A "charge off" is an account that a creditor deems as "uncollectable" and thus is placed into the "charged off" category meaning they are no longer going to attempt to collect funds on it. This doesn't mean that they are necessarily unable to try to retrieve the funds still or can't sell the debt to someone else to collect funds, but generally they don't. What it means to the debtor is that a negative mark is placed on their credit report and future creditors will see the charge off as irresponsibility on the debtor's behave and, thus, will have a higher likelihood of refusing credit. The below expands on this frequently confused idea...although it was originally written for a slightly different question concerning taxes. IMPORTANT CONCEPT: CHARGE OFF IS AN ACCOUNTING ENTRY BY THE ONE OWED, IT IS NOT FORGIVENESS OF DEBT. Explanation Charge Offs & Forgiven Debt below is more than everything you ever wanted to know, but feel free to ask more or challenge any of my answer. Lets limit this to business charging off a debt that is owed to them through some type of transaction. that includes the $ provided by a Cr Card co as a transaction. A charge off (or write off) is the accounting process where a business acknowledges a receivable (an asset) it believes is uncollectable effectively does not exist. It is taking the cost of not collecting that receivable as a charge against current earnings. Hence the companies net current earnings is lower than they would have been and subsequently, the amount of income taxes they pay is also lower. IMPORTANT: It does not mean the debt is forgiven, just that they can
The lender no longer considers the loan an asset. It does NOT mean that it has been forgotten or forgiven.
It refers to the "date of last activity" on an account; for example, when the account was charged off.
It means the lender wrote off the interest they DIDNT get from the debtor. Its just an accounting term.
That is perfectly legal. The term "charge off" does not mean that the debt is not still valid and fully collectible.
Two charged for a crime
Charged off is a shortened version of "charged off to profit and loss". This is an accounting term which describes actions taken by creditors to avoid showing loss (red ink) on their books. For a consumer, charge off is the same as a collection account. It is a defaulted debt that remains owing until paid in full, at which time it is called a paid charge off.
Yes. The term "charge off" does not mean the debt is not valid and subject to collection procedures, including the possibility of a lawsuit.
If an account is charged off it is automatically closed. It is listed as uncollectable debt.
Yes, the term "charge off" does not render the debt invalid or uncollectible.
get off on it is slang for Get turned on by something.
A charged-off loan is one where the lender of the money no longer believes the loan is profitable, due to the loss of value of the car. This is an accounting term and has no bearing on the amount of money a car will go for.
By gas particles I suppose you mean gas molecules? These become charged when ionized, when an electron is stripped off.
yes if the compreser is cycling on and off it could mean that you don't have enough freon