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  1. #1
    Join Date
    Jul 2008

    Default What is Profit Loss Write Off

    My question involves collection proceedings in the State of Michigan again. I already posted about my federally backed student loans. I also have two private loans that I have not paid on in two years. My credit report states for these two loans "profit and loss write off". Can you tell me what this means and does that have any implications on collection.
    Thanks again,

  2. #2
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: What is Profit Loss Write Off

    When a loan is written off, the lender takes a tax deduction. It's an accounting issue. It does not prevent them from later recovering what you owe.

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