The purpose of this form is to show creditors the dire financial situation that the debtor is in so as to induce the creditors to compromise or write off the debt due.
District of Columbia Debtor's Affidavit of Financial Status to Induce Creditor to Compromise or Write off the Debt which is Past Due - Assets and Liabilities
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FAQ
It sounds like your refund was offset by the Bureau of Fiscal Services for a debt you owed--either back taxes, child support or delinquent student loans. The IRS will send you a letter of explanation in several weeks.
3 Ways To Remove Charge-Offs From Your Credit ReportNegotiate A Pay for Delete & Pay The Creditor To Delete The Charge-Off.Use The Advanced Method To Dispute The Charge-Off.Have A Professional Remove The Charge-Off.
The actions to be taken by an agency to collect the debt, such as adding interest and late charges, offset or garnishment, foreclosure of collateral property, and credit bureau reporting.
The Bureau of the Fiscal Service (BFS), which is part of the Treasury Department, initiates refund offsets to outstanding federal agency debts or child support, state income tax obligations and unemployment compensation debts.
While a charge-off means that your creditor has reported your debt as a loss, it doesn't mean you're off the hook. You should pay charged-off accounts as well as you can. "The debt is still the consumer's legal responsibility, even if the creditor has stopped trying to collect on it directly," says Tayne.
When debts are written off, they are removed as assets from the balance sheet because the company does not expect to recover payment. In contrast, when a bad debt is written down, some of the bad debt value remains as an asset because the company expects to recover it.
Charge-offs tend to be worse than collections from a credit repair standpoint for one simple reason. You generally have far less negotiating power when it comes to getting them removed. A charge-off occurs when you fail to make the payments on a debt for a prolonged amount of time and the creditor gives up.
A charged off or written off debt is a debt that has become seriously delinquent, and the lender has given up on being paid.
The Bureau of the Fiscal Service in the Department of the Treasury collects overdue (delinquent) nontax debt for other federal agencies. If you owe money to a federal agency and you did not pay it on time, you have a delinquent debt. You will receive a letter first from the agency to whom you owe the debt.
Most creditors are able to consider writing off their debt when they are convinced that your situation means that pursuing the debt is unlikely to be successful, especially if the amount is small.