understanding entries on statement (HFC selling debt to Wescot)

[ANNALH]

Does anyone know what the following terms mean when a creditor makes the final entries to close the account after selling it to a DCA?

 

rebate paid DR £116 (no change to the balance)

Print CR adj (£116 taken off the balance)

Put on Non-Accr (£1507 taken off the balance)

Charge-Off (balance to zero)

 

These entries were the last few on a statement from HFC after they sold the debt to Wescot Credit Services. In particular i need to know which transactions are the purchase of the debt by Wescot.

 

Thanks

[PriorityOne]

I think DR stands for an overdrawn balance.

CR adj stands for credit adjustment.

non-accr would be non-accrued interest.

Charge-off means the account is closed.

 

Don't ask me to explain it all though... someone wlse will probably be able to shine a brighter light on this for you later.

[Laiste]

Hi,

 

To be honest, the best way of ascertaining what abbreviations mean and to give you an understanding of what has been charged etc, you need to do a DPA request. You need to ask for the specific info you want and get them to explain things for you. Don't guess, ask them for as much detail as you require to help you understand what's going on, they have to oblige under the Act.

 

Regards,

 

Laiste.