North Carolina  |  Credit and Debt Law

Legal Question

Asked on: 7/06/13, 2:49 pm


I had a repossession over 5 years ago. The bank sold the vehicle and then charged off the rest of the debt. I received a 1099-C for the charged off debt from them this year and claimed it on my taxes. However, they are still reporting that I owe $4,000. I'm assuming it is the interest from the loan since they are not allowed to put that on a 1099C. I disputed it on my credit report, but they confirmed that I owe that amount. I know its beyond the statue of limitations, so they can't place a judgement on me but I applied for a mortgage loan and was told that I needed to pay that off in order to be approved. I would like to settle it for less than that is owed so that it shows a zero balance on my credit report. Can you give me advice on how to do that please? Thank you.

Didn't find what you were looking for? Ask an Attorney!

Get answers from the top Attorneys
Ask Question

115 Answers given in the last few hours.

8662 Active attorneys ready to answer your question

Search Past Answers:
  Advanced Search