Question
If unable to pay off a credit card, how long until company will charge the debt off?
Answer
Many creditors will charge-off debt after 180 days of less-than-minimum or no payments.
It may sound good, but don't start celebrating just yet. In declaring your account a charge-off, the creditor or lender has declared it a loss for the company; however, the debt has not been canceled and you are still responsible for paying it off. The creditor will close your account and you will not be able to make purchases anymore, but you'll continue to receive bills and they will continue to attempt to collect on the debt.
Additionally, creditors report charge-offs to the credit bureaus and the negative entry will remain on your credit report for seven years.
Filed under: Credit Card
debracflemin
Sep 27
6:59 pm
How can I find out how many companies I owe and the amount, so I can start to clean up my credit
Reply Cancel ReplyCK Moderator
You can view your detailed credit report at AnnualCreditReport.com. That is the free government site. You can also view it at anytime at TrueCredit (charges may apply).
jon0703
Aug 27
6:54 pm
yes, yes they will seize everything you ever demonstrate to be in your possession. It is horrible to go through this trust me!!
Reply Cancel ReplySlNATRA
Sep 23
12:44 pm
are you kidding me... they can not and will not seize anything unless of course you beat them for hudreads of thousands of dollars
ryanhansen22
Aug 26
4:18 pm
i got a 14000,00 that is charged off but i am trying to pay it back not for another 2 years. i am paying 25.00/month right now. If i decide not to pay anymore will they take me to court.
Reply Cancel Reply