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Written off Debts


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All the time, it's a billion dollar a year industry. They are called junk debt buyers. They buy the creditors written off junk and try to turn it into gold.

Written off, charged off, and other terms like that have zero to do with the legal obligation of the consumer for the debt.

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All that means is that they wrote off the amount as a loss. If they manage to collect down the line, the money goes on the other side of the books as pure profit. Just accounting, has nothing to do with you. I like your username, makes me think of Glen Campbell, poor guy has Alzheimer's. Altho after 45 years of hard drinking, not a surprise. Good singer, tho. Filled in for Brian Wilson (Beach Boys) for a year around 1964.

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