Re: Charge off question?

Posted by JKelly (141.151.91.180) on May 31, 2004 at 11:56:43:

In Reply to: Charge off question? posted by Bill on May 31, 2004 at 11:18:58:

Charge off is a bookeeping term. It means that the credit card company takes the tax credit. Most here feel that the CAs do not have a legal claim because they buy the debt for pennies on the dollar and we the consumer have no contract with them. However, if they sue, they do indeed have a legal claim. Just because a debt is charged off by the original creditor, it does not go away. How nice it would be if it did. Charge off is at 180 days, not 90 days.

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