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A charge-off or chargeoff is a declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors make this declaration at the point of six months without payment. A charge-off is a form of write-off .
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as ...
The Heinz dilemma is a frequently used example in many ethics and morality classes. One well-known version of the dilemma, used in Lawrence Kohlberg 's stages of moral development, is stated as follows: [ 1] A woman was on her deathbed. There was one drug that the doctors said would save her. It was a form of radium that a druggist in the same ...
A car loan charge-off occurs when a lender moves an auto loan during accounting from the asset category to the liability category. Lenders charge off an auto loan when the borrower stops making ...
Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments. The goal of asset protection planning is to insulate assets from claims of creditors without perjury or tax evasion.
Credit card charge offs are on the rise in recent months. On the contrary, a credit card charge off means you are more than 180 days late on your payment and the credit issuer considers the debt ...
The Stolen Valor Act of 2013 ( Pub. L. 113–12 (text) (PDF); H.R. 258) is a United States federal law that was passed by the 113th United States Congress. The law amends the federal criminal code to make it a crime for a person to fraudulently claim having received a valor award specified in the Act, with the intention of obtaining money ...
Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. [ 1] Most collection agencies operate as agents of creditors and ...