Author Topic: Charge off?  (Read 1865 times)

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RayFinkle

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Charge off?
« on: October 26, 2014 05:09:16 PM »
Hello all!

I am starting the flyingifr credit score repair.  I am accessing my credit reports now and the only alternate term I am seeing is "Charge off"
Do I need to do, or can I do anything about this? 

This is from Salliemae.  I took out a small loan to get a certification done I needed to get a job and it was called an Education Loan, I assume this falls under private as it's not a Government loan like my main ones from college that were not included in the Ch 7 bankruptcy.  Is this something I need to pursue to get corrected before I continue moving forward with the plan?  Or is it nothing to be concerned about? 

Bruno the JDB Killer

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Re: Charge off?
« Reply #1 on: October 26, 2014 05:23:39 PM »
Charge off is an accounting term. It means they wrote off the loan as unlikely to be paid. There is nothing to correct.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

RayFinkle

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Re: Charge off?
« Reply #2 on: October 26, 2014 05:26:08 PM »
Ok !  Thank you very much!  I thought it might be, but I didn't want to keep going forward on the plan when I should contest it if needed. 

Whodat

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Re: Charge off?
« Reply #3 on: November 28, 2014 10:12:48 PM »
What is it you would contest? Did you pay the debt and they misreported your payments? If so you can file a credit dispute with the credit reporting agencies and they will have to investigate for any misreporting.

RayFinkle

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Re: Charge off?
« Reply #4 on: December 13, 2014 05:35:36 PM »
Sorry for the delay.  I was initially mistaken that what was left on the Sallie Mae loan, private education loan, was included in the discharge.  Charge off I've come to learn doesn't mean anything other than the creditor has written it off BUT basically sold off the debt to the a collection agency and it is still presumed owed.  [url]http://www.experian.com/blogs/ask-experian/2011/11/23/defining-charge-off//url]  And I've come to learn that this particular loan isn't included in the discharge, as you probably know.   I was mistaken on my discharge that it had been included.  I do owe the remainder, nothing I can do.  I'll be paying it in full this week.  I just need to make sure it reads paid charge off on my reports. 

arnanda

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Re: Charge off?
« Reply #5 on: December 13, 2014 05:39:31 PM »
They can still own it if it's a charge off.  It's an accounting term.
TUN - 811/850 (07-07-2015). EQU - 811/850 (07-07-2015). EXP - 8111/850 (07-10-2015).
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RayFinkle

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Re: Charge off?
« Reply #6 on: December 13, 2014 05:44:49 PM »
The debt collection agency does represent them, SM will get their part of it in the end. 

CleaningUp

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Re: Charge off?
« Reply #7 on: December 13, 2014 05:49:51 PM »
Make sure that in exchange for the payment in full, you get a statement that the debt is discharged.

An extra step, to be sure, but it is one that pays dividends if, for some reason, the credit report entry is not updated properly.


RayFinkle

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Re: Charge off?
« Reply #8 on: December 13, 2014 05:50:55 PM »
Right on.  Already planning on that.  Question is, how do I do that?  I'm calling the guy and paying it over the phone.  Even if I mailed it, how would I get a receipt? 

arnanda

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Re: Charge off?
« Reply #9 on: December 13, 2014 05:54:57 PM »
They have policies to get you a receipt.  If you have the collection letter that would be the first step.  Then find out how you get a receipt (mailed, fax, or e-mail) and what the wait time is.  They may wait to make sure the payment doesn't bounce or get charged back.
TUN - 811/850 (07-07-2015). EQU - 811/850 (07-07-2015). EXP - 8111/850 (07-10-2015).
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Abbreviations 2nd Thread
Smurfy's Ease of Use

RayFinkle

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Re: Charge off?
« Reply #10 on: December 13, 2014 06:04:35 PM »
ok, thanks!

Bruno the JDB Killer

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Re: Charge off?
« Reply #11 on: December 13, 2014 06:34:39 PM »
Right on.  Already planning on that.  Question is, how do I do that?  I'm calling the guy and paying it over the phone.  Even if I mailed it, how would I get a receipt?


Your bank can give you a transaction report for the last 30 days showing the payment.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

RayFinkle

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Re: Charge off?
« Reply #12 on: December 13, 2014 06:39:25 PM »
oh yeah, I've got that online as well.