Re: What does charged-off mean?
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Posted by sisflomi (66.73.2.200) on March 11, 2003 at 23:31:26:
In Reply to: What does charged-off mean? posted by Phuc on March 11, 2003 at 22:14:08:
Don't quote me but I think: Charged-off also know as P&L, profit and loss: It is when a company had decided that they can not get the payment out of you. It is then what seems to be a tax write off for them. At this point, it is turned over or sold to a collection agency. A Credit card is an Open Ended Account and Louisiana has a three year SOL. Nobody can freeze your assets or garnish your wages without first getting judgment against you. Go to link for Louisiana laws
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