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If a company charge off a account can that compant collect on it?
Wiki User
∙ 14y 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
∙ 14y ago
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How can I stop the charge when I can't recognize that charge in my credit card account?
Contact your bank or credit card company.
When can a credit card company charge off your account?
after 30 days or sooner
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If a credit card account has been sold can the new company continue to charge interest?
in fact they do
What is the difference between a service charge and a finance charge?
A service charge is typically a charge for a specific action that a company performs on an account or an order. A finance charge is an amount of interest that is charged on an amount of principal owed by a customer.
If a company is no longer operating what will happen if you dispute a charge off that is with a collection agency?
Whether the company is opertaing or not, does not make any difference. Proof of your account is still there.
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Where I regular charge your mom in doing my account lol
If a repo man tries to take your car but does not get it and you pay the payments up can he charge you 310 for trying to get the car?
READ your contract. What does it say about paying any fees necessary to "collect" the account"? that is prolly cheaper than assigning the account to a CA.
