Posted on: 05th Feb, 2010 04:12 pm
is there a way that I can claim CC charge offs as income on my taxes and eliminate debt collectors?
No, but you should always ask your accountant. Even if you do credit repair on your credit report...this wont stop the creditors or debt collectors from coming after you.
Some of them try to collect after 10yrs..even if the debt is invalid
Some of them try to collect after 10yrs..even if the debt is invalid
Hi tcm,
When an account has been charged off you can never claim it as income. You first need to get a copy of your credit report, and check whether it has actually been charged off, and if so to whom.
If it has been charged off, but not handed over to a collection agency(CA), then you don't need to pay the dues. But if it has been handed over to the CA you need to validate the debt. After that you can contact your original creditor and request him to pull back the account from the CA. If creditor doesn't agree, you may contact the CA and negotiate a settlement, and pay off the dues as per the settlement. Make sure that you don't default again while paying back the dues after the settlement either with the original creditor or the CA.
When an account has been charged off you can never claim it as income. You first need to get a copy of your credit report, and check whether it has actually been charged off, and if so to whom.
If it has been charged off, but not handed over to a collection agency(CA), then you don't need to pay the dues. But if it has been handed over to the CA you need to validate the debt. After that you can contact your original creditor and request him to pull back the account from the CA. If creditor doesn't agree, you may contact the CA and negotiate a settlement, and pay off the dues as per the settlement. Make sure that you don't default again while paying back the dues after the settlement either with the original creditor or the CA.
