Re: "Friendly Collection Agency" OXYMORON

Posted by LadynRed (199.91.33.254) on November 04, 2002 at 12:11:52:

In Reply to: Re: "Friendly Collection Agency" OXYMORON posted by DebtGuy on November 04, 2002 at 10:46:39:

And then how do you propose to make sure that the remainder is NOT sold to another CA ??

I'd STILL be left paying the IRS for 'cancellation of debt income' IF a 1099-C is issued for the settlement.. so, in essence, I'd still be screwed ! On your example of $1000, paying taxes on the remainder of $600 'cancelled' debt is not all that bad. However, many amounts are much larger than that, so in that case, I'd be stuck owing the IRS !! Sorry, if I don't have money to pay an OC or a CA, I won't have the money to pay the IRS either !!!

If THAT could be completely avoided, I *might* be inclined to pay it, but there would have to be a rock-solid agreement, in writing with authorized signatures that cannot be renegged on or there's no deal.

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