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Question on account closed by OC


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Don't bother with DV'ing the OC. If they are not and FDIC insurred bank, they are allowed to close the account, mark it charge off, but continue to charge interest and penalties. The IRS rules on this have been somewhat confusing, but apparently their were some new guidelines published in 2005 which say that unless they keep up the collection activity, this can only go on for 3 years.

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