Question : what if the ncua had a policy to cancelled the debt, what does this mean to the debtor?Code G — Decision or policy to discontinue collection.Code G is used to identify cancellation of debt because of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. For purposes of this identifiable event, a defined policy includes both a written policy and the creditor’s established business practice.
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Answer : That’s right … MOST lenders cancel debt by policy at some point….That policy typically surrounds an analysis that their chances of collection are outweighed by the cost to collect….Some times it’s simply about time elapsed (aging of accounts receivable)…Sometime’s the policy is to sell it off and it THAT case it hasn’t been forgiven/cancelled (not yet anyway.) Only the buyer of the debt – the owner of the debt – can do that.
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