Economy 2009
Date: Wed, 12/23/2009 - 05:28
Many credit card companies do have hardship programs and payment
Many credit card companies do have hardship programs and payment protection plans that will aid you in your payments. Those that don't have these programs want you to be delingent and behind about six months so they can charge fees etc.
If a debt is older than two and half years and you are delingent (behind) the date of deligency will stay on your credit report seven years. Think about a balancing act and decide if it is best to try to pay it or if you are already way into the seven years-ride it our, chances are they won't take you to court and if they try, they have to be able to prove the debt, which most can't do. If they try take you to court, remember to show up for your court dates. Some attorney's will represent you for about $500 for these cases.
My husband just received in 2010 a 1099 c for a debt that was wr
My husband just received in 2010 a 1099 c for a debt that was written off in 1997. He was insolvent at the time (debt larger than assets) and was on unemployment last year. According to IRS and HR Block, we don't have to count the debt as a gift or income.
Quote:Originally Posted by AnonymousMy husband just received in
Quote:
Originally Posted by Anonymous My husband just received in 2010 a 1099 c for a debt that was written off in 1997. He was insolvent at the time (debt larger than assets) and was on unemployment last year. According to IRS and HR Block, we don't have to count the debt as a gift or income. |
Seems that this beyond the time limit as the IRS and HR Block have both stated.
Wonder what took them so long to send the 1099c from 1997?
Many creditors do have hardship programs but the majority of the
Many creditors do have hardship programs but the majority of them will not allow you to stay on the hardship program until the balance is satisfied & paid in full. The majority of hardship programs last for about 6 months to 1 year. If you are in the same perdicament you were a year ago, that option was only a temporary solution. You may want to look into something that is more long term.
If your creditors are not willing to work with you, you may want to contact a non-profit credit counseling organization to assist you with your financial hardship.
A certified credit counselor will assess your situation. Then the credit counselor will work out a free financial analysis to see how overextended you are. Based upon the amount of "Disposable Income" you have left over, a payment quote is then presented to the consumer to meet there budget.
In the event that the consumer is too overextended, other options will be given to the consumer to assist with there financial distress.
If you need to speak with a certified financial counselor, please do not hesitate to contact me.