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What else can I help you with?
Can creditors classify an account as a charge-off because it was included in a chapter 7 bankruptcy?
Yes and no. If an account was already charged-off before the bankruptcy, it can be reported as a charge-off. By law, the creditors must charge-off accounts included in bankruptcy, BUT they can not REPORT that charge-off if it happens AFTER the bankuptcy. Negative reporting on discharged debts is a violation of the permanent injunction of the discharge.
What is a charge-off on your credit report?
Charge off is a shortened version of "charged off to profit and loss". This is an internal accounting term for activity creditors take on defaulted accounts. For a consumer's purposes charge off = collection account. This is a defaulted debt that shows as a derogatory account on your credit file.
Is there a mandatory charge off time for a open end account?
Yes, creditors usually charge off 180 days after the first missed/delinquent payment. Yes they usualyy do but is there a law which mandates a charge off after first delinquent payment?
Are settlement charges to borrower a tax deduction?
On settlement statement from HUD there is a settlement charge. Is this entire charge a tax deduction?
Do creditors list a charge-off on credit reports as of the bankruptcy filing date or as of the discharge date?
Creditors list the charge off date as the date the bankrupcty was filed
Do debt settlement companies usually charge a fee?
Yes, debt settlement companies usually charge a fee. Nothing in this world is free so a debt settlement company does charge. Even though it is ironic it is true.
How much do those advance companies charge for giving you cash on a structured settlement?
Depending on the compan and the amount of settlement that you are recieving. They can charge up to 10 to 20 precent of the settlement.
Can your bank account be levied for a credit card charge off?
A charge off does not define the debt as invalid or uncollectable. It is a designation used by creditors to indicate the debt is being removed from their normal accounting methods and sent into collection action. If the creditor sues the debtor and receives a judgment (they always do) the judgment can be used as a levy against the debtor's bank account.
Can a collection agency report and collect a debt that is shown as a charge off from another creditor?
Yes. When creditors charge off accounts they send them (or sell) to a collection agency. The collector can request the debtor's credit report show that the account has been turned over for collection procedures.
What is a regular charge account?
Where I regular charge your mom in doing my account lol
Why original creditors sale accounts to a collection agency?
Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.
Can you face foreclosure due to a charge off?
No, a "charge off" is a term used by credit card companies and other unsecured creditors to indicate that the account has been defaulted and collection procedures will be implemented. A foreclosure is the act used by a mortgage lender to recover property when the mortgage contract has been defaulted upon.
