Charged off debt adding interests

Hi Christena

Welcome to the forums.

When a lending institution posts an account as ???charged off' it signifies that it is no longer profitable to the company and they are losing money on it. At such times, they are posted as ???bad debt' on the books of the company.

Because the debt has been shown as ???charged off' in your credit report, it does not mean that you are not required to pay it at all. This account will still keep adding up with interest charges and you will be asked to pay it by a collection agency at a later period.

Regards
Roxette

i have set post dated checks electronically with a collection agency. I called them to cancel the post dated checks and they told me no and hung up. Is this legal when I request them to cancel them?

[size=3][color=DarkRed]Cancel the checks![/color][/size]

They have to cancle the checks if you request them to do so.

Accounts no matter how long they are charged off or if they are or aren't on your credit report can still gain intrest. It all depends on your state laws and/or the contract you agreed to when you told the company you would pay back the money for the services provided.

If something is charged off I would not suggest making a payment on it if you can't get it paid quickly.