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Question By
Dingbat1968

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How to do take care of something charged off

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if it was charged off

you no longer owe it.  The lender took the charge off, reported it to the IRS and took a tax credit for it.  You may be required to pay taxes on the "Unearned Income" for it.  watch for a 1099 from the lender if it was over $500.  Otherwise you don't owe that money anymore.

Hope that helps.

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Reply by
Fedupwithdebt

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Actually, that's only partially true. The debt was likely sold off to a collection agency, who has full legal rights to collect the debt (unless it is past the statute of limitations for your state).

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