Financial Education
Anonymous
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Sub: #17
Replied on 08-29-2010, 06:24 AM
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The truth is that 80% of the people in the US do not know the truth about laws of credit.Charged off on real words mean you Dept has been wrote off and the insurance the creditor had on you has paid off your account and you no longer owe it.yes there are steps you need to follow to keep any collection agency from trying to collect money you do not owe them since it is not true the they Buy your account from the bank

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Anonymous
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Sub: #18 Charge off's
Replied on 08-29-2010, 06:25 AM
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advertising link removed

Last edited by SOAPLADY; 10-26-2011 at 03:55 AM.



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Sub: #19
Replied on 02-22-2011, 11:09 AM
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I am sorry but that is wrong. Charged off does NOT mean you no longer owe the debt. You most certainly DO owe it still. Charged off was explained further back in this topic. Just because a creditor charges it off doesn't mean you no longer owe it..that thinking will get you sued faster than your head can spin.

The only way you would no longer owe the debt is if they wrote it off as a tax write off and you got a 1099-c for it, then you have to pay taxes on it as income.

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Sub: #20 Debt Settlement/1099c
Replied on 02-23-2012, 01:31 PM
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I agree "GoldenBlast"...you've got it right on the nose! My hubby and I settled a debt and we received a 1099c form that we get the wonderful honor of filing with our long form for last year...for the full amount of the debt owed regardless of the amount paid. Gotta love how the figure ways to get you for it six way from Sunday!!!
I have a question to pose for the wise and knowledgeable out there though...so here goes. If a debt is charged off from 2004...and has fallen off of your credit report, i.e: it hasn't been reported in several years as a new, current or bad debt...what then would be your advise?
I appreciate all your help...thank you for your kind assistance!

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