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Once a chargeoff has been marked "paid charge off," the borrower still owes the debt, but from an accounting standpoint, the lender has decided that they will not be able to collect that debt.
Also, the charged off amount will stay on your credit record regardless of the next steps that you take. If you pay off that chargeoff, the lender will not adjust the trans line in the credit report.
However, if you are trying to "make it right," you may send a payment to the lender at the same address that you sent payments prior to when collections started (be sure to mark the check/EFT with your account number and name).
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What can you do if you are prepared to pay all your chargeoffs in full but the agencies aren't willing to delete the record from your credit report?
Most companies will not delete accounts that have been paid, nor do they have to under the law. The Fair Credit Reporting Act allows them to report the accounts as paid charge offs, or as charge off/collection with a zero balance and to report the date that the account was paid in full or settled.
Is it better to pay a charge off or collection account?
I would pay the collection account. Try not to let the account get that far that it becomes a charge off. It would be better to pay them all on time, of course. They both do damage to your credit. The charge off is normally paid less than the original charge. After paying, they both will show paid on your credit file if the companies filed them correctly. Make sure you have the company mail you a letter of Debt satifaction with a statement notifying the credit bureau. This is your responsibility to make sure it happens. Good luck..
If you have a 6-year-old charge-off collection from a community college tuition bill that wasn't paid would it be better to pay this off or let it slip off your CBR after 7 years?
== == A tuition loan will not drop off your credit. You definetly need to pay this off.
If you pay on charged off accounts are you throwing money away since no one is trying to collect on them?
Just because an account is charge-off does NOT mean the debt is not being collected upon or that the debt is expunged. Charge-off accounts are often sold to collectin agencies or junk debt buyers who will subsequently try to collect on it. Paying a charged-off debt will not help your credit scores. A status of 'paid charge-off' or 'paid collection' is still a negative. A mortgage lender may look more favorably upon accounts like these, but paying won't remove the tradelines or increase your scores.
How much can you earn and not pay taxes?
every one has to pay tax its the law there is always a amount that will get paid as tax out off you wage
What is a paid charge off?
If you fail to pay a debt for a period of time (usually around 180 days), the creditor usually assumes it will not be paid, and writes the balance due off his books as a tax deductible "charge off". If you then pay the debt after it has been paid, it is a "paid charge off". It is usually good to try to negotiate with the creditor to see if they will remove the line "charge off" from your CR, but it's best to negotiate before you pay them. Paying the charged off account without removal of the trade line will help your credit rating surprisingly little.
What can you do if you are prepared to pay all your chargeoffs in full but the agencies aren't willing to delete the record from your credit report?
Most companies will not delete accounts that have been paid, nor do they have to under the law. The Fair Credit Reporting Act allows them to report the accounts as paid charge offs, or as charge off/collection with a zero balance and to report the date that the account was paid in full or settled.
What is a pay off loan?
I'm not sure I know what a pay off loan is....... but I do know what it is to pay off a loan.Could mean pay your loan off.orPay the principle balance in full. They will usually deduct some of the finance charge if the loan is paid off early.Commonly found in:*charged off accounts*repossession accounts*complete loss accounts paid off by insurances
What is a pay loan?
I'm not sure I know what a pay off loan is....... but I do know what it is to pay off a loan.Could mean pay your loan off.orPay the principle balance in full. They will usually deduct some of the finance charge if the loan is paid off early.Commonly found in:*charged off accounts*repossession accounts*complete loss accounts paid off by insurances
Is it better to pay a charge off or collection account?
I would pay the collection account. Try not to let the account get that far that it becomes a charge off. It would be better to pay them all on time, of course. They both do damage to your credit. The charge off is normally paid less than the original charge. After paying, they both will show paid on your credit file if the companies filed them correctly. Make sure you have the company mail you a letter of Debt satifaction with a statement notifying the credit bureau. This is your responsibility to make sure it happens. Good luck..
If you have a 6-year-old charge-off collection from a community college tuition bill that wasn't paid would it be better to pay this off or let it slip off your CBR after 7 years?
== == A tuition loan will not drop off your credit. You definetly need to pay this off.
If a person has numerous charge-offs on their credit report and wants to pay it off is it better to pay these in full or is it OK to settle?
Charged off accounts are classified as derogatory items. Even if paid in full, they will remain on your credit report for the legally allowable term (usually 7 years). While it may "look" better to have paid the full amount rather than settled the debt, the deductions are the same. Make your decisions on what works best for your lifestyle, not the outcome to your credit.
If you spend 20 on a credit card and pay it off on time do you own more than just the 20?
You would only have to pay the $20.00 for that charge if you paid in full before the due date.
do you have to pay taxes on bills that you pay off These bills were paid off with a settlement ?
If you settled a bill for less than what you owed you will receive a form 1099 which declares the amount lowered in settlement as taxable. You may need to pay on the amount that you didn't pay as it counts as income since in a way they gave you the money by saying you don't owe it any more.
What is the difference between charge off and collection?
collection i believe is a company that sets you on a payment plan to make it easier for you to pay. charge off you will never beable to get credit it is paid off but you will never be able to get a loan To my knowledge, charge off means the business charged it off as a loss and collection means they are pursuing the person for the money or paying an agency to pursue the person for the money.
Can an account be in Charge Off Status if payments are behind but being made?
Yes, it can. Just because a creditor charges off your debt, does not mean that you don't still owe it. Before you pay on a charge off, make sure you get an agreement from the creditor to delete it from your credit report once it's paid!
What are the benefits of using a charge card?
"There are many benefits of using a charge card as long as you use it wisely. Charge cards are a great source of immediate cash for emergencies as long as the balance is paid off by the end of the month. If you can't pay off the balance, interest will accumulate and this can make it easy to fall deeper into debt."
