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I was informed that they sold mine through the National Attorney Network. They wouldn't tell me for how much though. Hope this helps!
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∙ 11y ago
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Where can one receive help for bad debt?
There are many places where one could receive help for bad debt. The best places to receive help for one's bad debt would be the government who can help one go through bankruptcy.
If a debt on your credit report says 'bad debt write off ' can the creditor still sue you or collect the money?
= If your credit report reports that you have a bad debt write-off, then it means that the original creditor has written off the debt, but they can still sell the rights to the debt to a collection agency and they can contact you and take legal action.
Can one get debt consolidation loans with a bad credit?
Getting debt consolidation loans with bad credit is possible, but extremely difficult. One would have to find multiple offerings for debt consolidation loans and see which of them offer them to people with bad credit.
How many years dose a dept last?
If you mean debt on your credit report the answer is about seven years from the date the creditor stops reporting it. If it's bad debt, the creditor may report for at least five years actively. Then you have seven years from THAT date until it falls off your file. Realize this: some companies sell of bad debt to third party collection agencies which prolongs the amount of time it will show on your credit file. For example: Capital One issues you a credit card. You charge it and never pay. They report you as a P&L (profit and loss writeoff). They enter that on your file. After a year they sell it off to Company A at 60 cents on the dollar. Company A then attempts to collect the debt. The enter a tradeline on your credit file. Now you have two. Meanwhile, Capital One is still reporting. If Company A cannot collect the debt they too show as a P&L. They sell the account to a clearninghouse at 30 cents on the dollar. The clearinghouse now enters a tradeline on your credit file. Now you have three. Meanwhile as the clearninghouse tries to collect the debt you have three tradelines all reporting derogatory on your credit file. Moral of the story - pay your bills.
What is an unsecured bad debt loan?
An unsecured loan would be one where the lender is relying on the borrower's promise that the loan will be paid back. There is no collateral involved and that is risky. Bad debt would be considered consumer debt or one that cannot be recovered.
How do you write off bad debts?
To write off a bad debt a person must prove that it is a debt and not a gift. A non business bad debt is reported on Schedule D as a short term capital loss.
If a debt has been written off as bad debt on taxescan a creditor seek payment after they have written it off?
Yes. "Writing off" debts to bad debt is a bit of accounting legerdemain, and not a legal waiver. Typically, original creditors only sell debt or sell the right and power to collect on debt after they have written it off.
Where can one receive help for bad debt?
There are many places where one could receive help for bad debt. The best places to receive help for one's bad debt would be the government who can help one go through bankruptcy.
If a debt on your credit report says 'bad debt write off ' can the creditor still sue you or collect the money?
= If your credit report reports that you have a bad debt write-off, then it means that the original creditor has written off the debt, but they can still sell the rights to the debt to a collection agency and they can contact you and take legal action.
Can one get debt consolidation loans with a bad credit?
Getting debt consolidation loans with bad credit is possible, but extremely difficult. One would have to find multiple offerings for debt consolidation loans and see which of them offer them to people with bad credit.
How many years dose a dept last?
If you mean debt on your credit report the answer is about seven years from the date the creditor stops reporting it. If it's bad debt, the creditor may report for at least five years actively. Then you have seven years from THAT date until it falls off your file. Realize this: some companies sell of bad debt to third party collection agencies which prolongs the amount of time it will show on your credit file. For example: Capital One issues you a credit card. You charge it and never pay. They report you as a P&L (profit and loss writeoff). They enter that on your file. After a year they sell it off to Company A at 60 cents on the dollar. Company A then attempts to collect the debt. The enter a tradeline on your credit file. Now you have two. Meanwhile, Capital One is still reporting. If Company A cannot collect the debt they too show as a P&L. They sell the account to a clearninghouse at 30 cents on the dollar. The clearinghouse now enters a tradeline on your credit file. Now you have three. Meanwhile as the clearninghouse tries to collect the debt you have three tradelines all reporting derogatory on your credit file. Moral of the story - pay your bills.
What is an unsecured bad debt loan?
An unsecured loan would be one where the lender is relying on the borrower's promise that the loan will be paid back. There is no collateral involved and that is risky. Bad debt would be considered consumer debt or one that cannot be recovered.
Where can one get a credit card even if you have bad debt?
One can get a credit card even if one has a bad debt record from a bank. But one will need to demonstrate that one is now a good risk because perhaps of changed circumstances.
Is having debt good or bad?
To be in debt is usually considered bad.
Can a loan company sell your bad debt and the new company turn you to a collection company without contacting you?
Yep. It's their debt; why would someone need your permission to call you and bug you about something?
How is bad debt different from good debt?
Good debt is an investment helps to build credit. Bad debt is the amount that the entity has lost.
Do you credit allowance for bad debt and debit bad debt expense?
you smell
