Need help, should i call or write a letter to collection agency
Date: Wed, 07/11/2012 - 21:16
What is the best way to deal with a collections agency? By certified mail or by phone? Has anyone heard of Old Republic Credit Services?? If you settle for less than you owe will that effect your taxes?
1. Depends on what you want to do. If you want a debt to be vali
1. Depends on what you want to do. If you want a debt to be validated, do it in writing via certified mail. If you want to negotiate a settlement, do it over the phone.
2. Yes, there is a company dealing in everything from mortgages to insurance going by the name of Old Republic Credit Services. Is that the one you are talking about?
3. If you settle for less, the forgiven portion of the debt will be treated as income by the IRS and you would have to include it when you file your taxes. Your creditor is going to send you a 1099c form in case you settle the debt for less than you owe. Include this in your tax file.
