Ask Experts Questions for FREE Help !
Ask
    dmarjorie's Avatar
    dmarjorie Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 21, 2006, 02:40 PM
    Pay off a credit card debt
    I want to pay off an credit card debt. Which started at 300.00 and now is 900.00 due to my none payment and accuring interest. It has been charged off . How do I go about paying this debt but also wanting to reopen this credit card. Is this possible?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 21, 2006, 07:19 PM
    Yes, it IS possible. Call the credit card company IMMEDIATELY to make arrangements for payment.

    The reason you should act quickly is the company will issue you a Form 1099-C to show the charge off. You will then be taxed on the chargeoff amount listed on the 1099-C. Once that form is issued, it is hard to get cancelled.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


View more questions Search