How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 11603
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
1929974
Type Your Finance Question Here...
Lane is online now
A new question is answered every 9 seconds

I have a charge off from an equity line of credit. I'm sure

Customer Question

I have a charge off from an equity line of credit. I'm sure I still owe this $$, how can I go about settling this
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

Hi,

...

Can you tell me a little more about your objectives?

...

There may be some relief for the tax liability.

...

or are you asking about working with the company to get it paid? (or for a settlement for a paid in full letter)?

..

Let me know a little more about the charge off, and what you're trying to do, if you would please...

...

I'll be here

...

Lane

...

Customer: replied 1 year ago.
Hi I just would like it off my credit report. I don't want this amount always hanging over me. It is about $25k and I'm not sure if they will work with me or not. Or should I just forget about it. I'm guessing that is not an option and that eventually it will catch up with me with loads of interest to boot.This was last year and I do not think I have any tax burden but still not sure as I am on extension for 2014 taxes.
Expert:  Lane replied 1 year ago.

It sounds like they have nto as of yet written it off (of at least not in 2014, because they would have to have sent you a 1099-C by January of 2015.

...

You can always ask that they settle and give you what's called a "paid in full letter" which WILL get the delinquency off the report ... There will be a entry, but it will sow as paid, (much less detrimental)

...

If you do NOTHING then the delinquency will drop off the report after seven years from when you went into default.

...

...cant hurt to contact them and see if they're open to a settlement (WITH that paid in full letter being part of what you're askiing for)

Expert:  Lane replied 1 year ago.

See this:

Expert:  Lane replied 1 year ago.

Free Sample Previously Settled Debt Letter

September 28, 2003

Your Name
Home Address
Phone Number

Attention: {name of collector if known}
Name of Debt Collection Agency
Address

RE: Collection letter dated {date of letter here} or phone call on {date of call here} reference account #: {account or reference number}

Dear Mr. /Ms. {Collector’s Name of name of Collection Agency}

This letter is to inform you that the account in question was settled on [insert date] with [insert name of collection agency]. I have enclosed copies of the settlement letter and proof of payment. You now have proof that this debt is no longer collectable, therefore I demand that you remove this account, and all references to my personal information, from your records.

I do not expect to hear from you again regarding this matter however, should you choose to ignore this notification, I will consider any contact not in accordance with the Fair Debt Collection Act, a serious violation of the law and will immediately report any violations to my State Attorney General and to the Federal Trade Commission and, should it become necessary, take legal action to protect my myself.

Signature
Your Printed Name

Expert:  Lane replied 1 year ago.

DId that help?

...

If so, and you don't have additional questions on this, I'd appreciate a positive rating (by clicking the stars or smiley faces on your screen) ... that's how we're credited for the work here)

.

Thanks,

Lane