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Written off, or charged off accounts can end up being sold to someone else who will still try to collect on it. So, Bank A sells your charged off account to Bank B, and now Bank B will try to come after you for the money. Anytime you pay something that is a negative mark on your credit report, you can have your report adjusted to show that you paid it off, even if it was considerably late it's better than a charge-off on your report. You may even contact the bank and see if they would be willing to settle for less.
What else can I help you with?
How do you write off loans payable?
I think you have to die!
Is it advisable to take an equity loan out on your home if it is paid off?
There are many reasons that people take out equity loans such as remodeling or bill consolidation. For reasons such as this then it is advisable to take an equity loan out.
Is bad debts expense applicable to loans receivable?
Bad debts expense is also use to write off accounts receivable and not for loans receivables.
Where to Post write off loans in balance sheet?
You reduce the value of the asset/liability you write-off against income/or expenses in the P&L after the operational result
What is write off and write back?
A write off occurs when a customer does not pay their bill. The company decides that they might never collect it and they write it off, or take it off the books. A write back occurs when the same customer finally pays the bill or part of it. The amount paid is then added back to assets.
Can you please define refinance loans?
Refinance Loans are loans that are used from the equity in the home. the money from a refinance loan can be used to pay off bills or maybe you can have it set back for a day that it will truly be needed.
What is financial aid for college?
Financial aid is money you receive to help pay off your expenses. It can be in the form of loans, grants or scholarships. Loans have to paid back later.
Will you still be able to attend college if you owe student loans?
Yes, if you are not taking additional loans out you can go back to school. If you do want to take additional loans out, you need to consolidate the defaulted loans first. You can get help with the consolidation at www.defaultms.com
Do car companies eventually write off unpaid car loans and let you keep your car?
No, they would likely repossess the car.
Can you write off interest from business loans?
you can claim interest on business loans as a deduction in most cases. Just need to specify what the loan is for and whether there is a direct link between the loan and earning business income.
How can you get assistance from your school to pay off debt from student loans?
There are many ways to pay off the debt from student loans. Unfortuneately, I am unaware of any ways for you to get help from your school in paying off these loans. There are some websites that can help you with paying off your student loans.
What are the different types of loans available?
There are a lot of different types of loans out there, and banks even make their own types of loans. To sum up the main categories though, there are school loans, housing loans, business loans, and just a regular loan. You can even go to a pawn shop and get a loan for a valuable item, coming back and paying it off monthly.
