Write offs
Date: Thu, 01/03/2013 - 21:08
I'm currently settling my debt on my own I have done 8 accounts already
Most at 30 - 40% deals
I have one that was
"Written off" I'm so unclear what that means
Does a written off debt mean they will absoluty come after your paycheck ?
They rep I spoke with seemed very free with info or mabey not happy
Working there he said once its written off this company almost never Pursues
Now if its written off and they do not pursue what happens ? It's just gone ?
Generally, debts are written
Generally, debts are written off by creditors for tax purposes, that is, they are shown to be business losses. In any case, that does not mean the debt is gone. Usually, written off debts are assigned/sold to collection agencies who then go ahead and pursue the debt within legal limits set under state and Federal laws.
Generally creditors will
Generally creditors will pursue all balances either by selling the debt off to a collection agency or assigning it out. Some creditors like Capital One will sue on an $800 balance.
Steve thanks In your
Steve thanks
In your experience is there a particular balance that they would not bother pursuing
Say 800$ bal as opposed to a 3000$ bal