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A charge off with a zero balance means that a creditor has written off your account as a bad debt. This will show up as a negative mark on your credit report.
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What does a 0 balance charge off mean?
A 0 balance charge off means that the debt company has given up trying to collect the debt. It may sound good, but the effect on the credit rating is very bad.
Do you get a 1099 form for the balance of a credit card charge off?
Yes. A 1099 C
What does it mean when an outstanding account balance is closed on your credit report and the balance is shown as zero but you did not settle the debt from four years ago?
Most likely the credit card company wrote off the debt. However it will show on your credit as a write off, and your credit is still negatively affected by this. You did not receive a get out of jail free card.
What does it mean to be a balance payer?
A balance payer pays off any outstanding balance of money owing on an account on every payment due date.
How long will a write off effect your credit report?
I believe you mean a charge off? If this is what you mean, it will stay on your report for seven years. But, if you are interested in understanding what to do once a charge off has taken place, and it is sold to a collection agency
What does a 0 balance charge off mean?
A 0 balance charge off means that the debt company has given up trying to collect the debt. It may sound good, but the effect on the credit rating is very bad.
What is the difference between paying off and discharging a debt?
I wonder if you mean a "charge off" rather than discharge? If you pay a debt off, you send them enough money to cover the cost of the purchase plus any interest charges, and they send you a statement with a zero balance. If you have a debt charged off, that means the load company has given up hope of ever getting the money out of you, they zero out the balance on their computers, and notify the credit bureaus that you are a deadbeat.
How to fix auto loan charge off?
What do you mean by "fix" it? Do you want this taken off of your credit report? Was the loan legitimately charged off? Do you still owe a balance on the loan? If you have a legitimate charge off reported on your credit report, it cannot be legally removed. If you owe a balance and the charge off is recent, paying off the balance could help. However, the charge off will still show on your credit report for 7 years, and only time will remove it. Still, if you keep your credit in good shape otherwise, the charge off will hurt you less and less as time goes by. Read more about your credit report and score in the link below.
Can a credit card company charge you interest if you pay off the balance on your card?
Ask yourself 'what is interest?'. Find out your interest rate and times it by ZERO. How much money do you owe them now?
can i get a grant that would pay off check loans and get my natural gas amd electric paid off with a zero balance?
could i get a grant that would pay off naturak gas and electric with a zero balance. [ay off a few check loans
Can a credit card company close your account charge it off and still continue to add late fees and interest to the account?
they can if it contains a balance. if they charged it off and gave you a zero balance and a pay off letter then they cannot. If they closed the account and reduced the amount you owe you are still responsible for the payments including late fees and interest.
If you pay off an enormous credit debt within a year will it be completely off your credit report once it is paid off?
Every credit company and lender is required to repost to the credit bureaus monthly so it will show a zero balance within a month of paying it off but it will not be completely off you credit report. It will still show the company and original balance of the loan but it will show that the balance is at zero and when it was paid off.
If you pay off all of your credit cards to a zero balance will you be able to immediately charge on them again?
Certainly. And you will make the company very happy. They will probably lower your interest rate (at least temporarily) and increase your credit limit.
Do you get a 1099 form for the balance of a credit card charge off?
Yes. A 1099 C
What does P and L mean?
P&L is an industry abbreviation for profit and loss, as in "charged off to profit and loss". For the purposes of a consumer reading their credit report; it is the same as a collection, charge off, or write off. Many credit granting companies have their own collection and charge off departments. Once a debt is no longer being paid as agreed by a consumer, most companies will attempt some form of collection. At a certain point, not willing to keep bad debts on their books, they simply "write off" or "charge off" the bad debt on their profit and loss figures. They have written the debt off, so it may even show as a zero balance on your credit report. However, the consumer is still responsible for any deficiency balance owing on a P&L account.
Mortgage charge off and debt forgiveness?
wells Fargo charged off my 56,000 dollar home. Reported as 0 payment. 0 balance, and 0 old. What does that mean to me. I have not paid anything since 2007.
Why would a collection agency not give you the balance of your charge off in writing?
Only the company can answer that question.
