charged off accounts

First you may want to consult with a counselor. You can call: 877-NO-Debt-8. They will be able to answer your question regarding consolidation. Because I am not sure if you are able to consolidate charge offs. So they will be able to tell you for sure.

Regarding the definition of a charge off, it is more a term for the company's records. According to Experian, a charge off is an action of transferring accounts deemed uncollectible to a category such as bad debt or a loss. Collectors will usually continue to solicit payments, but the accounts are no longer considered part of a company's receivable or profit picture.

So basically, this term is used for accounting purposes so the credit company could accurately determine if they should continue to expect money from you. However, the company will continue to pursue you to try to collect their money.

Hi Chhean

Welcome to the forums. A charged off account is that type of accounting transaction where an uncollectible balance is removed from the active receivables account.

You can consolidate these charge off accounts and the consultant will guide you all along the process to clear these accounts.

Regards
Roxette