When Is My Debt Written Off
Posted on
June 18, 2009
at
2:37 am
hello everyone i am new here. can anyone tell me how my creditor writes off my debt. i have heard it from the collection agency who calls me every so often and they refuse to explain it to me clearly.
Posted on
June 18, 2009
at
3:53 am
if my account is in collections does it mean that it has already been written off? because i have been called by different debt collectors. would they also be reporting my debts to the credit bureau?
Posted on
June 18, 2009
at
4:12 am
By federal law, financial institutions are required to write off accounts that are more than 180 days, or six months, past due. However certain banks charge off particular loans after the 207th day of non-payment. A debt that is written off will be considered as a liability by the bank or the lender. When that happens, the creditor will do either of the following: send the account to a third-party collections agency, assign the account to their in-house collections agency, sell the account to a debt-buyer, or have an attorney handle this particular account.
Posted on
June 18, 2009
at
4:35 am
Summer Fever: it is just the creditor's responsibility to report to the credit bureau, not the debt collector's. They do this every thirty days if I'm not mistaken.
Posted on
June 18, 2009
at
5:03 am
okay so what if the creditor does write it off and it gets sold to some collection agency. is the collection agency allowed to add interest and other charges on the debt? or will my debt still remain the same?my creditor says the account has already been written off and i haven't heard anything from them yet, i want to know what i can do just in case they call me again
Posted on
June 18, 2009
at
5:25 am
Summer Fever~By law debt collectors are not authorized to charge additional fees on your debt. However if it is expressly indicated on the written agreement or state law permits that a collection company may charge fees on top of the current debt amount, they may do so. They can charge collection fees, interest, service charges, late fees, and bad check handling charges. Of course this applies when there is no judgment that exists on the debt.
Posted on
June 18, 2009
at
5:45 am
ok but what if i have a judgment? i think i know what that is...
Posted on
June 18, 2009
at
6:08 am
That will depend on your state's law, because each state has a different law for adding interest, or statutory charges, on judgments. Interest will also start adding up on the debt from the date that the judgment was rendered, until it has been paid in full. Find out more abt different state mandates here = http://www.fair-debt-collection.com/state-garnishment-laws.html
Posted on
August 4, 2009
at
10:11 pm
Can the debt collector issue a tax form 1099c so you must pay taxes on an old debt charged off, about 8 years ago, when the SOL was 4 years ago.
Posted on
August 5, 2009
at
7:01 am
Did you happen to settle the debt? With a settlement, the person may be taxed on the savings (if said savings are greater than $600) if they are solvent, regardless if they settled the debt pre or post charge off.
Page: 1 2
|
