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Suckabiscuit

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Collection/chare-off as payment status, "closed-derogatory," Charged off as bad debt write off" ?!?
What does "Collection/charge-off" payment status for both EQU and Trans. ..I have while EQUIFAX is showing "Collection/charge-off" with remark: Charged off account and account: open. TRANS has account status: "Closed-derogatory" and the remark "Charged off as bad debt Profit and loss write-off" So what the hell should I do. I don't want to pay since I owe so much already and dount it would even make much difference. I have little income now so I've been told to just not pay a dime since I'm this far along and frankly, can't afford much at all. So anyone been in similar situation? what do these terms mean? I would greatly appreciate ANY! Thank you

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Hi

If you don't have the money to pay a collection account off in full, then you are probably best off doing nothing as you said and let time takes its course. The thing about accounts in collections is that they will be on your report whether or not you pay them. Opinions will surely differ on this subject, but it sounds to me that you are best off to not make any payment arrangements with the collectors since you said you aren't well financially and the statute of limitations will remove them eventually. Note: I am pretty sure if you make any arrangements with collections agencies it restarts the clock on the statute of limitations, so do some research to see what is best for you.

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Profit and Loss Write Off

What does the profit and loss write off mean? Does this mean they will not be serving me with papers as they dont think its worth their time?? Or does this mean that it is just sitting in collections until they get good info to serve me?

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