Can a OC charge off the debt without telling me in writing? Is that legal?

[allrightchad]

Just checking to see if I can get a charge off removed since I was not notified in writing by capital one that my account was being charged off. On my regular statement this month it said "...if we charge off the account due to late payments it will go to a CA..."

Anyone know the answer to my question???

Thanks

Chad

"Debt free one day at a time"

[Robert Nashville/Savannah]

"charging off" or "writing off" an account is an accounting function required by accounting principles and various regulatory agencies (such as SEC) so that, among other things, a corporation's assets are not inflated by reporting receivables which are doubtful. This usually happens at 180 days past due.

Unless your contract specifically calls for it, there is no law I know of or have ever heard of that requires a creditor to give notice, in writing or otherwise, that an account is being charged off.

As a practical matter, whether an account has been written off or not is pretty meaningless; it's really just the creditor formally recognizing, from a bookeeping prespective, the obvious - that their chance of collecting on the account is very doubtful.