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The term "written off" does not mean the debt has been cancelled/forgiven. The term indicates that the original creditor will no longer continue to collect the debt in the usual manner.
The debtor will receive a notice from the original creditor of whatever further action will be taken with the account.
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∙ 11y ago
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If a creditor has written off your debt can a collection agency then come after you for the amount?
If the debt has been cancelled, no; if the debt has been charged off, yes.
Explain the procedure to be followed when a customer whose debt has to be previously been written off as a bad debt subsequently pays the amount originally owing?
Explain the procedure when a customers has been previously written off as a bad debt subsequently pays the amount originally owing .
What should you do if a detective agency is chasing you regarding a debt you had seven years ago and how can you find out if the original lender has written this off?
please can you tell me if say after 5/7 years is your debt written off
Is a debt written off after 6 years?
if you live in England debt must legally be written off after 4 years if the people you owe money to cannot find you. exept mortgage arrears which is with you for life. i don't know the law on this in the states if that is were you are from.
What is difference between a charged off debt and written off debt?
In most cases there is none. Charge off and written off are terms that indicate the debt is being removed from normal account action and sent to collections. Only when a debt is "forgiven" by the original lender or collector is it considered no longer collectible.
If a creditor has written off your debt can a collection agency then come after you for the amount?
If the debt has been cancelled, no; if the debt has been charged off, yes.
Can a car loan agent sue me for a debt that has been written off?
No, if it is written off that means the company has accepted the debt as paid.
Under UK law should you pay a debt that has been written off by a company?
If the debt has been written off, it no longer exists and therefore does not need to be paid.
If a debt has been written off as bad debt on taxescan a creditor seek payment after they have written it off?
Yes. "Writing off" debts to bad debt is a bit of accounting legerdemain, and not a legal waiver. Typically, original creditors only sell debt or sell the right and power to collect on debt after they have written it off.
Explain the procedure to be followed when a customer whose debt has to be previously been written off as a bad debt subsequently pays the amount originally owing?
Explain the procedure when a customers has been previously written off as a bad debt subsequently pays the amount originally owing .
What should you do if a detective agency is chasing you regarding a debt you had seven years ago and how can you find out if the original lender has written this off?
please can you tell me if say after 5/7 years is your debt written off
Is a debt written off after 6 years?
if you live in England debt must legally be written off after 4 years if the people you owe money to cannot find you. exept mortgage arrears which is with you for life. i don't know the law on this in the states if that is were you are from.
What can happen to your debt after your car is repossessed?
Your debt is then written off as the car covers the cost of the debt.
What is difference between a charged off debt and written off debt?
In most cases there is none. Charge off and written off are terms that indicate the debt is being removed from normal account action and sent to collections. Only when a debt is "forgiven" by the original lender or collector is it considered no longer collectible.
Can debt collectors collect on a debt after it has be charged off?
Yes, A charge off simply indicates that the debt has been written off the creditor's account as uncollectible. The debt can then be sold to a collection agency for pennies on the dollar. The 'buyer" of the debt will then pursue collection action by whatever means is allowed by the laws of the state where the debtor resides. Such action would be phone calls, letters and in many instances a civil suit for the debt owed.
Why does a business written off debt as bad?
When a business has debt to collect, it is listed as accounts receivable on their books. This is considered as asset. When it becomes clear that the business cannot collect the debt, it must be written off as bad debt. This is done to remove it from the AR listing.
When debt has been written off can they try to claim it back after 5 years?
depends on the country. In the US i think its up to 7 years.
