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Entries Tagged as 'Original Creditor'

Year-End Creditor Write Offs May Hasten Debts into Collection

December 31st, 2009 · No Comments · Credit Counselor Front Lines, Debt Collection

Here’s the latest situation that’s come across my desk, but with a year-end twist. Q. Our basic question concerns phone calls we have received towards the end of this year from several credit card companies stating that they are going to write off our balances as bad debt at the end of this year (for [...]

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Can a Collection Agency Issue a 1099-C for Settled Debt?

July 13th, 2009 · 13 Comments · Collection Agencies

Under current Office of the Comptroller of the Currency (OCC) rules, when principal balances on debts are forgiven, the banks must write off the amounts forgiven and report it to the IRS. For debtors, that means they may be hit with the double whammy of a tax burden while they are still trying to pay [...]

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Ways To Monkey With Collection Agents When They Call

April 29th, 2009 · 6 Comments · Collection Agencies, Debt Collection

Most people are pretty scared when a collection agency calls them, and rightly so. A collection agent is trained to get the client to pay and they can be intimidating and downright nasty. Why not turn the tables on them and have some fun at the same time? If you’re being hounded by collection agencies, [...]

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Debt Collectors Suing Consumers Naming Capital One As Plaintiff

July 30th, 2008 · 189 Comments · Credit Counselor Front Lines, I'm being sued!, Legal Stuff

This makes 3 in a row this week – I’ve listened to people who claim they are being sued by Capital One, when in fact it is an attorney’s office acting as a collector who is suing. What’s the difference? Plenty. For one thing, it’s fraud. In each of the cases, the consumer called Capital [...]

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