Credit Card Debt Company

I recieved a 1099c form from a credit card company for a settled credit card debt. The amount is for $10,000. I only make $31,000 per year. Will I end up owing on taxes due to being in a different tax bracket?Will the debt finally be gone?

Yes, you owe taxes on the $10,000 settled debt. What the government means that you had a windfall by not paying the $10,000 settled debt.

2009-01-28 09:35:52 by Kee Kee

Facts about debt settlements, debt settlement companies and credit counselling that you need to know. Your future depends on making an informed ...

The credit card company advised my friend that they would lower her debt and take a pay off of a certain amount. They then return with a higher amount and % added. Now with a threat of legal action She does not know what to do. She is retired and can not make the payment.Company is mentioned on consumeraffairs under complaints.

Could she try and transfer her balance to someone who is offering an introductory 0% interest trial period? There should also be a companies watchdog that can help her.

2006-04-25 09:43:44 by deck

Price: $6.99

Say somebody has X amount of credit card debt, then they die but still have that debt to the credit card company outstanding, what happens? Does the company have to write it off as bad debt or ? Perhaps the company can hit up that person's estate. But let me pose another question then - what if that person's estate does not have enough money to cover that credit card debt.

The person's estate or surviving spouse, otherwise, they have to eat it.
Most credit agencies have a life insurance policy on their lenders now and don't persue the matter if you send a copy of the death certificate in to them.

2008-05-04 16:49:13 by Brad

Price: $12.95

I have a credit card company coming after my wife for a credit card debt from 2000. This is coming totally out of the blue. We had paid off all of her credit card debt back in 2002 before we got married. We got rid of all proof of payments that we made on her debt because it was now 6 years later! I have a feeling that we paid this off, but I have no proof. Can they still come after her 8 years later??

It doesn't matter that you no longer have proof. This debt is outside the statute of limitations for all 50 states...it is also past the allowable 7-year reporting cycle on credit reports....so they can't place this on your credit file . This is ancient, time barred debt....because of this, the collection agency is powerless over you....other than trying to scare/annoy you into paying.

Send the collection agency a letter via Certified Mail + Return Receipt stating:

Per the Fair Debt Collection Practices Act, I am requesting:

- written validation of this alleged debt and that said alleged debt is within the statute of limitations -

- Cease all verbal communications with me about this alleged debt.

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Read up on the Fair Debt Collection Practices Act and understand your rights:

2008-08-13 11:31:10 by Mr. Luva Luva

I have some old credit card debt that I need to take care of. I was finally sued by a collection agency and they got a default judgement against me. I am now in a position to settle the account. Would I be better off settling with the ORIGINAL credit card company? .... or the collection agency.

You have to pay the debt collector, it is they who own the debt and who has the judgment against you.

The time to settle was before the judgment, they now have no incentive to accept a settlement, unless you live in a state that does not allow wage garnishment.

2010-02-25 12:44:05 by JK6969