Settlement Letter from OC with no Delete

[Anonymous]

An attempt at PFD will not re-set SOL -- include in the PFD that the debt is not tobe sold or assigned by them in the future...

[Chanduwar]

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@Anonymous wrote:

An attempt at PFD will not re-set SOL -- include in the PFD that the debt is not tobe sold or assigned by them in the future...

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How would you go about to do that? I am a novice, learning from this site from you nice and good folks who are also hurting. Wouldn't paying taxes on 1099-C would be cheaper than paying the whole amount?

[Anonymous]

A PFD is not necessarily a 'pay in full'  PFD for the same amount they offered.

Since ___ (company & you) has agreed to settle this account for the sum of ___.  Upon receipt of payment,  (company) agrees to cease and desist any and all collection activities including reporting to the credit bureaus; and also agrees to not  sell assign or transfer any and all data regarding this account to any other party subsidiary or affiliate.

Message Edited by Lady_Scarlet on 02-27-2008 07:15 PM

[Anonymous]

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@Chanduwar wrote:

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@Anonymous wrote:

An attempt at PFD will not re-set SOL -- include in the PFD that the debt is not tobe sold or assigned by them in the future...

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How would you go about to do that? I am a novice, learning from this site from you nice and good folks who are also hurting. Wouldn't paying taxes on 1099-C would be cheaper than paying the whole amount?

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That would all depend on your overall tax situation and the amount of the debt cancelled,etc.

Any time debt of $600 or more is cancelled, the OC must file the 1099C.

http://www.irs.gov/instructions/i1099ac/ar02.html#d0e197

Might help you understand it a little better.

[rom828]

Hi, Modern......Just wondering if you ever did anything with the Cap 1settlement?

I've been dragging my feet about contacting them or NCO, who in my case is the CA but is not reporting.  I've seen a lot of encouraging posts about good success with NCO for other type collections, but not specifically for Cap 1 settlement.

I have  absolutely got to get this cap1 paid as my utilization in through the roof because of it being included in total, not to mention that I'm scared about them filing suit, even though I'm pretty sure I'm past SOL.