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laura3 · Joined: 27 Apr 2009 Posts: 5 4.86 Dollars($)

Old Buisness Loan wants to settle for 25 % of the original amount. What forms should I ask for?...My wells fargo- Old Buisness Loan wants to settle for 25 % of the original amount. What forms should I ask for? -
what should I ask for when I do settle?
I have heard of people who have settled , and later the lender comes back with fees.
the total owed is 90k, they are willing to settle for 25k, will I have to pay taxes on this?

adonis · Posted: Mon Apr 27, 2009 11:50 pm Post subject:

Hi laura,

If they settle your loan for 25k, you should ask your lender to report it to the credit bureaus. You can also take it in writing from the lender that your loan has been settled for 25k. As the lender is forgiving a certain amount of your loan, you will have to pay taxes on that amount as it will be considered your income.

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