Legal Question in Credit and Debt Law in Maryland
Charge Off
I went to the bank to make a payment on my car - rep. said account had charge off written beside it - why do i still have to make car payments? exactly what does that mean
Asked on 10/05/00, 6:47 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Charge Off
This means that due to the poor payment history, the bank can, for accounting and regulatory purposes, no longer treat your account as an asset. It has no effect on the validity of the debt you owe to the bank.
Answered on 11/03/00, 11:29 am
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