Re: 6 yr old cc charge-off

Posted by JKelly (141.151.91.180) on June 02, 2004 at 12:33:05:

In Reply to: 6 yr old cc charge-off posted by Townie on June 02, 2004 at 11:57:40:

This account is past the SOL. They can not legally collect on it.
http://whychat.5u.com/States/state-ny.html
http://whychat.5u.com/nottoca.html
You do not get a 1099 when account is charged off. The creditor gets the tax break as bad debt. The only way you get a 1099 is if the creditor settles on less than the full amount of debt in writing. The SOL started 6 months before charge off, it started the first time the account was 30 past due and never current again.

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