Need assistance from anyone who knows about the charge-off procedure. It appears that banks are required to charge-off delinquent accounts at the 180 day mark or before.
Is this a standard accounting practice or is it required by law? If so, what law.
What rules change about the account once it has been charged off? (i.e. accelerated payment, reporting late pays)
Does the interest rate revert to the rate in the statute of the state (usury laws) or does it continue at the original contract rate?