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Just found out that I have a bad debt on my credit report..what should i do and what will happen?
I'm in my early 20s and I'm a student...I only have a car and celly that I remain in good standing with in my name and I don't bother with credit cards and contracts that could affect my credit standing...WELL, I recently pulled my credit report for a couple reasons and I HAVE A 6 YEAR OLD utility bill in my name...it says " charged off" ...DETAILS I have come to the conclusion that one of my relatives that I lived with in my teenage years had used my SS info to turn on their electric and did not pay it..I still haven't gotten to the bottom of it. I've contacted the electric company to see how the situation came about because I was underage at that time, but they say that things have changed NOW, but back then all they had to do was call in with a name and SS and voila I've been officially used.Anyway...I am in FL..and I've read that the statute of collection on them to legally collect is 5 years. which 5 yrs are gone AND..it will be dropping off of my credit report in 7 yrs less than a year from now The bill is $1300 bucks I HAVE NO WAY OF PAYING THAT ANYTIME SOON. So I've decided to let it fall off..and it time, I will decide when how and who will repay them. MY QUESTION IS.....With the account being considered legally UNcollectible past the 5 yr statute of limitations and soon to drop off my credit report...WILL I NOW BE DENIED THROUGH THE ORIGINAL CREDITOR the utility company OF ANY SERVICES THAT I MAY NEED TO GET THROUGH THEM???I plan on getting my own apartment and their services would be needed. Does this mean that I have to pay that $1300 debt of someone elses doing beforehand? GEEESHH I'm so upset.
Will bad debt from seven years ago affect my credit today?
How do you report a bad debt owed to you to be placed on that person's credit report?
How is it that credit cards company's write off a bad debt?
so you do not pay them ,they write it off ,what does that mean and how is it they can sell it to collection company when they wrote it off .
Scenario and questions about a bad debt issue....please help!?
I'm in my early 20s and I'm a student...I only have a car and celly that I remain in good standing with in my name and I don't bother with credit cards and contracts that could affect my credit standing...WELL, I recently pulled my credit report for a couple reasons and I HAVE A 6 YEAR OLD utility bill in my name...it says " charged off" ...DETAILS I have come to the conclusion that one of my relatives that I lived with in my teenage years had used my SS info to turn on their electric and did not pay it..I still haven't gotten to the bottom of it. I've contacted the electric company to see how the situation came about because I was underage at that time, but they say that things have changed NOW, but back then all they had to do was call in with a name and SS and voila I've been officially used.Anyway...I am in FL..and I've read that the statute of collection on them to legally collect is 5 years. which 5 yrs are gone AND..it will be dropping off of my credit report in 7 yrs less than a year from now The bill is $1300 bucks I HAVE NO WAY OF PAYING THAT ANYTIME SOON. So I've decided to let it fall off..and it time, I will decide when how and who will repay them. MY QUESTION IS.....With the account being considered legally UNcollectible past the 5 yr statute of limitations and soon to drop off my credit report...WILL I NOW BE DENIED THROUGH THE ORIGINAL CREDITOR the utility company OF ANY SERVICES THAT I MAY NEED TO GET THROUGH THEM???I plan on getting my own apartment and their services would be needed. Does this mean that I have to pay that $1300 debt of someone elses doing beforehand? GEEESHH I'm so upset.
Worst penalty for bad debt?
What's the worst that can happen for not paying credit card bills?I got several credit cards over five years ago when I could afford to pay on them. Now my family is on one income and, though we pay all our utility, housing, and car bills on time, there is literally no money for the creditors. All the accounts have been closed and charged off for nonpayment, and I continue to receive collection calls and letters. I am afraid to contact them because I know I cannot afford to pay even a very small monthly payment right now. What are the chances I may get sued or worse? I have 13 delinquent cards at about 12,000 owed among all of them.I know that's really pathetic but I made poor choices then. The lowest debt is about 200 and the highest is about 5000.Thanks in advance for your help. And please, I don't need judgements or criticisms, I know it's effed up.
I have a bad debt on my motorcycle, it has been past due for 2 years. Can they still sue me?
I have made contact with the collection agency, the bike was never repo ed and I am attempting to settle the debt for 20 % but they only offered me 40 % on a payment plan or they will move forward with possible litigation. Am I better off filing Chapter 7 or leaving it alone?I did not know about the income tax on the remaining balance, I was doing some research and came across another user's blog.Anyway, the only debts we wife and I have are liquid debts credit cards that since have been charged off and this motorcycle, oh and one repo for a car under $2000A msg to HDRIDER It's not that I don't " want" to pay for anything, it is the fact that I was UNABLE to pay for these debts when my job became non existent in the worsening economy. Seems you've never fallen on hard times, hopefully you never will but everyone at some point does, you remember me when that happens, HDRIDER.
How many points will a credit rating rise when past bad debts "expire" after 7 years?
I would like to know how many points the rating for an otherwise strong credit rating will rise when past bad debts " expire" after their 7 year reportable period to credit agencies has transpired.Resulting from a past divorce, I was left with two negative credit entries that I didn't know existed and didn't discover until they were 5 or more years old. They had long since been sold to some of the " pennies on the dollar" collection agencies and their respective statutes of limitation had also expired or I otherwise would have paid them, but i didn't want to risk having to contend with the debts being " re aged" either inadvertently or illegally. Had they continued to be owned by the original creditors whom I owed, I would have simply paid them.Both will be expiring from my credit history next month and I would like to know how many points my credit rating is likely to rise once they are gone. Can anyone provide me with a reasonable approximation based on either expert knowledge or their own similar experience?Thank you.
Is it true that bad debt doesnt fall of your credit report in 7 years?
Which account do i cr when doing bad debt provision. Its just a general provision.?
i am using sage and have to do a provision for bad debt can anyone tell me what account i need to credit when doing this journal. Thanksif i have to create a new nominal for a bad debt expense account wil i create an account in the direct expenses nominals?
I have a 642 credit score and i payed off all my bad debt in 08, i am now in the process of buying my 1st home?
what are the chances of my loan getting approved by the underwriter? please help me this is so stressful not knowing if it is going to happen or not. but i have lived in my rental for 6yrs this aug, so i have made all of the monthly payments on timee and never late. that is good right? they only asked for the past 12months.my debt ratio is below the 41 % i am good on that what is what my loan officer said, and my loan is going to be for 89,456needless to say, my credit has been clean since feb 08. i have 3 major lines of credit, otherwise all other bills don't show up on credit report, i am getting a grant for my 3.5 % down payment. sellers are paying the closing costs, and i have also given them $500 in earnest money and paid for my home insurance up front for a year. i understand the process is long and yes it is stressful not knowing if everything will go ok on their end. on my end i think everything should be fine. so yes i am in the position to buy a house.my loan is a FHA loan so my credit score is more then enough for it.
The Cheapest way to erase bad debt?
I kind of know about the verifying debt and then giving them a pay to erase letter. Is there a company out there that can do this for me. I want to pay this stuff out within one month, but don't want to pay $250 a pop to erase these things. I mean $25 $50 an item is reasonable, but $250 on top of paying off the item is crazy.
Can my debt be cleared as bad debt if I go to prison for unrelated reasons?
Vizarro Company--Estimating and reporting bad debts?
At December 31, 2009, Vizarro Company reports the following results for its calendar year.Cash sales $2,184,680Credit sales $3,720,000In addition, its unadjusted trial balance includes the following items.Accounts Receivable $1,127,160 debitAllowance for doubtful accounts $29,030 debitREQUIRED 1. Prepare the adjusting entry for Vizarro Co. to recognize bad debts under each of the following independent assumptions. a Bad debts are estimated to be 1.5 % of credit sales. b Bad debts are estimated to be 1 % of total sales. c An aging analysis estimates that 3 % of year end accounts receivable are uncollectible.2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2009, balance sheet given the facts in part 1a.3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2009, balance sheet given the facts in part 1c.Check Bad Debts Expense 1a $55,800 1c $62,845
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