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Charge off is a shortened version of "charged off to profit and loss". This accounting term describes a bookeeping entry routinely performed by creditors. While there are technical differences, for a consumer charge off is the same as a collection account. They are both derogatory defaulted debts which are due and payable in full. They show on a consumer's credit report for 7 years from the last month/year when they were paid as agreed immediately prior to default. Charged off accounts frequently are transferred or sold to collection agencies and become the target of lawsuits to recover the money owed. Important to understand Charge Off is NOT a forgiveness of the debt in any way. It is only an accounting entry by the one who is owed. The discussion below, originally more on a tax Q, provides detail. Explanation Charge Offs & Forgiven Debt If what your asking is really
Connie Ferry
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What is charge loan?
I don'tknow
Is a charged off loan collectible?
yes a charge off loan is a collectible.
How do i get a loan?
Nice, do you charge flat 2% interest rate for all loan types?
What is the journal entry to charge-off a loan?
journal entry to write off a loan
How much does payday cash loan charge for accepting a loan?
The rate that a payday loan business would charge is different between the individual businesses. Some have flat fees, whereas other businesses charge interest rates. Check around before accepting a pay day loan as some of the fees can be exorbitant.
What is finance charge?
A finance charge is interest charged by a lender on the unpaid balance of a loan.
What is a finance charge?
A finance charge is interest charged by a lender on the unpaid balance of a loan.
How much interest can be put on a 1400 loan?
In many countries there are no limits on what loan sharks can charge.
Do legitimate loan companies charge a fee for a loan?
No, they do not. Such that do are refered to as "advance fee" scams. Best avoided.
Can a loan company charge for car insurance when they weren't on the loan until afyer the car was purchased?
YES!!
What is the example of secured loan?
A mortgage is a secured loan. Any loan that has a charge on assets is a secured loan - effectively, if you don't repay it gives the lender the right to take the goods against which the loan was granted.
What are some of the drawbacks of using a bad credit lender?
Using a bad credit lender, such as a payday loan service, can result in paying huge interest charges. To get a payday loan, you pay a small charge in interest. If you cannot pay the loan back in time, the small charge can grow into a large charge.
