Please Help! Written off Debts ?

Question

I collected a number of debts when I was a student and I was too scared to even access my report - all my cards were cancelled 3 years ago and since then I had no credit. Today, finally..I accessed my credit report (Equifax Canada - I live in Toronto, Ontario) - and I found 2 accounts at collection agencies and then I found 2 more accounts saying 'written off'..

1)
Status: Bad debt, collection account or unable to locate
Payment History:
No payment 90 days late
Prior Paying History: At least 120 days past due ( 2003-11 )
At least 120 days past due ( 2003-10 )
Three or more payments past due ( 2003-09 )

Comments: Written-off
Closed by credit grantor

2)

Status: Bad debt, collection account or unable to locate
Payment History:
No payment 90 days late
Comments: Written-off
Closed by credit grantor

What does this mean'Written of'? I still need 2 pay them right? I plan on replaying the 2 accounts at collections..do i contact them now? Any advice?

Thanks for the replies so far people! Okay, so If I want to fix up my credit history - what should I do? Should I contact a credit advisor or the collection agencies for the 2 outstanding accounts, and the companies with the write offs individually? I want to fix my history as soon as I can..can I get them to reduce some of the debts? And will that fix my history or will it say 'settled' and knock my credit rating even further?

Answer 1

"Written off" basically means that the companies have given up on attempting to collect the money from you and are considering it a loss. Repaying all of the accounts, even those that are currently showing as "written off" will improve your credit rating, but it will take some time. If you contact the companies that say the accounts are "written off," even if you make regular small payments, the status for those accounts on your credit report should change.

Good luck and kudos to you for working to clean up your credit!

Answer 2

You need to do some homework before you proceed. I don't know the laws in Canada but in the US there is a statute of limitations in each state. Many types of debt are not collectable after a certain amount of time has passed with no payments. I'm not speaking to the morality of the issue but to the common sense and repercussions of what happens when you try to do the right thing.

The creditors were most likely required by law to write the accounts off after a certain period of time with no payments being made. The banking laws require this and it has nothing to do with the creditor choosing to write it off.

IF you start making payments now you start the game over with the creditors and the credit bureaus. The collection agencies that now own the debt will reactivate the negative item on your credit file or add a new negative item. They will report this as a new account on your credit report and this new account will remain on the report for many more years. In the US the account would drop off your report 7 years from the date of last activity. If you have a similar law in Canada you are already 3/7ths of the way to having a clean report. If you pay the creditors the negative item will remain on the report for 7 years from the date the payment is posted. You may be able to negotiate this with the collection agency but be aware of what could happen.

Good Luck

Answer 3

It depends on how long the collection agencies have to sue you as to whether you have to pay them. The statute of limitations on suing for credit card debt is up to 5 years in most American states, and I'm sure it's probably close to the same in Canada.

You shouldn't contact the collection agencies until they contact you. Bad debt gets sold and re-sold so often, sometimes accounts like yours get lost in the mix and forgotten. When they do contact you, you can either ignore them and hope they don't sue you before the statute of limitations runs (this is dangerous because you may get a judgment against you), or you can come to a settlement agreement with them. Never agree pay the full amount they have on file, they will settle with you.

I suggest you wait and see what action the collection agencies take, if any.

Answer 4

There is no such thing a a quick fix to your credit. Question is yes you made a mistake years ago, but how are you doing now. Bills getting paid on time, credit cards with low balances etc.For the most part unless you have written documentation from these people those bad marks will stay on your report for 7 years, from the first missed payment. If contacted by a collection agency you have the right to dispute the charge and that is annotated on your report, it is up to them within 30 days to validate the bill.or prove that it is correct. Good luck to you

Answer 5

When accounts are written off all that means is that the creditors have given up on collecting them and turned them over to collection companies.

Yes you still own them and should make arrangement to pay them as soon as possible.

Ask if the collection companies will remove them from your credit bureau if you agree to pay them in full. Sometimes they will do this. If they do get the agreement in writing before you send them a dime and pay by check, money order or cashiers check so you will have a paper trail.

Answer 6

Written off means they gave up on you and sold the debt to a collection agency.

Contact the companies to let them know you are ready to pay. They will tell you who the collection agencies are.

When you find the collection agencies, make sure you get it in writing that they will remove the information from your credit report when you pay the debt. Also, negotiate to pay lower than what you owe.

Answer 7

The creditors in both instances have made the decision that they cannot collect this debt. I would encourage you to contact the collection agencies involved in these two debts to find out what you need to do

Answer 8

In accounting written off means they do not expect any payment from you and its a loss for the business but that does not mean that they can not come after you. Until you file bankruptcy and clear all the debt you are responsible for it.

Answer 9

For Finance and credit solutions I visit this website where you can find all the solutions. http://creditandfinancesolutions.info/index.html?src=5YAofhgdDE281

RE :Please Help! Written off Debts ?
I collected a number of debts when I was a student and I was too scared to even access my report - all my cards were cancelled 3 years ago and since then I had no credit. Today, finally..I accessed my credit report (Equifax Canada - I live in Toronto, Ontario) - and I found 2 accounts at collection agencies and then I found 2 more accounts saying 'written off'..

1)
Status: Bad debt, collection account or unable to locate
Payment History:
No payment 90 days late
Prior Paying History: At least 120 days past due ( 2003-11 )
At least 120 days past due ( 2003-10 )
Three or more payments past due ( 2003-09 )

Comments: Written-off
Closed by credit grantor

2)

Status: Bad debt, collection account or unable to locate
Payment History:
No payment 90 days late
Comments: Written-off
Closed by credit grantor

What does this mean'Written of'? I still need 2 pay them right? I plan on replaying the 2 accounts at collections..do i contact them now? Any advice?
Update: Thanks for the replies so far people! Okay, so If I want to fix up my credit history - what should I do? Should I contact a credit advisor or the collection agencies for the 2 outstanding accounts, and the companies with the write offs individually? I want to fix my history as soon as I can..can I get them to reduce some of the debts? And will that fix my history or will it say 'settled' and knock my credit rating even further?
Follow 9 answers

Answer 10

u can pay them off if they still have u in their system usually when they do a charge off or written off they have just given up on u ever repaying them but if u find them and repay them it should go on ur report as paid in full.......