Re: Whychat Please Help Me Understand

Posted by Taziblue (4.170.78.64) on July 08, 2004 at 14:32:05:

In Reply to: Re: Whychat Please Help Me Understand posted by MeToo on July 08, 2004 at 13:27:42:

Charge off is an accounting term. It is also required by law- the company must charge the debt off after 180 days. When an account is charged off, the company can take whatever action it likes- most will sell the account and write off the debt on their books and take a tax credit.

They can close the account whenever they like as long as they don't violate the credit agreement with you.

Charge off usually occurs within 180 days of your last payment to the oc.

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