|Received:||10/3/2007 1:18:41 PM|
|Agency:||Federal Trade Commission|
|Rule:||Debt Collection Workshop|
Comments:"Practice in some sections of the market is to claim "Bad-Debt Write-Off" by the end of financial year and to claim tax credit. This way they close the chapter on that particular bad-debt. The act of "writing-off" a bad-debt should amount to "giving-up" or religuishing any rights to recover the so called "bad-debt". Should this be not a matter for the rule makers to consider "once a debt is written-off in the books of an organization, the same should be considered to have been relinguished and forgiven for all intents and purposes and bebt-collectors should not pursue such a debt."