“We Have Written Your Note Off,” so What?

bookkeeping
I hear much confusion over the phrase many hear from their banker: “We have written your note off!” “Yay!” we hear borrowers exclaim in joy, but why I ask? Perhaps you are unaware of the meaning behind this phrase as it does not help you all that much. What it means is the bank has entered your note as uncollectible. They have probably ceased accruing interest and have taken the…