"charge off account" - but I'm not in debt!

kate_d

Hi folks,

I just checked my credit card statement and saw that the line "charge off account" was added to it yesterday. I had to look this up and was pretty concerned with what I read - I glean that it's some kind of bad debt write-off.

Bad debt write-off for what though? I'm not in debt. I pay off my credit card in full every month (except last month when I paid half of it off - well over the minimum payment anyway).

The credit card section of my bank doesn't open til 8am tomorrow so I am spending the evening freaking out at my potentially destroyed credit rating.

My question is - does anyone know why I'd get a charge off on an account that isn't in debt? Can lenders from elsewhere charge my card or something? I honestly have no debts at all and have a very good credit record so I'm now scouring my brain trying to think of how I could have accrued some bad debt...

jonesMUFCforever

Don't panic!

Could it be a credit entry ie a refund for something?

If not it is probably a mistake that you can sort out in the morning.

kate_d

It's definitely a debit, for around £25.

I know, I'm probably overreacting, but all the websites I looked at trying to find a definition were touting it as the step before bankruptcy!

kate_d

grrrrrr.....:mad:

After a restless night I phoned my bank.

They were worried that I may have used a fradulent merchant and so wrote-off my current credit card so they could transfer the balance and issue me with new credit card.

Unfortunately they hadn't yet posted the letter telling me and countless others this, for which they were reassuring and apologetic. I'm relieved but peeved. That's a decent night's sleep they owe me.

inmypocketnottheirs

Whilst I am not a friend of banks or CC co's, it appears here they are being slammed for acting responsibly and protecting your best interests. I wonder what your reaction would have been if your statement arrived with fraudulent transactions or if your card was refused when making some essential purchase!

kate_d

I'm not slamming them, I'm just peeved. Irked. They send me a a ton of information I don't want (e.g. upping my credit level) but not the explanations I need. They freely admitted they made a mistake.

belfast_child

hiya

its happened to me as well and yes ive lost a nights sleep too. and i know what you mean its the fact they have used the words "charged off account". i googled it and was extremely alarmed to find out what it meant. i have only used my cc for a balance transfer so i didnt buy the fraudulant merchant story that nationwide gave me, so i asked to speak to a manager. according to the manager its happening to people whose details have been compromised by nationwide and its absolutely nothing to do with the customer. its very worrying though all the same

HardupandParishDamned

As I have reset my own login details for our Nationwide account due to the HMRC scandal, I used my hubby's Nationwide login details today to pay a bill. I noticed the charge off account on there too. As the card is in his name, and he is away until Monday, I have been unable to do anything about it, and have been worried sick all day. I assumed there wasn't a credit problem, as we only just applied to remortgage this week, and I have also checked my credit report just yesterday. However, I need to use the card (I am a joint card holder) this weekend to pay for a holiday. I assume the card will not work.At least my mind has been put at rest, I couldn't understand why, as we received an increase in credit limit only last week, and payments are always made on time.

kate_d

When I spoke to Nationwide on the phone this morning they told me they'd be sending out a new card, but I'd already used my card yesterday (picked a bad time for Christmas shopping, it seems) so I'm hoping those purchases will all go through.

It wouldn't be the first time Nationwide have compromised my data, so yeah, it wouldn't surprise me if it wasn't a fraudulent merchant.

belfast_child

yes they told me i could use the existing card til the new one arrives.

digger3_2

Just spent nearly 45 minutes on the phone to NW and wished I'd checked here first!! They told me they are issuing new cards to lots of people - but they didn't want to mention it on the web-site.They claimed to have sent me a letter (which I havn't received) and a new card (which I wasn't expecting and havn't received).The "balance transfer from previous account" which shows on the debit side of the on-line statement isn't really a debit because it hasn't been added onto the total(which I didn't relise untill I added all the transactions up on a calculator).Apparently they are transfering the transactions a bit at a time onto the new card and eventually I wil have a new card, a new account number, and a correct statement- hopefully next week but they couldn't be too definite!!!!