Debt written off by OC= no right to sell debt to CA

Discussion in 'Credit Talk' started by QUEEN_BEE, Apr 30, 2003.

  1. goldhummin

    goldhummin Well-Known Member

    Re: Debt written off by OC= no righ

    That sounds familiar.

    Thanks.
     
  2. goldhummin

    goldhummin Well-Known Member

    Re: Debt written off by OC= no righ

    That sounds familiar.

    Thanks.
     
  3. lbrown59

    lbrown59 Well-Known Member

    Re: Debt written off by OC= no righ

    <<
    Even if it's interest and late fees, it is still money that you owed and didn't pay.
    Hedwig
    ============================
    That is correct but I don't see it as income.




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  4. lbrown59

    lbrown59 Well-Known Member

    Re: Debt written off by OC= no righ

    <<
    Even if it's interest and late fees, it is still money that you owed and didn't pay.
    Hedwig
    ============================
    That is correct but I don't see it as income.




    ******************************************************
    [color=goldenr
     
  5. lbrown59

    lbrown59 Well-Known Member

    Re: Debt written off by OC= no righ

    Even if it's interest and late fees, it is still money that you owed and didn't pay.
    Hedwig
    ============================
    That is correct but I don't see it as income.

    http://www.send4fun.com/telephone.htm

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  6. Hedwig

    Hedwig Well-Known Member

    Re: Debt written off by OC= no righ

    Forgiven debt is considered as income, because it's something you owed and have been forgiven. This is the same as giving you the money.

    Remember that income doesn't necessarily mean wages. It means money that is coming in to you. Just the same as some benefits from your employer (life insurance over a certain amount, tuition for courses not job related, some relocation costs) are considered income, even though you didn't get cash. You got a benefit from it, just as you get a benefit from forgiven debt.
     
  7. lbrown59

    lbrown59 Well-Known Member

    Re: Debt written off by OC= no righ

    1*Forgiven debt is considered as income, because it's something you owed and have been forgiven. This is the same as giving you the money.

    2*Remember that income doesn't necessarily mean wages. It means money that is coming in to you. Just the same as some benefits from your employer (life insurance over a certain amount, tuition for courses not job related, some relocation costs) are considered income,
    3*even though you didn't get cash. You got a benefit from it, just as you get a benefit from forgiven debt.
    ============================
    1*This would be true on the principal but not on the intrest.
    2*
    3*Again this is only correct concerning the principal.
     
  8. lbrown59

    lbrown59 Well-Known Member

    Re: Debt written off by OC= no righ

    1*Forgiven debt is considered as income, because it's something you owed and have been forgiven. This is the same as giving you the money.

    2*Remember that income doesn't necessarily mean wages. It means money that is coming in to you. Just the same as some benefits from your employer (life insurance over a certain amount, tuition for courses not job related, some relocation costs) are considered income,
    3*even though you didn't get cash. You got a benefit from it, just as you get a benefit from forgiven debt.
    ============================
    1*This would be true on the principal but not on the intrest.
    2*
    3*Again this is only correct concerning the principal.
     

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