Re: Define terms

Posted by Drew (24.59.27.46) on October 25, 2003 at 01:41:32:

In Reply to: Define terms posted by TJ on October 24, 2003 at 23:31:59:

You want to avoid chargeofff at all costs if you can.

Chargeoff is where the creditor writes off your account as a loss on their profit and loss statement. It is one of the worst things to appear on your credit report. Chargeoffs are very bad news.

If you are in a position to pay, pay. Avoid chargeoffs. They stay on your credit report for seven years and the account usually goes into collections. It is not as bad as bankruptcy though.

Have you tried writing to your creditors and get a reduced payment plan or go to CCCS and work out something with them.

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