Friday, December 15th 2017

Question

What is loan forgiveness?

Interesting Question?   (5)   (5)



Answers (1)

19th Nov 2009 by Mark P. Cussen, CFP, CMFC

Loan forgiveness is practiced by creditors as a way to receive a lesser amount of money that what is owed. For example, a credit card company can make an offer to a customer that owes $20,000 saying that they will accept a $5,000 payment instead. They will forgive the other $15,000, which they can then write off on their tax return. The customer will usually receive a Form 1099-C showing the amount of debt forgiven, which the customer must report as income.

Like This Answer?   (0)   (0)
This answer is the subjective opinion of the writer and not of FinancialAdvisory.com



17th Nov 2009 In Finance 1 Answers | 394 Views
Subjects: loan forgiveness,

Answer This Question / Give Your Opinion
What is loan forgiveness?


Answer: *

What country is this answer relevent to? *
Your Name: *

Enter Verification Number: *


Give Your Opinion
What is theTesco Clubcard Credit Card Reward Program?
Share a simple answer to help inform others:
Specific to any country?
First name / Alias

• Your answer will be posted here:
What is theTesco Clubcard Credit Card Reward Program?
Unanswered Questions in Finance
What is a hire purchase plan?
What is a Introductory home loan?
What is a shared secure loan?
Will cancelling a credit card hurt my credit score?
How to finance a farm?

Answered Questions in Finance
What is a revolver loan?
What is a dip loan?
What is capital funding?
What is tax equity financing
What is delinquent debt?
Ask A Question
Get opinions on what you want to know:
Specific to any country?