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  2. Charge-off - Wikipedia

    en.wikipedia.org/wiki/Charge-off

    A charge-off or chargeoff is a declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors make this declaration at the point of six months without payment. A charge-off is a form of write-off.

  3. Bad debt - Wikipedia

    en.wikipedia.org/wiki/Bad_debt

    The doubtful debt reserve holds a sum of money to allow a reduction in the accounts receivable ledger due to non-collection of debts. This can also be referred to as an allowance for bad debts. Once a doubtful debt becomes uncollectible, the amount will be written off. [4]

  4. Write-off - Wikipedia

    en.wikipedia.org/wiki/Write-off

    The distinction is that while a write-off is generally completely removed from the balance sheet, a write-down leaves the asset with a lower value. [4] As an example, one of the consequences of the 2007 subprime crisis for financial institutions was a revaluation under mark-to-market rules: "Washington Mutual will write down by $150 million the ...

  5. When does debt fall off your credit report? - AOL

    www.aol.com/finance/does-debt-fall-off-credit...

    An unpaid debt that is past the statute of limitations is considered “time-barred.” This means that creditors can no longer sue you to collect the debt, but it doesn’t mean you no longer owe it.

  6. How to write off repayment of a business loan - AOL

    www.aol.com/finance/write-off-repayment-business...

    But the interest on the new loan can be written off. Interest for $50,000-plus loans borrowed on a life insurance policy for business owners or employees. Interest on loans you haven’t used.

  7. 4 types of debt you can consolidate

    www.aol.com/finance/3-types-debt-consolidate...

    Unsecured debt, such as credit cards, student loans, medical bills and high-interest loans can all be consolidated. Debt consolidation is when you take out a new loan to pay off multiple debts and ...

  8. Credit card debt - Wikipedia

    en.wikipedia.org/wiki/Credit_card_debt

    A successful judgement against the debtor can include seizure and garnishment of assets including bank accounts and wages in order to pay off outstanding debts. Customers have rights under the U.S. Fair Debt Collection Practice Act, which specifies they can ask in writing a debt-collection agency to stop calling them about a debt. [24]

  9. Debt validation - Wikipedia

    en.wikipedia.org/wiki/Debt_validation

    Debt validation, or "debt verification", refers to a consumer's right to challenge a debt and/or receive written verification of a debt from a debt collector. The right to dispute the debt and receive validation are part of the consumer's rights under the United States Federal Fair Debt Collection Practices Act (FDCPA) and are set out in §809 of that act, which has been codified in Title 15 ...