 Need help with debt...please anyone!? |
| ok about a week ago i was in debt 15,000..to tell you the truth, i was pretty comfortable with that..but something happened and now ill owe 25,000..just thinking about it makes me want to throw up ... |
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 PayPal ? what about it? |
| what is paypal payment? how can i pay with paypal?... |
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 I was wondering if anyone knew how I could find an immediate loan of $3,000, my credit isn't good, income is. |
| to explain a little better.... 5 years ago my father died and it hurt my finances because I had to relocate 3,000 miles to help my family. Currently, I have a great job with good income and I just ... |
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 After I apply for a credit card and get approved, when can I use it? |
| I am preapproved for a secured credit card and I'm going to take the notice to Bank of America and deposit money in there so I can use it. Will they give me a card number after I apply so I can ... |
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 If you have a bad credit score, what can you do to make it better or the scor5e higher? |
Additional Details
I can't and won't get into too much personal detail but mainly it's been past debt that's gotten me into trouble with credit score. Also I wan'... |
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 If you pay of your credit card every month avoiding....??? |
..... interest does it build your credit the same way as not paying it off every month??
What is the BEST method of building credit?... |
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 I need help on which credit card i should apply for? |
| I'm a full time college student and I have a part-time job. I already have a bank account at WaMu, but I was wondering which credit card line i should apply for? I was thinking of either C... |
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 What type of pre-paid credit card is the best to use? |
For uses such as for online shopping and paypal?
and ones that are usually available in stores such as Cvs or R... |
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 Close credit card account or keep open and shred it? |
Whats best for my credit?
I recently paid off a credit card, and I have a few more credit cards to pay off.
Should I close the account I paid off or keep it open?
I ... |
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 Credit question, 10 year old visa bill |
| i just had a call from a collection angency about a old visa bill i had its almost 10 years ago in the amount of 9,000 they said if i don't pay they could put out a bench warrent for me. is this ... |
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 Credit card enq? |
| hello wondering if any one can help just recieved my first credit card been to try and use it keeps saying bank declined it yet i used it yesterday at shops is there a different pin you use at cash ... |
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 Anyone know anything about Provident loans? |
| Im considering gettin one and would like a bit more information. Is £500 the maximum you can get for first time? If pay back early do you still pay the full amount? Do they do credit checks? What do ... |
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 If he doesn't pay will it show up on his credit? |
| My boyfriend just got a phone bill in the mail from 9 years ago. He didn't even know anything about it, and when he did a credit check a few months ago for something else, that wasn't on it.... |
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lele | What does it mean when they say its been charged off? |
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Sgt Big Red
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The IRS allows creditors to charge off debts that have become worthless. The rule is called the "Specific Charge-Off Method". In a nutshell, this rule allows creditors to take a loss on their income taxes when a debt they are trying to collect becomes worthless. Companies do not actually have to go to court to prove the debt is uncollectible and they can still try to collect the debt at a later date. If they are successful in collecting the debt (or any part thereof) they must claim it on their tax return in the year collected.
Generally, creditors will try to collect the debt for a few months or, in some cases a few years. They either do this through an in-house collection department, or by hiring a third-party collection agency. When they hire debt collectors, the creditor retains legal rights to the account and the bill collector must act on behalf of the original creditor.
Quite often, creditors sell accounts they deem worthless (or not worth their time and expense) to third party debt collection agencies. When they sell the account, they sell all rights to the account as well so only the new legal owner of the account can collect the debt. Once a company decides to charge off a debt they are required to report that information to a credit bureau within 90 days of the debt's charged off date.
Delinquent debts accounts are bought and sold daily so your old account might end up in the hands of a dozen different debt collectors over the course of several years. This explains why you receive out-of-the-blue calls from debt collectors demanding payment on an old forgotten debt.
Hope this is of help to you. |
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SlimMick
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It's an accounting term meaning that the original creditor has written off the debt. A charge-off is bad news for your credit as it stays for seven years. Try to avoid this. Some people assume that once an account is charged-off, that it doesn't have to be repaid....that's not the case....Usually, the original creditor sells the charged-off account to a collection agency...that's when the nice phone calls start.... |
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Dominicks Granny
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When a creditor puts a "charge off" on your credit report, it means the creditor no longer believes you will pay the bill and has written the debt off of its books. Often, they then sell your debt to a collection agency that pays pennies on the dollar for the right to try and collect your debt.
The collection agency will then come after you to pay up. They will hound you until you agree to pay what they say you owe. While it is legal for them to pursue you, they have to live within the rules of the Fair Debt Collection Act. For more information on the Fair Debt Collection Act, go to the Federal Trade Commission's website, ftc.gov, or log onto http://www.ftc.gov/cp/conline/pubs/credit/fdc.htm for an easy-to-understand Q&A about legal debt collection practices |
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fasteddie79103
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that means they have given up trying to collect on it and have counted it as a loss. |
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Mangler
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Typically that means the item(s) have been "written off" by the original debtor and sent to a collections agency. They felt that they would never be paid for the debt, so they sold that debt for pennies on the dollar to some collections agent who will most likely harass you until you pay them (and their fee's on top of the original amount) or until they or you pass away.
If this appears on your credit, it will stay there for 7 years and have negative effects on your credit score for that 7 years. If it is a legitimate failure to pay a debt, then you will have to deal with it unless you contact a credit counseling company who can mitigate the credit imlications (but not erase them completely).
However, if it is not a legitimate debt (i.e., identity theft or due to unusual circumstance), then you can challenge it by writing to one of the 3 cretit reporting agencies (Experian, Equifax, and Transunion). |
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K T
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It basically means that the company has settled the debt by paying it. Here is an article with more info about it. |
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Bill
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It's been written off as a bad debt. You'll have to declare it as income.
Chargeoff sequence
1. You owe debt
2. You don't pay
3. They finally figure out they're not getting blood from a stone
4. They charge off the debt (thus getting to deduct it from their income)
5. You have to declare it as income, since you got stuff you didn't pay for and otherwise would have profited. |
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mandance
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slayer maniac
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means your crdit card is maxed out. |
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