how does charge off work?

Date: Thu, 03/20/2008 - 09:01

Submitted by anonymous
on Thu, 03/20/2008 - 09:01

Posts: 202330 Credits: [Donate]

Total Replies: 3

If a cc has charged off your debt that means that they have written it off for a loss. If they then collect on it is that not illegal? They can't write it off and then collect or it would be double dipping?

They can still try to collect on it or sell it to someone else w

They can still try to collect on it or sell it to someone else who can collect on it! I am not sure how that works regarding the profit/loss factor. I was told this by an attorney and have read it several times. There are a few on the site who are knowledgeable in this area and I am sure they will shed more light on it for you!

lrhall41

Submitted by Frogpatch on Thu, 03/20/2008 - 09:52

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Chargeoffs are not a direct expense and differs from a writeoff

lrhall41

Submitted by DebtCruncher on Fri, 03/21/2008 - 06:03

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I have an account about to charge off. I was told by a friend th

I have an account about to charge off. I was told by a friend that if I make any sort of payment then the 6 month time frame the cc has before charging off starts over. Is this true? The cc card company told me only if I pay the amount they set will it prolong a charge off and that would only be for a month. Which id the truth???? Thanks!!!!

lrhall41

Submitted by on Tue, 04/13/2010 - 15:13

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