2007-02-16 07:55:42 · 7 answers · asked by useless_knowledged_1 4 in Business & Finance ➔ Credit
Btw, I would apprecciate it if any answers given were backed up by proof. Im looking for facts....not opinions. Thank you.
2007-02-16 08:02:21 · update #1
ok. So is there a percentage limit of what can be taken from a tax return? Can the collector take 99.95% of your return? And if the amount is (lets say) $100 and your return is $50, why would they take $46 and leave you with $4? Why wouldnt they just take the whole $50 from your acct?
2007-02-16 12:43:54 · update #2
A charge-off is considered to be "written off as uncollectable."
The debt is still legally valid, and the creditor can attempt to collect the full amount. This includes contacts from internal collections staff, or more likely, an outside collection agency.
2007-02-16 08:04:30 · answer #1 · answered by Anonymous · 0⤊ 1⤋
once you report your tax go back, the IRS procedure it often. After ending up your go back, the IRS deliver your report to the Treasury for issuing your refund the position the administration monetary facilities has a itemizing of those who're lower than legal garnishment technique. both between the Federal and State stocks documents the position the State would ask the Federal to intercept your refund to pay the dep. you owe in route of again tax's, newborn help, paid kinfolk or food stamp service illegally, or in case you reason any harm or legal duty using uninsured automobiles (some states). oftentimes, the IRS or the State deduct what you owe and deliver you the steadiness if any. In all circumstances, both the IRS and the State will deliver you a letter explaining what action has been taken. If the tax payer experience that he ought to no longer be garnished as he owes no longer some thing or he did pay what he owe, he or she receives their refund again the position it may take longer era.
2016-12-04 06:33:12 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Charged off debts are often sold to junk debt buyers for pennies on the dollar. Junk debt buyers can sue you for the amount of the debt plus interest and fees. They can only sue you if the debt is within your state's statute of limitations (from 3 to 15 years depending on the state you live in). They cannot garnish your wages or seize your assets without a judgment. The only debts that are deducted from you income tax refunds are back child support, delinquent student loans, and delinquent taxes.
2007-02-16 09:02:40 · answer #3 · answered by Ti 7 · 0⤊ 0⤋
Yes. Because the company had decided the debt is probably not collectable doesn't mean you still don't owe it and they still have the right to try and get it back.
2007-02-16 07:58:36 · answer #4 · answered by wizjp 7 · 0⤊ 0⤋
Yes, the company most likely sold it to a collection agency. They can come after you and get a judgment then garnish your wages.
2007-02-16 08:00:49 · answer #5 · answered by ? 7 · 0⤊ 0⤋
No.. it's a charge off, and it will always hurt your credit, until you pay it off. It can not go into collection because it already did, and because you did not pay it off, if it's a charge off and only hurts your credit score.
2007-02-16 08:06:58 · answer #6 · answered by Hummbaba 5 · 0⤊ 0⤋
no they oh ready got the money from you and should of phoned you
2007-02-16 08:03:37 · answer #7 · answered by Anonymous · 0⤊ 0⤋