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"Charged Off as Bad Debt" refers to a situation where a creditor deems a debt uncollectible after the borrower has failed to make payments for a significant period, typically six months. This designation allows the creditor to remove the debt from their balance sheet and claim a tax deduction for the loss. However, the borrower is still responsible for the debt, which can negatively impact their credit score and may lead to further collection actions.
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If your bank account says EFT Charged Off does this mean that the account is closed?
If an account is charged off it is automatically closed. It is listed as uncollectable debt.
If a lawyer says he has taken over a charged off credit card?
This person has bought your debt or has been assigned to get that money. They do this shortly before taking the action to court. It sounds like they have not charged off this money or feel that you have assets that will cover your bad debt if they seize.
Do guglielmo and associates by charged off debt?
Guglielmo and Associates is a debt collection agency, and it is possible that they may handle charged-off debts on behalf of creditors. Charged-off debt refers to an account that a creditor has deemed unlikely to be collected and has written off as a loss. If you have specific concerns about a charged-off debt with Guglielmo and Associates, it is advisable to contact them directly for clarification on their practices and your account status.
If a creditor has written off your debt can a collection agency then come after you for the amount?
If the debt has been cancelled, no; if the debt has been charged off, yes.
Can a creditor keep reporting a charged off account?
That is perfectly legal. The term "charge off" does not mean that the debt is not still valid and fully collectible.
Is it illegal to start collections on charged off accounts?
is it against the law to start collections on charged off accounts.I beg to differ but you can also look this up. It is not illegal to start collection proceedings on charged off accounts, most businesses will write debts off to bad debt BEFORE placing them with a 3rd party collector such as an attorney or collection agency.Once payment is made the money is posted to bad debt recovered to offset the write off. This is done to remove the bad debt from their books and also for tax purposes.
If your bank account says EFT Charged Off does this mean that the account is closed?
If an account is charged off it is automatically closed. It is listed as uncollectable debt.
If a lawyer says he has taken over a charged off credit card?
This person has bought your debt or has been assigned to get that money. They do this shortly before taking the action to court. It sounds like they have not charged off this money or feel that you have assets that will cover your bad debt if they seize.
Do guglielmo and associates by charged off debt?
Guglielmo and Associates is a debt collection agency, and it is possible that they may handle charged-off debts on behalf of creditors. Charged-off debt refers to an account that a creditor has deemed unlikely to be collected and has written off as a loss. If you have specific concerns about a charged-off debt with Guglielmo and Associates, it is advisable to contact them directly for clarification on their practices and your account status.
If a creditor has written off your debt can a collection agency then come after you for the amount?
If the debt has been cancelled, no; if the debt has been charged off, yes.
If a vehicle was charged off as bad debt is there a lien holder?
Yes...the lender did not forgive the debt. Charged off is only an accounting term for something the lender has to record on his books...basically to show the loss and non-performance of the loan. It does not change the borrowers obligation, or the lenders rights, in any way.
Can a creditor keep reporting a charged off account?
That is perfectly legal. The term "charge off" does not mean that the debt is not still valid and fully collectible.
Does a bad debt have to come off your credit report regardless of last activityafter seven years?
Debt that is charged off plus 180 days can be removed after seven years but a creditor may be able to collect on the debt up to 10 years [depending on state SOL]
Can a collection agency sue for a 'charged off' debt?
Yes, the term "charge off" does not render the debt invalid or uncollectible.
Should you file bankruptcy if most of your debt has been charged off?
Filing bankruptcyI may be wrong on this, but my understanding is that "charged off" simply means the creditor has written the debt off (as in written it off as a loss on their taxes, or turned it into their insurance company as a bad debt, etc.) but in no way affects the collectability of the debt. I suspect if they later collect on a charged off debt, they have to claim the money they receive as income on their taxes since they wrote it off earlier. I may be wrong about this though... I definitely don't think that "charged off" means "forgiven," though. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Can a debt buyer collect on a two-year-old car repossession that has been charged off?
Yes. The term "charge off" does not mean the debt is not valid and subject to collection procedures, including the possibility of a lawsuit.
How much will score go up after paying off debt?
This is a sliding system where paying off a small debt means little and paying of a large debt for a person with a bad score would mean a bunch.
