Internet's first get-out-of-debt community - 136,000 members

Posted: Fri Feb 08, 2008 10:43 am Subject: Profit and loss

What does it mean when it a debt says it was written off as profit and loss? Does it go to a CA afterwards?

Posted: Sat Feb 09, 2008 9:08 pm Subject:

That is a charge off...it means that your debt has gone "bad" (180+ days late); you still owe it and it is highly likely that it will end up in a CA's hands.

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