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What does it mean when a loan is charged off?
What are the responsiblities of the loanee?
What is the statue of limitations on 1998-1999 loans?




Charged off means the creditor wrote it off on their taxes as a loss.Companies, including creditors and lenders, have profits and losses every year. They make money from profits and lose money from losses. When a creditor charges-off your account, it's declaring your debt as a loss for the company.

Even though the creditor has acknowledged your debt as a loss in its financial records, you don't get away free. Your creditor will add a negative entry (a charge-off) to your credit report and continue to attempt to collect on the debt.


Quote:
What are the responsiblities of the loanee?
What is the statue of limitations on 1998-1999 loans?


The answers to these questions depends on what state you live in. Also how long it has been since you paid them or if you have made any promises to pay since the time you last paid them.

Sub: #1 posted on Mon, 07/28/2008 - 22:18

mobile0311 mobile0311
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