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Showing results for tags 'uncollectible'.
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Sorry, another newbie question, but didn't get any clarity after searching. I've got a MyFico alert for a credit card account, saying "Account Is Deemed As Uncollectible By The Creditor And Written Off As "Bad Debt" Or "Loss". My credit score actualy rose 1 point as a result of that (LOL). So does this mean the OC completely wrote off the debt as a loss for tax purposes, and I'm off the hook, or they still may sell the account to a CA?
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Hey guys. I just found the forum today and like what I see. My MOL is applying for a mortage and cannot get the amt she needs. She asked if her father could go on as a co-borrower. The lady said he has a chargeoff CC bill from Merrick Bank for 3200. Last activity in 2009 but showed up on CC report 12/12 uncollectible. She asked if we were willing to pay this, and then the bank would willing to loan. Well how do we go about doing this? We dont really have any extra cash and would like to keep the house we are currently in (she is in divorce). Any advice? How negiotable is that 3200? And also, how would I get proof saying the debt is satisfied?
