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When a settlement on a debt has been reached and paid to the minimum are you still liable to pay the remainder of the amount owed on a debt?
Wiki User
∙ 12y ago
Absolutely not, and keep your settled in full letters. Make sure you get one too!!
The exception to what I just said though, is most agencies will (legally) 1099-C you for the unpaid amount. This means you need to pay taxes like you would on earned income, on the remaining amount.
Experience: I own a collection agency.
Wiki User
∙ 12y ago
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