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Re: taxes on debts
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Posted by tgirlot
on February 02, 2002 at 14:16:13:
In Reply to: Re: taxes on debts posted by Linda on February 02, 2002 at 13:54:40:
Approx: $ 4,800 and 7,300.00 =$12,100.00- approx. $3,000 is interest. If they do submit to IRS, will all the interest be added or just the original premium? Your statement, "getting deletions from credit report in exchange for payment." If I offer them say 40% on each account and ask them to delete from credit report, will they do this and not send 1099c to IRS. My reports list them as charge-offs. Do they still own the accounts? I have gotten threating letters to sue and also to settle. Also, I noticed one collection agency changed my last payment. This added 2 years from last payment. I did receive a western union letter from Chase Bankcard offering a settlement or payment plan. It also stated that, "You are responsible for any tax liability asociated with this transaction." They advised me to check with an attorney.. any suggestions..
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