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Settlement Question, Rec letter, about to pay!
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Posted by Call Me Kate!
(205.188.209.12) on February 17, 2003 at 00:15:06:
Hi there, I had a question earlier and this is a whole new topic so I am posting again. It took me 2 months to work up a deal for a settlement with a creditor (3 more weeks before charge-off). They would not negotiate for lesser than the usual "settled for less than owed, paid settlement". That is totally OK. My question is, now that I have the writen and signed agreement in front of me and about to make payment: It is stated that they "agree to not transfer or sell the remaining balance of the debt to any collection agency or other debt recovery service and the account will be considered paid in full". Can they still pass the rest of the amount over to collections and can this letter stand up to any collector as proof that it is no longer collectable?
Ok, now tell me this...I did some checking and calling around to different creditors. (both mine and others I have no relationship with)Some told me that 1099c forms are not and can not be issued before the end of the tax year. Others told me that they can be sent within 30 days or so, even early in the tax year. Hmm..who is lying? The creditor above stated that automatically send them at the end of the year and no sooner. So, if it is correct, and I can get one now I will re-negotiate and get that form as well.
Any info would be great! I have 3 weeks to get the payment in to them before charge-off but would like to get your opinions on the agreement part of the letter and the 1099c stuff! I still have a little time to play with! Kate!
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