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Can you still settle a debt with the credit card company after a charge off?
Wiki User
∙ 15y ago
The charging or writing off of a debt is only a required accounting entry by the creditor.
It does not effect you, or change the amount you owe, or that you owe it.
It does not change any of the legal methods to force collection that were available before making the entry. It does not change any of the creditors rights, or change your obligation in it. The debt is NOT forgiven.
All it does is make the creditors accounting statement recognize that an asset (your receivable) that it expected to realize, and already recorded as income, is not going to happen. they are taking the charge to their books for the expense of your not paying, or that it is now considered unlikely you will ay, and the asset does not exist (or in bank terms, is no longer productive). When the charge off occurs depends on many things in accounting parlance...most companies actually establish an account for expected bad debts (an accrual) as a current charge against sales, (expecting some to go bad), and adjust that account on experience...without having to do much on any particular account.
Wiki User
∙ 15y ago
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Can a credit card company allow a charge on an inactive credit card?
Sure they can. Inactive means it hasn't been used for a while, but it is still a valid account.
What does it mean when an outstanding account balance is closed on your credit report and the balance is shown as zero but you did not settle the debt from four years ago?
Most likely the credit card company wrote off the debt. However it will show on your credit as a write off, and your credit is still negatively affected by this. You did not receive a get out of jail free card.
If you close a credit card can a merchant still charge the account?
No, if you close your credit card, a merchant will not be able to charge the account. When the merchant attempts to get an authorization, it will come back declined.Now, if a merchant received an authorization before the card account was closed, the authorization will be honored.A merchant may attempt to force a credit card transaction without an authorization, but the credit card company will not pay it.http://paymenttransactionsystems.comhttp://merchantpos.net
How does settling a charged off account affect your credit?
It shows as a paid collection. Still a negative thing but shows you did settle account.
Can a company demand payment on an account that has already been stated on your credit report as a charge-off?
Of course. Charge off is simply an accounting term. It is a shortened version of "chraged off to profit and loss". Companies will frequently charge off debts to clear their books. It has no bearing on a consumers' liability. If you did not pay the debt, you still owe, regardless of what it is called. For a consumer, charge off = collection account.
Can a credit card company allow a charge on an inactive credit card?
Sure they can. Inactive means it hasn't been used for a while, but it is still a valid account.
Does working out a payment plan with your credit card company affect your credit score?
It shouldn't - because working out a payment plan shows that, even though you're in financial difficulty, you're still willing to settle your account.
What do you do when a credit card company closes and they do not provide a telephone number for you to call to settle the account?
Rarely do credit card companies close. They are simply making too much money to go out of business. And the fact that they continue to charge you fees indicates that they are still functioning as a business. Perhaps the company has been purchased by another (like Wachovia buying out First Union) or merged (in the case of SunBank and First Trust, now SunTrust). Contact the credit bureau or the vendor through which you got your credit report. They should be able to get you contact information.
You were billed by this company corp cuernavaca mu and corp cuernava mo and i don't have a contact number because i don't know what this is?
I am researching this same issue. The credit card company claims that it is some kind of "telecommunications equipment" charge. They are reversing the charge but I still haven't found out how this company got my credit card information to begin with. Additionally, the charge was originally in Mexican Pesos. I will post more if I find out more information.
When a motorcycle is repossessed can the credit company still come after you for the loan?
Yes. If you are recieveing phone calls or lettters in the mail wait until you have saved at least 30% of the balance that is owed, and settle with this company. Make sure you get everything in writing before making this final payment. Wanda Improve Credit, LLC
What is internal charge off?
A bank or a loan company can "charge off" a small amount of debt to get the amount off their books. However, this will affect a person's credit report. And it does not mean the person does not have to pay the debt. A debtor should still work to pay off the charge off, to clear the debt and save their credit rating.
If you sign up to a website but then find out you have to pay but you dont will you still be charged?
If you've typed in your credit card number, depending on how trusted the company is it will or will not charge you. If you were smart, you wouldn't type in your credit card number on any website.
What does it mean when an outstanding account balance is closed on your credit report and the balance is shown as zero but you did not settle the debt from four years ago?
Most likely the credit card company wrote off the debt. However it will show on your credit as a write off, and your credit is still negatively affected by this. You did not receive a get out of jail free card.
Should one file for bankruptcy or settle with credit card company?
I have been considering claiming bankruptcy for quite some time now. I have no money and am a student. I was injured on the job a few years back and am going to be receiving a settlement offer from the worker's compensation company soon. The settlement would pay half of my credit card debt. Should I try to settle with the credit card company for less than I owe? Or should I still claim bankruptcy like I was planning originally? If I claim bankruptcy, will the money I get from the settlement be up for grabs? If so, can a bankruptcy lawyer negotiate a settle-for-less deal? Help!
When the credit card company gives you the option of closing your account instead of accepting their interest rate increase and you choose to close do they still charge you interest each month?
You can't close a credit card unless the balance is zero.
If you close a credit card can a merchant still charge the account?
No, if you close your credit card, a merchant will not be able to charge the account. When the merchant attempts to get an authorization, it will come back declined.Now, if a merchant received an authorization before the card account was closed, the authorization will be honored.A merchant may attempt to force a credit card transaction without an authorization, but the credit card company will not pay it.http://paymenttransactionsystems.comhttp://merchantpos.net
Credit card account closed by the grantor can they still charge interest?
Yes, as long as you still owe money.
