0
Can credit card companies keep a delinquent account open forever or do they all eventually become charge offs?
Wiki User
∙ 8y ago
Most will eventually list the account as a charge off. Which means they remove the account from their books and take a loss in a tax write off. This does not release the debtor from the obligation of repayment. The account is usually sold to a third party collector. If that agency cannot reach a equitable agreement with the debtor, they may file a suit. Even if you do not hear from the creditor or collection agency for an extended length of time, you are not free of the debt. The SOL in most states is six years, (depending on the type of debt that is delinquent).
Eventually it will become a charge off which is much worse for you!
It will become a charge off and will be impossible to get it removed from your credit report. Remember, just because it is a charge off, it DOES NOT mean that you do not have to pay it and it looks a lot worse on your credit report!
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
How can you close your account on the Facebook forever?
how can we close our facebook account forever
What is a closed account permanently mean?
A account that has closed permanently is when a account has been closed forever basically.
How long can a collection agency have an account for?
There is no time limit. They may "have" the account forever, but they may only collect on it for seven years from the date of last payment or ten years in the event of a judgment.
How long does a paid credit card account that has been closed stay on your credit report?
Forever, since it looks good on your report.
How long can bills stay in collections?
forever!
How long does a delinquent account stay on your record?
juvenile is erased at 18, if over 18 then it is forever.
How can you close your account on the Facebook forever?
how can we close our facebook account forever
How do you delete memecenter account?
You can not delete your account, it is in the FAQ, your account and soul will forever belong there.
How do you delete your memecenter account?
You can not delete your account, it is in the FAQ, your account and soul will forever belong there.
Does the molecular movement created by sound continue forever?
No, it will eventually be absorbed.No, it will eventually be absorbed.No, it will eventually be absorbed.No, it will eventually be absorbed.
How long does a Minecraft account last?
When you buy the account, it lasts forever.
What is a closed account permanently mean?
A account that has closed permanently is when a account has been closed forever basically.
How long does it take for steam do make an account?
Forever
Can 007 die?
He will eventually, because no hero can live forever. They will have to kill him off sometime, but he will live on forever in our imaginations.
If you terminate a stardoll account will somebody else be able to get on your account?
No. If you terminate your account, the account will be completely wiped off the Stardoll.com records forever.
Are dragon amulets permanent?
once you pay for it it lasts forever once you pay for it it lasts forever
How do you sign out from Facebook forever?
You go to account on the side then to account settings. and then sroll down to deactivate account
