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Charge offs' are when a creditor writes off a debt as a loss which usually take place 180 days after the initial missed payment or delinquency. Being as though the debt is still owed, the original creditor sells your debt for pennies on the dollar to a collection agency who tries to enforce collection of that debt which they now own or have been assigned. So to answer your question it can be paid anytime but, after the debt has been charged off you can now negotiate for a settlement of of lessor value than it originally was.
What else can I help you with?
Can a company demand payment on an account that has already been stated on your credit report as a charge-off?
Of course. Charge off is simply an accounting term. It is a shortened version of "chraged off to profit and loss". Companies will frequently charge off debts to clear their books. It has no bearing on a consumers' liability. If you did not pay the debt, you still owe, regardless of what it is called. For a consumer, charge off = collection account.
How is a charge card different from a credit card?
A charge card you have to pay the full balance at the end of the month. You can buy as much as you want, but you must pay at the end of the month. A credit card will give you a limit of $xxxx and you can pay that off over years and build the interest until you can never pay it off. So essentially you can buy a yaht with a charge card but not a credit card. The downside to the charge card is the fact that if you cant pay up in full every month, they will gut you worse than a credit card would. Also, charge cards carry an annual fee for their generous rewards points and the risk they incur by backing you.
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.
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..
How long do you have to wait for a charge off to come off your credit report?
Typically, you have to wait 7 years for the charge-off to come off your credit report. But, if the account is incorrect, incomplete, misleading, or unverifiable, it may be deleted much sooner.
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."
What is internal charge off?
A bank or a loan company can "charge off" a small amount of debt to get the amount off their books. However, this will affect a person's credit report. And it does not mean the person does not have to pay the debt. A debtor should still work to pay off the charge off, to clear the debt and save their credit rating.
Can you pay off bills online without charges?
"You can certainly pay bills online with no charges. Usually, if you pay them in advance, this service is free of charge. Some bills will charge you for same-day payments."
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.
How long does it take to pay off a McDonalds off?
about 2 years
How long will it take to pay off my loan if I pay extra?
The time it takes to pay off your loan will be shorter if you make extra payments.
You owe Americredit for a car you returned can they charge some of that debt off?
They can charge off all of that debt, but it in no way remediates your repsonsibility to pay. All "charging off" a debt means is that it has been removed from the lender's active books. Charge off does not forgive the debt, only bankruptcy can do that.
Do you have to pay for windows live?
Yes, they charge you $0.50 off your credit card! I don't know why, but they do.
Is it better to pay a collection agency or let them write the debt off?
if you pay the collection agency you can get back in good credit standings , ifyou dont they can get a judgment against you, and garnish your wadges , if they do a charge off it stays on your credit for up to 10 years know and it is harder to get credit with a charge off
How long to pay off loan?
As Soon As Possible
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
How long would it take to pay off a dodge charger?
depend s on how long you finance it for, if you finance it for 5 yrs. it will take you 5 yrs. to pay it off.
