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What is some debt collection jargon?
debtor, EOB-explanation of benefits , BIF- Balance in full, SIF- settled in full , PIF- payed in full , etc
How is date of last activity defined for a settled credit card debt?
The date of last activity for a settled credit card debt is the date that the settlement check cleared your financial institution and was posted to that credit card account. As the account was settled, there would be no more activity on that account. I hope that you have a letter from the agency offering the settlement. Without a letter stating the amount of the settlement, you may have just made a big payment on the debt and someone else will be hounding you for the balance.
What if you get a 1099-C but the debt was settled?
That is a side effect of settling a debt. You really don't get out of it. The company you settled with reports that as money you received. You have to claim it on your taxes in the end.
What does a charge off with a zero balance mean?
A charge off with a zero balance means that a creditor has written off your account as a bad debt. This will show up as a negative mark on your credit report.
If you settled a debt for less than the full amount and received a 1099-C for the rest of the debt how should this appear on your credit report?
AnswerIt will show up as a charged off debt for that creditor, but they may sell the debt to another entity and start collections against you for the debt weather you put it on your taxes or not is irrelevant. However, if you do pay the debt later, you can claim the payoff as a writeoff the same as you did it initially on the taxes but in reverse. Now its a debt if you can claim the debt as a liquidated assest.
What is some debt collection jargon?
debtor, EOB-explanation of benefits , BIF- Balance in full, SIF- settled in full , PIF- payed in full , etc
How is date of last activity defined for a settled credit card debt?
The date of last activity for a settled credit card debt is the date that the settlement check cleared your financial institution and was posted to that credit card account. As the account was settled, there would be no more activity on that account. I hope that you have a letter from the agency offering the settlement. Without a letter stating the amount of the settlement, you may have just made a big payment on the debt and someone else will be hounding you for the balance.
If you've settled a debt with a credit collection agency can the original creditor buy back the account and try and charge you again?
No ... you have the proof that the debt was settled.
What if you get a 1099-C but the debt was settled?
That is a side effect of settling a debt. You really don't get out of it. The company you settled with reports that as money you received. You have to claim it on your taxes in the end.
What colony was settled for people with debt?
Georgia.
After you pay the collection agency the negotiated credit card debt settlement amount can the creditor still chase you for the balance of the credit card debt later?
Yes, unfortunately a negotiated settlement does not legally satisfy a debt. I would recommend that you request a letter from the creditor stating that the debt has been satisfied and make sure to submit that to the 3 credit bureaus as proof of fulfillment of collection. that is right, i settled a debt and they still have the balance on my credit report. I called the collectors (citi bank) and they told me i can go and dispute it
If a creditor sends you a 1099-a is the debt 'forgiven' and how will it appear on your credit report?
Receiving a 1099-A indicates that a creditor has taken possession of collateral or has transferred it, but it does not necessarily mean the debt is forgiven. This form may suggest that the debt was settled or dischargeable, but you are still responsible for any remaining balance unless explicitly stated otherwise. On your credit report, the debt may appear as "settled" or "charged off," which can negatively impact your credit score. It's essential to review your credit report carefully and consult with a financial advisor if needed.
What if you paid debt in full and it still there?
The debt will simply be marked as such if it was in default it will remain on the CR for the required seven years. An account that has not been defaulted on will remain indefinitely and show a zero balance when it is paid off.
How long does a shortsale show on your credit report?
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.
What does a charge off with a zero balance mean?
A charge off with a zero balance means that a creditor has written off your account as a bad debt. This will show up as a negative mark on your credit report.
If you settled a debt for less than the full amount and received a 1099-C for the rest of the debt how should this appear on your credit report?
AnswerIt will show up as a charged off debt for that creditor, but they may sell the debt to another entity and start collections against you for the debt weather you put it on your taxes or not is irrelevant. However, if you do pay the debt later, you can claim the payoff as a writeoff the same as you did it initially on the taxes but in reverse. Now its a debt if you can claim the debt as a liquidated assest.
When is Bad debt expense removed from the balance sheet?
Bad Debt Expense does not appear on the balance sheet. It is only on the income statement. Allowance for Uncollectible Accounts does appear on the balance sheet.
