company write-offs

Discussion in 'Credit Talk' started by eileen, Jul 26, 2000.

  1. eileen

    eileen Guest

    If a company writes off your debt as a bad debt can they or anybody they sell or give your debt to collect on that debt? and at what point can it be taken off or fall of our credit report?
  2. Rock

    Rock Guest

    Yes, they can sell your debt to anyone at any time. You are liable for the debt until the statute of limitations runs out for your state. It will be on your credit report until 7 years have passed after the date of your first delinquency that eventually turned the account into a charge off.
  3. Pat McGarr

    Pat McGarr Guest

    note that if you settle a debt for less than the original amount, they will report the unpaid amount plus interest to the IRS as income (for you) and you will have to pay taxes on it.

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