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A charge off is an account that the creditor has decided not to collect on. When they are listed as a charge off, that does not mean anything to you except a ding on your credit report. You are still obligated to pay the debt. What usually happens is a third party debt collection agency will make arraingments with the original creditor to come after you. This can be a double dip on your credit report because the original creditor might list it and the debt collector might list it also.
What else can I help you with?
Do car companies eventually write off unpaid car loans and let you keep your car?
No, they would likely repossess the car.
Is it legal for banks to charge interest on unpaid interest that is in dispute even if the principle is completely paid off?
Yes. If you owe the unpaid interest, it is money that you owe the bank even if it is in dispute. If you did not owe the unpaid interest, then the interest the bank charged was not owed. So, it depends on who wins the argument.
What is difference between waived off and waved?
dude cmon
What is the legal amount of unpaid personal days off in Canada?
There is no limit. If you want you can have 365 days off, unpaid, many people do.
How long does it take an unpaid bill to come off your credit?
Charge offs and most other defaulted debts are expunged (or should be) from a credit report seven years after the DLA.
Is a charge off better than a foreclosure?
They are both bad things....and not mutually exclusive. A foreclosure that doesn't pay off the debt can mean that unpaid portion becomes a charge off, if uncollected. However, a foreclosure is normally viewed as a more severe thing than a charge off....as foreclosures only occur with secured loans (generally homes) and a charge off can occur with just about any debt. I suspect a mortgage would never just be charged off as they would always want to foreclose and get as much from the security as they can, so they would only have to charge off less.
Can they take your home for unpaid credit cards?
No. They don't want your house. They want money, so they would take your paycheck. Some companies just charge it off as being uncollectable.
Can the 30 day cooling off period to cancel a pension transfer be waived?
no it cant
How many points are taken off your credit for an unpaid account?
You can expect at least 10-15 point off of your credit score with an unpaid account. Remember the older the account the less it will affect you.
Can credit card companies keep a delinquent account open forever or do they all eventually become charge offs?
Most will eventually list the account as a charge off. Which means they remove the account from their books and take a loss in a tax write off. This does not release the debtor from the obligation of repayment. The account is usually sold to a third party collector. If that agency cannot reach a equitable agreement with the debtor, they may file a suit. Even if you do not hear from the creditor or collection agency for an extended length of time, you are not free of the debt. The SOL in most states is six years, (depending on the type of debt that is delinquent). Eventually it will become a charge off which is much worse for you! It will become a charge off and will be impossible to get it removed from your credit report. Remember, just because it is a charge off, it DOES NOT mean that you do not have to pay it and it looks a lot worse on your credit report!
What is a furlow day in the work place?
This would be when you are taking an unpaid day off of work. They're mandatory days off that you do not get paid for. For instance, they cut your pay 10% overall which results in ~2 days off per month unpaid.
Will the iPod charge if it is off?
No, the iPod will not charge if it is off. The iPod must be on for it to charge.
