day or possibly at work. Between now and then, your debt is in limbo, which gives you time to get your financial house in order(if possible). At some point after the dispute period is over,, they will probably give you a chance to pay off your debt at a substantial discount if you can pay it off in a lump sum.
Hope this helps. Good luck.
In my Wallet:
Sometimes in my Wallet:
- Amex PRG NPSL[3-14, bd 91]
- Sallie Mae MC $8000[1-14]
- Chase Freedom $4700[1-14]
- Discover It $2750[8-13]
- BoA UCF Alumni Cash Rewards $5000 [3-15]
- GM BuyPower WEMC $5000[9-14]
- Wells Fargo Propel 365 Amex $7000[4-14]
- Barclaycard Arrival WEMC $7000[3-14]
- BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450