what is cancellation of debt mean? I received a notice for cancellation of debt on an old settlement.?
80297
cancellation of debt is when a creditor releases the debt without consideration.
966973
If you have proof that it was cancelled, hold on to it.  You will need this if it comes up when you go to buy a home.  \n\nContact the company you had the debt with and tell them you want this on your credit report.
190511
Yes, just becauseit's charged off does not relieve you of the debt.  It just means they have quit trying to collect (for now).\n\nThey can either sell the debt to a collection agency or use their own in-house agency.  \n\nEither way, the debt will be reported to the credit agencies and it will be on your reports for several years.\n\nIf you wish to repay it....VERY IMPORTANT!\n\nSend them a letter telling them that in exchange for paying the debt, they must remove all negative reports from your credit history.  Otherwise, you will still have bad credit, even after it's paid.\n\nUse the sample letter below as a guide.
488183
You need to contest the debt in writing. If you do not do so within 30 days, they can proceed with the collection, although if you missed the deadline you should still send the letter. The address to send you letter should be in the written notice you were sent. If you have not received a written notice, demand one next time they call. Tell them you will not discuss the issue further until you have received the written notice.\n\nIt is best to handle all of these conversations in writing. If you agree to something on the phone, followup with a letter detailing your understanding of the agreement.\n\nMake sure you write the letter in a professional, non-emotional manner. The fact that the process makes you angry does not belong in any correspondence with them, stick to the facts of the matter. Keep copies of everything you send and everything they send to you.\n\nThey have to show by a preponderance of the evidence that you incurred the debt (not beyond a reasonable doubt as in criminal cases).\n\nIf you are unable to resolve the issue and you still believe you are right, you may need to retain a lawyer. Because of this, if the amount is small, it may be better to simply settle. You can negotiate settlement with them including having the report removed from your credit report. They don't want to go to court either.
701810
Check the "THE FAIR DEBT COLLECTION PRACTICES ACT".\nI had to do this once to a creditor harrassing us for a bogus debt. Harassment and threats are against the law. Send them a letter telling them to stop and threaten to copy your local consumer protection agency and better business bureau. They are in violation of federal law so trust me, they will stop.\nAlso, I can't remember where I found it, but somewhere on the internet is a sample letter you can even use and tailor it to fit your exact situation. Good luck.
542370
old you could discharge (wipe) all debt that was not secured. new laws works like a credit counseling service where they negotiate a pay off and you pay on it. cheaper and easier to use a service that file in court and you can even try the negotion your self\n\nhttp://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&rd=1&item=9521974071&ssPageName=STRK:MESE:IT\n\nincludes a sample letter
192357
Once a bad debt (charge off) is reported to the credit reporting agency, it stays there for 7 years.  It will stay there unless the creditor tells them to remove it.\n\nTherefore, if you pay off the debt, the creditor >>>CAN<<< remove the negative report.  However, many of them will not do it unless forced to do so.\n\nOnce you have paid them off, you no longer have any leverage to force them to do anything.  Remember, collection agents don't give a darn about you, they just want their money.  \n\nThat is why it's so important to GET IN WRITING before you pay them anything that they will remove the report from your record once the debt is paid.\n\nWhy in the world would you pay them and still have a bad credit rating?  \n\nUse the sample letter below as a guide, and negotiate a settlement with them.
789872
Answers like timdaniels' really bug me.  Quit advertising your company and just answer his question!  \n\nPersonally I do NOT believe debt settlement only "recognized" alternative, and it can actually hurt your credit score.  \n\nI've posted a link that explains the new laws.  If it still looks like the answer for you, talk to an attorney.  Many will give you a free consultation and explain how it will effect you.
951403
I have not seen the documents you recieved,and therefore, I can't tell exactly what's going on here.  You did not give sufficient detail.  \n\nWas this a summons from a bankruptcy court?  If so, its possible that the bankruptcy court is notifying  you, as a co-debtor (NOT co bankrupt debtor) that there is property to which you may have an equitable interest, that is subject to the bankruptcy estate.  \n\nIf this is a house that your sister was in joint tenancy on, the laws protecting the house from the bankruptcy estate will vary depending on your state.  You must IMMEDIATELY consult with a qualified bankruptcy attorney.  DO NOT consult with a bankruptcy software program, or with a site advertised here.  Also, do not consult with your sister's bankruptcy attorney.  He/she does not represent your interests, he/she represents your sister's interests.\n\nFor a referral to a bankruptcy attorney in  your state, contact your local or state bar association.
826392
It means the company is being asked by the State to explain their actions in this matter.  Unless you haven't told us the whole story (like maybe you co-signed for the loan) they should stop harassing you.\n\nYour deadbeat boyfriend is another matter entirely.  Why don't you tell him to pay his debts so you don't have to keep answering phone calls from his creditors?
1052184
The last advice given is very incorrect. If you pay off the total amount the account will appear as paid in full and closed but if you on pay the setlement amount it will show as a collections account paid and lenders know this is a settlement.\n\nHere is some information that I wrote on an article about this issue. Hope it helps\n\n"How long will collection or other derogatory information stay on your credit report?"\n\nCredit information can and usually stays on a person’s credit report for 7 years. You can use the information below as a reference to guide yourself and figure out how long derogatory information stays on your credit report\n\nGeneral credit information: 7yrs\nCollections: 7yrs from date of last activity\nBankruptcy: 10 yrs\nForeclosure: 12 yrs from the date filed\nGarnishment: 12 yrs from the date or entry or 7 yrs from the date satisfied\nJudgment: 12 yrs from the date or entry or 7 yrs from the date satisfied\nTax lien: 12 yrs from the date or entry or 7 yrs from the date satisfied\nDismissed garnishments, judgments, and tax liens: not reportable\n\nNow that you have this information I’ll give you an example similar to a client. The agent he had worked with before gave him the wrong advice.\n\nLets assume that you had a collection for $1,000 filed against you in December 1998 and you haven’t paid it. It’s now November 2005, so in a few weeks that collection can come off your credit report. (You will probably have to request all three credit bureaus to take it off your credit report). However, you just applied for a loan today and the loan officer tells you that you need to payoff that debt in order to be approved. Since you have the money to pay it off, you do so. Because the date of last activity is now November 2005, the collection will show on your report until November 2012 – another additional 7 years.\n\nNow let assume that this collection was in June 2005 and you pay it off in November 2005 to obtain the loan, this will reduce your credit score. On the other hand if this collection was in September 2005 and you pay it off in November 2005 to obtain the loan, this will actually increase your score. My point is that a collection account that is less than 6 months old and is paid off will be beneficial but if your collection account is more than 6 months old and is paid off this will be detrimental to your credit score.\n\nYou as a consumer can request copies of your credit report from the 3 credit bureaus (although it’s better to get a collective report from all three in one which I can help you with) and dispute information that is incorrect. Incorrect information can be corrected or removed but correct information (good or bad) usually stays on the report for the period allowed. Only the credit grantor (lender/bank) or credit bureau can remove correct information.\n\nIf you find incorrect information on your report, contact the credit grantor obtain an explanation, have them corrected and ask them to contact all three credit bureaus and correct that information on your report. After this you should also contact all three credit with a letter with documented proof of the error on your report and ask them to remove this information. The credit bureaus by law have to respond to your letter and request. Depending on your case they might approve or deny your request but they have to respond to your letter. Following are the addresses for all three credit bureaus.\n\nTrans Union\nPO Box 4000\nChester, PA 19022\n866-887-2673\nhttp://www.transunion.com/\n\nExperian\nPO Box 2002\nAllen, TX 75013\n888-397-3742\nhttp://www.experian.com/\n\nEquifax Credit\nPO Box 740241\nAtlanta, GA 30374\n800-685-1111\nhttp://www.equifax.com/
434783
You need to study the file very carefully.  It may say paid, but if it also says "Charge-off," "Repossession," "late notations", or "Collection", (just to name a few), it's still a negative item on your report, and will effect your credit score.\n\nItems on your report will stay for 7 years from the date of first default.  \n\nThe bad part is that once the creditor has your money, they generally won't give you the time of day.  That's why it's recommended you get an agreement that they remove any negative information, in writing, before you pay off the debt.  \n\nNow that you have lost all leverage to do that, all you can do is politely ask them to remove the listing.  Not likely im most cases I have counseled.
669241
It means that YOU closed the account.  It's not a bad thing...closed by CREDITOR is a bad thing.
1080172
The bankruptcy court sends out a notice to you, just as you received your automatic stay as a creditor. Did you attend the creditors meetings? Was it secured and did you get a reaffirmation agreement?
693220
The only way to get this debt removed is fight it with the creditor.  That may require a court trip to sue your ex for the amount she charged, then paying off the debt.  Be sure to make the creditor remove the report before you pay them, otherwise they just may leave it on your record.\n\nCredit reporting agencies will not remove this listing.  The best they can do is include a statement of your dispute, but most lenders ignore this information.
668687
it should be cleared, as well as all attempts to collect it after 7 years of default. you will have to do the leg work as creditors won't do it on their own, so push them and keep pushing them to remove it.
308908
Depending on the context it could mean notice that work is about to begin on a building, or it could mean notifying creditors of a bankruptcy petition being filed. Try doing a yahoo search for "notice of commencement" - by putting the search text in quotes, the search results should be more specific to what you're looking for.\n\nHope this helps.