The term 'charge off' does not define the debt as invalid and uncollectible. The term is something that creditors use to signify a debt is in collection status which relates (in a roundabout way) to taxation purposes.
One should always honor their debts when it is at all possible. Not paying a 'charged off' debt can subject the debtor to collection action from third parties and/or a civil suit.
I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed
Yes. Charging off a debt in no way removes your obligation to pay. The charge off is simply a matter of taxes and losses for the creditor.
A debt being designated as a "charge off" does not mean the debt is not valid and collectible. Collection of the debt will still be pursued either through an agency contracted by the original creditor or a third party purchaser. The creditor/collector has the option of filing a lawsuit against the debtor to recover monies owed as well as using common collection practices such as telephone and written correspondence.
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.
If a 1099-C form was received then you are required to pay taxes on the amount shown. This is done when a debt is considered cancelled. A cancelled debt cannot be pursued for collection. ALthough there is no guarantee that unethical collectors wouldn't make an attempt to do so.
I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed
If possible pay the entire amount. A settlement is better than nothing, but paying off the debt is the best option.
No, you cannot use a Stafford student loan to pay off personal debt. The only debt that should be paid off with an educational Stafford loan is your college debt.
Yes. A charge off does not cancel the debt, it is still valid and collectible by whatever means is available to the creditor, including but not limited to a lawsuit.
Yes, because all that charged off debt is just charged off by the original lender, not for the entire world. They will sell it for some amount of money to collections agencies in orde to get something and write off the balance of the debt on their taxes as a loss which you have to in turn enter charged off debt as income unless you pay it back. The collection agency starts the process all over and the seven years starts all over too, to infinity and beyond...It never goes away unless it is legally disccharged off through cp 13 or 7 bankruptcy unless is a student loan, federal IRS debt, child support, judgment, etc...
du yeah who asks that
Only if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgage
Yes. Charging off a debt in no way removes your obligation to pay. The charge off is simply a matter of taxes and losses for the creditor.
You don't have to repay the debt but u are required to report the amount of the "charge off" to the IRS and pay taxes on it when you file your tax return
In order to pay off your debt more quickly you should pay more than the minimum payments. Use a budget to make sure you have a spending plan. Make repayment a priority!
You can start by setting a budget and then using the snowball debt payment plan to pay off your debt.
yes the debt does not go away, the bank simply sold the debt to an outside collection agency.