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Question

what does cancellation of debt mean?

Answer 1

As an FYI, in some cases, the amount of debt that was cancelled becomes taxable income.

Answer 2

Hi,

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Answer 3

They wrote off that debt.  Not owed any longer.

Answer 4

Precisely what it says; that the debt is cancelled ;that  no further payment is required and no further action will be taken against the debtor. It does not mean that your credit rating will not be affected..that depends upon why and how the debt was cancelled...but if you are being asked to cancel a debt owed to you or which may be owed to you then you should take legal advice before signing anything.