Re: why chat-Consumer Credit attorney-told me Sol. info is wrong

Posted by LadynRed (199.91.33.254) on February 07, 2003 at 16:50:01:

In Reply to: Re: why chat-Consumer Credit attorney-told me Sol. info is wrong posted by noslave on February 07, 2003 at 15:35:09:

Under the circumstances you mention, I believe an 'active account' is one they still think they can collect on, or are collecting on, even though it is closed - its 'active' on their books. Once its charged-off, they take it OFF their books and its dead as a doornail.

Charge-off, by law, must be done no later than 180 days of non-payment or insufficient payment. They're telling their stockholders there's no hope of recovering the money, so they get a tax write-off for it under profit/loss ! They actually MAKE money on charge-offs - so don't feel bad that you're cheating them out of anything!

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