Is there a time limit on COD reporting?
Date: Thu, 08/26/2010 - 10:21
Can a collection agency report a debt as as cancelation of debt and add it to your income forever or is there a time limit on this action? When my husband passed away, I had to stop paying all credit cards. Can they report my debts to the IRS as a cancelation of debt anytime as long as I live? He has been dead for 7 years. Some of them I paid as long as I could but eventually had to stop paying them.
How long ago did you stop paying them? Is your name on the acco
How long ago did you stop paying them? Is your name on the account? If so, they can report for 7 years from the date of last payment. If your name is NOT on them, send them a death certificate and tell them to get lost.
If you're referring to a 1099C, that happens when you settle the
If you're referring to a 1099C, that happens when you settle the account. What you're likely going to face is being bombarded with collection calls and possible law suits. What state are you in? These may past SOL by now.