Debt settlement and 1099

[cyn5]

Thanks treehugger...

How long does it take for an account to be charged off normally? Wow, a five year payment plan at zero %. Did they let you settle for a lower amount of your debt as well?

[treehugger1]

I will no tmake any agreements related to a reduction in overall debt. I really don't want the hassle of dealing with the 1099 issue. All of my accounts charged off at 180 days past the first missed due date. This is pretty standard.

[rockyroad]

treehugger...who offered the 5 year plan? The OC or a CA?
I'm assuming since your accounts were all charged off, you were then dealing with a CA?

[treehugger1]

As BB pointed out, a charge-off is an accounting move. I still have charged-off accounts with some original creditors. They have assigned the accounts to CA's but not sold them.

In terms of time, I think all my big CC's were assigned ot collections immediately after charge-off.