valadation
Date: Mon, 05/16/2005 - 16:04
valadation
i have a credit report that shows a debt was "written off", now i have a collection agency trying to collect the old debt plus 24% interest, I thought once a bad debt is written off by the original creditor, that was the end of it?
Hi bigbob60014 There is a chance that the debts which were pr
Hi bigbob60014
There is a chance that the debts which were previously shown as written off or irrecoverable debts may be again recovered. However, in most cases, only a portion of the bad debt written off amount may be recovered.
In cases when the bad debt is written off, there should be a proof of the efforts (documentation, letters, requesting final payment, etc.) which have been made to collect the debt. This is necessary since, the Tax Authorities may require it for Income Tax, VAT and other purposes.
Please do let us know your feedback.
Thanks
Roxette
