To Write off a Debt As Last Resort

To write off a debt simply means that it will now be reported to a collection agency. Typically this occurs after 6 months of nonpayment. The company will record the expense as money that cannot be recovered. Each company has certain steps that they may follow prior to sending it out of the company to a collection agency. This action does have an adverse effect on your credit. Once the debt has been moved to a collection agency, the consumer then may have the option of having a reduced monthly bill, in some cases the bill itself is reduced in order to get the balance paid. However, the damage is already done it will appear on your credit record. It will show that you have a debt and that it has been transferred over to a collection agency. So as you can see trying to set up an arrangement with the company before it gets that far is preferable.

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Source: http://www.agi-roadmap.org/to-write-off-a-debt-as-last-resort/1180/

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