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What does "written off as a bad debt" actually mean?
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Posted by Johnny
on November 15, 2001 at 13:18:48:
When a credit card company tells you that they are planning to write your account off as a bad debt, what does this mean in reality? Is this the same as charging off the debt? Does it mean they are planning to stop collection efforts altogether, or is it the beginning of a new phase with third party collectors? What actually happens within a credit card company, in practice, when a company "writes off a bad debt," and informs the debtor of the same?
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