Write Off

A write off is a reduction of an asset by the amount of an expense. A company records a write off when they no longer expect to collect on a debt. If a company writes off a debt it does not mean a debt is forgiven and a company can still attempt to collect the debt from the consumer. This can be done by civil suit, collection calls and written notices. The debt collection effort can continue beyond the time the debt remains on the credit report.

Often times when creditors write off debts they are then sold to third party collection companies. These debts are often times then resold. It is important when dealing with debt collectors to make sure they really own the debt. Paying the wrong debt collector does not relieve a debtor from the obligation.

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