Re: Charged off as bad debt?? What does is mean

Posted by LadynRed (199.91.33.254) on July 29, 2004 at 15:26:07:

In Reply to: Charged off as bad debt?? What does is mean posted by Confused~~ on July 29, 2004 at 12:12:08:

Charge-off is an accounting term -that's all. They move the debt from the performing (paying and current) ledger to the non-performing side (uncollectable) and they get a tax break for wrting off the bad debt. That does NOT mean they can't keep trying to collect on it. Typically they'll sell if off to a collection agency.

Derogatory marks stay on your credit report for 7 years +180 days from the date of delinquency that preceeds the charge-off.

Yes, they can still sue you after charge-off, but often its a collection agency or junk debt buyer that sues.
Sherman is a junk debt buyer. They buy portfolios of millions of accounts for pennies on the dollar, then farm it out to CA's to try to collect the full balance (that they paid 2 cents or less/dollar for !).

CCCS is a waste of time and money and if all you have is $50/month to pay, they probably won't take you anyway.

What state are you in and when were the original creditors last paid ??

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