Settled vs. PIF's
Date: Mon, 03/23/2009 - 11:59
It pretty much means the same thing from what I understand. But
It pretty much means the same thing from what I understand. But settled in full means that you paid the settlement. Paid in full means that you paid the whole amount of the bill. Either one means the debt is taken care of with no balance left.
Why do the CA/plaintiff (Palisades) then sell the difference bet
Why do the CA/plaintiff (Palisades) then sell the difference between the settled amount and original amount? Is it legal and happens all of the time?
If a 1099 was issued for the amount of the forgiven debt, I beli
If a 1099 was issued for the amount of the forgiven debt, I believe it is a Federal law that NO part of the debt can EVER later be sold or attempted to collect on. It's supposed to be over and done with. That would make what they are doing very, very illegal. Perhaps someone with some legal knowledge could jump in here with some advice.
When you settle a debt, do you need to get it in writing that th
When you settle a debt, do you need to get it in writing that they will send you a 1099C for the forgivin part of the debt?
I don't think so. When you make the final payment, they usually
I don't think so. When you make the final payment, they usually send out a letter telling you that the account has been paid. I have called the CA's after I saw the payment had cleared and asked when i would be getting my account paid letter and they said in 10 days. So if you haven't received this letter i would call.