Question: Do I have to pay a charge-off
Answer: Many consumers have the misconception that a charge-off means they no longer owe the balance. It's easy to make that mistake - "charge off" sounds a little like "write off" and in the world of taxes, a tax "write off" reduces the amount you owe. Not so in the world of credit cards and loans, at least not for the debtor.
When creditors charge off accounts, they're declaring it as a loss, writing it off on their own taxes. As a result, the creditor might owe the federal government a little less. You, however, are still responsible for repaying the debt. The creditor can still attempt to collect on the debt and might even hire a third-party debt collector.
