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Chase Bank Says They Are Going to Charge-Off My Debt And I’ll Still Have to Pay. – Geri

By on October 24, 2011
Chase Bank Says They Are Going to Charge-Off My Debt And I’ll Still Have to Pay. – Geri

“Dear Steve,

I have been making arrangement to pay some of my creditors, but cannot afford to pay them all, I was in a debt management program but the payments were to high.

Steve, I recieved a letter yesterday from Chase, statiing that my account is scheduled to charge-off. However, it was also stated that even if they write off my account, they will continue to contact me for payments or it may be sent to a debt collection. So what is the purpose of the charge-off. It they are going to continue calling me every day?

Geri”

Dear Geri,

The charge-off issue confounds most people. They think it’s forgiveness of the debt. It’s not. It’s just an accounting function that says Chase can’t report the loan as a good asset on their books after a certain time and thus has to “charge it off.” It has nothing to do with you continuing to owe the debt.

After charge-off Chase may sell your debt as part of a larger bucket of bad debt to a new owner. The new debt buyer can attempt to collect or sue you for payment.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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