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What is a chargeoff?
golddigger_3
Posts: 235 Forumite
in Credit cards
Hi
Received my statements today from Halifax One as I am reclaiming charges. On the last statement dated 08/02/07 the description of the transactions are:
PRINCIPLE CHARGEOFF -£2848.83
INTEREST CHARGEOFF -£288.57
OTHER FEES CAHRGEOFF -£107.39
This totals £3244.79 which is what is outstanding. We no longer use this card and next months interest is estimated at 0.00
Can anyone tell me what this means please?
Received my statements today from Halifax One as I am reclaiming charges. On the last statement dated 08/02/07 the description of the transactions are:
PRINCIPLE CHARGEOFF -£2848.83
INTEREST CHARGEOFF -£288.57
OTHER FEES CAHRGEOFF -£107.39
This totals £3244.79 which is what is outstanding. We no longer use this card and next months interest is estimated at 0.00
Can anyone tell me what this means please?
LBM 22nd February 2007 - Amount in debt £72,242.23:confused: one month on :rolleyes: £63,900;) 2nd month 60,000.09
Aiming to be debt free October 2010:eek: PROUD TO BE DEALING WITH MY DEBT - official dfw nerd no.348/ DMP mutual support member no.8
Quidco: £4.07 Pigsback £17.10 Mrs Cashback 17.75 £2 savings club - £48 Loose change savings - £6.72 Woolworths Christmas Savings Card £10Reclaiming bank charges so far... £219 from Egg, £175 from Co-operative CC, £490 from Halifax One, at local court stage with HSBC and LLoyds & Marbles, MCOL with Mint
Aiming to be debt free October 2010:eek: PROUD TO BE DEALING WITH MY DEBT - official dfw nerd no.348/ DMP mutual support member no.8
Quidco: £4.07 Pigsback £17.10 Mrs Cashback 17.75 £2 savings club - £48 Loose change savings - £6.72 Woolworths Christmas Savings Card £10Reclaiming bank charges so far... £219 from Egg, £175 from Co-operative CC, £490 from Halifax One, at local court stage with HSBC and LLoyds & Marbles, MCOL with Mint
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Comments
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have you made payments to the account within the last couple of months?
sounds like you card has gone to a bad debt if you havntProud To Be Dealing With My Debts - 1420 Days To Go!LBM: £103,592.98 / Currently £78,500.08 - Down 24.22% / Mortgage: £92,800.00 / Loan: £17,284.21 / Overdraft: £450.09 / C/Card 0%(October 08): £5,601.54 / C/Card 0% (January 09): £1075.22 / Child Care: £137.80
Share Investments: £51,390.74 / Money Owed From GS: £5,812.610 -
Charge-off means the debt has been sold to another company to service and you no longer owe the original creditor any money.
Expect some phone calls, and/or letters from a debt collection agency quite soon.0 -
jamalfatty wrote: »Charge-off means the debt has been sold to another company to service and you no longer owe the original creditor any money.
Expect some phone calls, and/or letters from a debt collection agency quite soon.
Sorry but this is complete nonsense.
Charge off means the same as write off and is simply an accounting exercise for the lender. What they have done is written off/charged off your debt to their bad debt provision. It could have been passed/sold to a dca but equally it could still be held with the lender. The debt is still outstanding and will need to be repaid but at least no further interest will be added.0 -
Tootsie_Roll wrote: »Sorry but this is complete nonsense.
I don't agree, I think jamalfatty's reply was very imformative and helpful
.
Your reply largely says the same thing so I don't see why it should be labled as complete nonsense.0 -
I don't agree, I think jamalfatty's reply was very imformative and helpful.
Your reply largely says the same thing so I don't see why it should be labled as complete nonsense.
It's complete nonsense because he states ''Charge-off means the debt has been sold to another company to service and you no longer owe the original creditor any money.'' This is complete nonsense - it means nothing of the sort. My reply does not say 'largely the same thing''.0
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