Rapid Reader Questions: Walmart, Apartment, Credit Risk, College

Q: Does a credit union have to provide a member in writing the amount of interest paid on a loan for tax purposes? A: Depends on what kind of loan it is. Reporting would be voluntary or required by IRS on certain types of loans. Q: How can a financial company put a charge off … Read more

What Does Charged Off Mean?

Question: Dear Steve, I have 6 negative CC balances on my credit report that are ” Charged off” what does that mean? What does the charge off mean? Bruce Answer: Dear Bruce, I love your question. It’s an issue that so many people don’t understand. A charge-off is an accounting function and this is almost … Read more

Why Am I Being Contacted for a Private Student Loan That Navient Charged Off?

Question: Dear Steve, What does it mean Navient has Charged off my Private Student Loan as bad debt, profit and loss write-off.? Now I am now being contacted by a collection agency. Miriam Answer: Dear Miriam, What we have here is the collision of a tax function and a debt function. When the debt was … Read more

My Private Student Loan Was Charged Off. Should I Just Ignore It?

Question: Dear Steve, I defaulted on my Navient/Sallie Mae private student loan and I just found out that they have closed the account and charged it off as bad debt as listed on my credit report. My private student loan was closed and charged off. I’m assuming they have turned it over to a collection … Read more

My Chase Bank Second Mortgage Was Discharged in My Bankruptcy and Charged Off

“Dear Steve, Current on my first, discharged both 1st and 2nd mortgage in chapter 7, Chase charged off my 2nd, I have the money to pay Chase and bing my loan out of default. Since they charged off my loan they will not cure the default. I received a letter on 3/1/13 saying I had … Read more

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 … Read more

I Was Sending Less Than The Minimum Payment But What Happened to My Account? – Jan

“Dear Steve, I was underemployed and am now totally unemployed and trying to still keep my head above water–not really working. No savings or retirement left; had to settle with one credit card company using last of my money and borrowed from family. Still have 2 cards left — way behind on those. Used cards … Read more

I Had an Account Charge Off, Tried to Settle It, But Now I Can’t Pay. – Will

“Dear Damon, I owe on a debt that was charged off and when I tried to make arrangements to settle it a couple of yrs ago the creditor didn’t have my account anymore. I tried to receive information from them about the recent creditor so I could try to settle the debt but they wouldn’t … Read more

Default Rates Continue to Fall at Credit Card Issuers

Reports just out from five of the six top credit card issuers showed that default rates on accounts fell in June. Of the banks reporting, Bank of America showed the biggest reduction in default rates with Chase Bank, Discover reporting very noticeable declines. Just recently Discover said their default rate was at the lowest ever … Read more

Is There an Advantage to Paying an Attorney to Deal With an Old Debt? – Annette

“Dear Jeremy, Credit score 580 Credit history late payment excessive charge off Payday loan companies, credit cards and old Banks account closure excessive collection agencies Three questions: 1.What do I do with collection agency that is trying to collect on charge-off account from orginial creditor? 2. What do I do if charge off account with … Read more