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Posted by debtprob on November 3, 2006, 4:58 am
Re: If I settle a car loan that was charged off 4 years ago,
for 60% of the balance, does this restart the 7 year
clock for this negative item to be removed from my
credit report?
Hello, I had a car installment loan for $5000. I got behind
and the entire $5000 balance was charged off in 2002. I have
recently been contacted by a collector, and they tell me they
will accept a settlement of 60% of the outstanding balance.
I know I will have to pay federal income taxes on the amount
they forgive.
However, my question is this: Will my 2002 clock be "reset"
to 2006---meaning the negative reporting period of seven years
will not come until 2013?
As it stands now, the 2002 chargeoff is due to go away in
2009 or so. . .
I have searched the internet quite a bit, but haven't found the
answer to this particular question. Any help would be appreciated.
If you could cite a source, that would be great too. Thank you.
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