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What do credit card company means when they say charge off and then litigation?
Tesstab
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 accounting 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). Hence, they may pursue collection by any legal means, including courts. (And you may still argue in the courts if you feel you do not owe it), which means either side can end up moving the matter to a legal, or litigation process.
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∙ 15y ago
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What are the differences between credit card and cheque?
In the United States giving a store a check for the purchase of products is a direct debit to one's checking account when the store deposits it in their own account and it is sent to your bank. There most be enough money in one's checking account to cover the check or it will bounce. Normally this means your bank will charge you for failing to keep enough funds in your account. The store owner will be notified and they will most likely mail you about the problem. In such a case, my personal advice is to go back to the store and pay them in cash for the product you purchased. With a credit card, it's presented to the store and your credit card company will credit the store and charge the store about 5% for providing them the service. The customer will receive in their monthly bill from the credit card, notice of the charge and charge you interest on the money they have "loaned" you. If the credit card company is correct, you simply pay the minimum monthly balance they ask for. My personal advice is to mail the credit card company the amount of money you charged and avoid an interest charge.
What is ach hold merchant bankcd fee this was a charge on the online statement for my credit card?
An ACH hold merchant banked fee being charged on one's online credit card account statement is not uncommon. This is a common term that is used to describe many types of payments. Generally it means that a bill has come through and that is the fee to pay the bill. Your credit card company would be able to tell you the exact name of the company or service provider putting this charge through.
