CA validated so now i want to settle

Date: Fri, 08/07/2009 - 09:11

Submitted by drjonah
on Fri, 08/07/2009 - 09:11

Posts: 244 Credits: [Donate]

Total Replies: 4

Backstory first, Capital One charged off my credit card in 2006 with a balance of about $1900. Javitch, Block & Rathbone sends me a collection letter wanting to collect $3600. I fire off a DV letter and they respond with some old statements (which I have been told in the past is proof enough).

Now that they validated, I want to settle but need a good letter to send to them. I've never been very good with words so where can I find a good template letter to send them. Pretty much I want to settle and guarantee they won't move the remaining balance to another CA or sue me for the rest.

reply

if cap one charged off at 1900.00 and they want 3600.00?validation would also entail how they came up an amount almost double of what the chargeoff amount was.i would press them on that.chances are they bought the debt for pennies on the dollar.

lrhall41

Submitted by paulmergel on Fri, 08/07/2009 - 09:28

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If you settle, you will pay federal taxes on the remaining balan

If you settle, you will pay federal taxes on the remaining balance you have after paying the collector.

lrhall41

Submitted by on Fri, 08/07/2009 - 17:46

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You will only have to pay federal taxes if the CA files a 1099c

You will only have to pay federal taxes if the CA files a 1099c (unreported income form) and there is quite a bit of paperwork to file for them to do so, so chances are not real good that they will file the 1099c. There are also appeals you can file should they send the form.

Chrissy

lrhall41

Submitted by chrissytex446 on Fri, 08/07/2009 - 20:48

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Is there a deadline to file the tax 1099c? Such as three years a

Is there a deadline to file the tax 1099c? Such as three years after charge off, maybe?

lrhall41

Submitted by on Sun, 08/09/2009 - 01:29

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