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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If the debt has been cancelled, no; if the debt has been charged off, yes.
Explain the procedure when a customers has been previously written off as a bad debt subsequently pays the amount originally owing .
please can you tell me if say after 5/7 years is your debt written off
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.
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.