Hi Everyone, I know this is a dumb question, but what does it mean when it is says it is about to be charged off. Also, what happens then?
Chargeoff is an accounting term. It means that a creditor is telling regulators and shareholders that the debt probably can't be collected and it is being written off. By law, banks must chargeoff bad loans within 180 days from the date it went delinquent. It doesn't mean they stop trying to collect. They'll probably turn it over to a collection agency and it will be placed on your credit report as chargedoff.
Thanks... I really do appreciate it. I didn't realize getting behind paying a bill could get this complicated. Don't these collectors have a heart. Somewhere??/ Thanks again...
