Skip to content

Record Retention on a Charged Off Loan

Answered by: 

How long should we retain the documents on a charged off loan, and when can it be deemed worthless? What needs to be done when it is deemed worthless?

State rules often address retention, so I cannot speak to that. As to a debt being worthless, the best guidance I would refer to is the IRS 1099-C, which you'll submit when you haven't been paid in 3 years, haven't tried to collect in the last year, and the debt is $600 or more.

First published on 02/27/06

First published on 02/27/2006

Filed under: 
Filed under lending as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics