Re: Charge offs - Why Chat
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Posted by Why Chat (209.240.198.61) on January 08, 2003 at 23:08:34:
In Reply to: Charge offs - Why Chat posted by star on January 08, 2003 at 21:09:37:
The cc companies are regulated by the FDIC as are banks. The terms charge off or written off to profit and loss are internal accounting terms. They have nothing to do with what YOU owe, only how your account is reported in their accounting system by law. Once an account is charged off, it can no longer have interest and late charges added to it.It can no longer be collected on by the same internal collection department. It can and probably will be collected on by a 3rd party collection agency,who can still file suit to collect.
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