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The charging or writing off of a debt is only a required accounting entry by the creditor.
It does not effect you, or change the amount you owe, or that you owe it.
It does not change any of the legal methods to force collection that were available before making the entry. It does not change any of the creditors rights, or change your obligation in it. The debt is NOT forgiven.
All it does is make the creditors accounting statement recognize that an asset (your receivable) that it expected to realize, and already recorded as income, is not going to happen. they are taking the charge to their books for the expense of your not paying, or that it is now considered unlikely you will ay, and the asset does not exist (or in bank terms, is no longer productive). When the charge off occurs depends on many things in accounting parlance...most companies actually establish an account for expected bad debts (an accrual) as a current charge against sales, (expecting some to go bad), and adjust that account on experience...without having to do much on any particular account.
What else can I help you with?
What particles account for the charge of the mass?
Protons and electrons are particles that account for the charge of the mass. Protons have a positive charge, while electrons have a negative charge. The net charge of an object is determined by the balance of these two particles.
Charge CS13A31 what does it mean?
The term "Charge CS13A31" typically refers to a specific charge or fee associated with a product, service, or transaction. It may be part of an account statement, indicating a charge related to a purchase or subscription. The exact meaning can vary depending on the context, such as whether it's related to a utility bill, a financial service, or another type of transaction. For precise details, it's best to check the accompanying documentation or contact the issuing company.
What is the one-time activation charge?
The one-time activation charge is a fee that is typically charged by a service provider when a new account is opened or a service is activated for the first time. This fee covers the cost of setting up the account and establishing the necessary services for the customer.
What is a partial charge for NW1K NtsWkds?
A partial charge is a financial security regulation that prohibits a investor from buying additional securities in a margin account if the account equity falls below a certain level. I'm not sure what "NW1K NtsWkds" refers to. Can you please provide more context or clarify?
What is the charge AC000.00UZ?
The charge AC000.00UZ does not correspond to a standard code or format in the financial or banking systems that I am familiar with. It is possible that it could be an internal reference or specific to a particular institution. I recommend reaching out to your financial institution or the company that issued the charge for clarification.
Can another company purchase a charged off account and accumulate interest on that account?
Yes, another company can purchase a charged-off account, typically for a fraction of its original value. Once they own the account, they may attempt to collect the debt and can potentially charge interest, depending on the terms of the original agreement and state laws. However, the ability to charge interest may be limited by regulations governing debt collection practices.
What is inter-company account?
Account set up for transactions between companies to charge back expenses occured by one company but relate to another company, which you charge back to. BM
What does ship ups collect mean?
Ship and charge the receivers ups account number
Can a credit card company still continue to charge interest if the debt has been charged off?
Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.
What is the definition of the term 'charge off'?
The term "charge off" is used when a company or creditor clears a persons account due to lack of payment at loss to the company. No further charges can be applied to the account.
How can I stop the charge when I can't recognize that charge in my credit card account?
Contact your bank or credit card company.
When can a credit card company charge off your account?
after 30 days or sooner
How do collection agencies work re rates they charge the collectee and the collector?
Generally a collection agency will charge the company they are collecting for a percent off what they collect. They do not charge the person they are collecting from.
If a credit card account has been sold can the new company continue to charge interest?
in fact they do
What is the term for the interest charged by the credit card company or the business that maintains the charge account?
The term for the interest charged by a credit card company or the business that maintains a charge account is called the "annual percentage rate" (APR). This rate represents the cost of borrowing on the account, expressed as a yearly interest rate. It can vary based on the cardholder's creditworthiness and the terms of the account.
What is the difference between a service charge and a finance charge?
A service charge is typically a charge for a specific action that a company performs on an account or an order. A finance charge is an amount of interest that is charged on an amount of principal owed by a customer.
If a company is no longer operating what will happen if you dispute a charge off that is with a collection agency?
Whether the company is opertaing or not, does not make any difference. Proof of your account is still there.
