Greater Nevada Credit Union [GRTR NV CU CARS CY] 451 EAGLE STATION LANE CARSON CITY, NV 89701-0000 775 882-2060 Â© Copyright 2011 by Lane Guide Lenders Online, Inc. All Rights Reserved.
A charge-off is an item on the company's income statement that is not collectible and is subsequently written off the balance sheet. A charge-off is an item on the company's income statement that is not collectible and is subsequently written off the balance sheet.
A loan becomes âcharged offâ when there is no longer a reasonable expectation of further payments. Charge off typically occurs when a loan is no later than 150 days past due (i.e. no later than 30 days after the âdefaultâ status is reached). Learn more about the difference between âcharge offâ and âdefaultâ. LendingClub may sell charged-off loans to a third party. In the event that a charged-off loan is sold to a third party or funds are recovered on a previously charged off loan, investors will receive a pro rata share of the sales proceeds or recovery amount, respectively, less any fees.