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Everything posted by Flipper

  1. Basically, any cancelation of debt aka debt reduction a card issuer grants is considered by the IRS to be taxable income to you. Unless you can prove insolvency at the time the settlement agreement was made, you are on the hook for the tax. Form 982 should be completed with your tax return and there's a worksheet to help you calculate insolvency (IRS Pub. 4681) - if your liabilities exceeded your debt at the time of the settlement, you should be excluded from some if not all of the tax liability. To your question about whether the amount on the 1099-c is a valid debt: You as the consumer
  2. Bad, bad, bad, bad law. What's even funnier is seeing the looks on union reps' faces when they realize the regulations of a law they lobbied for also apply to THEM. bwahahahahaha! good times!
  3. I am dying to know how you managed to negotiate with a creditor to the point they wound up paying you....I'm impressed!
  4. Thanks again! I feel better now, knowing I've got your stamp of approval The CCCS did have some good information, and I don't mean to be so negative, so, I'll leave my commentary about them at this - they're a great resource to figure out where to start; being in a situation where there is an avalanche unfolding around you is so very stressful, as many here already know - they do a great job of first, finding out what caused the situation and then budgeting needs based expenses before diving into the debt management side of things and formulating a budget for that. I just don't like their
  5. Thanks so much for your feedback, it really helped! So here's an update. We went to the CCCS b/c I wanted to know what kinds of interest rates they have negotiated with these credit card companies as a general rule. Mission accomplished - I told the hubby we weren't signing anything and we brought our own credit reports with personally identifiable info blacked out. We came home, gave it a week's rest, then sat down and discussed our options. Bankruptcy was eliminated as the first option. I was very hesitant to involve any 3rd party in our situation, as I don't trust them to have our i
  6. I found a local, NFP 501(3)b CCCS (Consumer Credit Counseling Service) on the website where my son attends high school. This is a local resource listed as a source of support for area families. Link to the site is at the bottom of this post. Seems legit and the terms appear to be very fair. Has anyone heard of CCCS and if so, any ideas as to what kind of success rates people achieve using a NFP service of this nature? From what I'm reading, it's a go-to for the county and state where I reside. They are part of a national network of consumer credit counseling services. We are at aroun
  7. Still fighting with LVNV/Credit One, et al. Credit One has sent me letters confirming that they "sold" my account to another entity...yet, Credit One continues, like clockwork, to "update" this account with the credit bureaus every month, even though it shows N/A in the amount due field and also indicates it's been sold... is this kosher?
  8. Contact PG&E and offer pay for delete. I had a balance with the IL Tollway and they also contracted with NCO Fin. I struck a deal with the Tollway for 10% of the debt....paid it off directly to the Tollway. Then I disputed with the CRBs....NCO was deleted. Try that. and good luck!
  9. If you're disputing a debt with the CRBs, the creditor has to reply to them, as they should be replying to your DV requests. As for the rest of it, everything I've read indicates that they should not be engaged in any sort of collection or derogatory reporting information while the debt is in dispute. Most of them ignore this from my experience...and I wouldn't sue on those grounds alone...I'd certainly use it to show a judge what unethical scumbags they are tho if I had other items on the punch list to drag them into court over.
  10. That is correct...Resurgent validated...on an otherwise blank piece of paper, some b.s. that I quoted above...the DV letter is not even on letterhead. However, the accompanying letter, which was on Resurgent letterhead shows the following: Previous Creditor: CREDIT ONE BANK, N.A. Current Creditor: LVNV Funding, LLC Same exact account number as the OC, Credit One Bank, no mention of debt being assigned or sold to LVNV by Sherman Financial after "purchase" from Credit One. I have disputed the LVNV Funding TL directly with the CRAs. At least twice already, with a third letter being sent to t
  11. I'm thinking I need to write to Resurgent one more time, because after re-reading this: "LVNV Funding, LLC currently owns account number ************-3745. The account was previously sold by CREDIT ONE BANK, N.A. on or about 03/12/2009" It doesn't state to whom the account was sold on or about 03/12/2009. I want them to claim LVNV bought it...and I want it in writing so I can slap them in court with Credit One's letter claiming the debt was sold to Sherman Financial.
  12. Is it relevant or irrelevant that LVNV is the entity reporting on my CRs and they have yet to directly reply to my DV requests? Resurgent is their "servicer"...yet LVNV is the one who allegedly verified with the CRBs. So as of right now, LVNV has not validated. They also claim that LVNV Funding, LLC bought the debt from Credit One Bank, N.A. - however, Credit One Bank asserts that the debt was sold to Sherman Financial. hmmmm. That seems to not be passing the smell test...unless they plan to just simply come out and admit they are all the same company!
  13. Thanks for the clarification above of the Trice verdict. LVNV, Northland Group & Resurgent are all licensed in the State of IL under the professional category of "Collection Agency"...not one has "factoring company" showing and they applied for the license using collection agency as their line of business. I am licensed in IL as an Insurance Producer by the same agency that licenses the aforementioned scumbags...the rules are clear...you cannot advise on any line of coverage other than what you are authorized to by virtue of your licensed specialty...in my case, my lines of authority ar
  14. Okay, update. Checked the mail today, after I sent 6 CMs out. Resurgent, "servicer" for LVNV, sent me a validation letter (after they claimed amnesia in late June). The validation states the following, "LVNV Funding, LLC currently owns account number ************-3745. The account was previously sold by CREDIT ONE BANK, N.A. on or about 03/12/2009 and at that time, the balance on this account was $348.97. As of the date of this communication, the account balance is $509.77. Because interest, payments, credits, fees, and/or other permissable charges can continue to cause the account bal
  15. I've read it...and I needed a drink and a nap afterward. I also have a settlement offer letter from Northland Group out of MN (DV on its way!)...yet another subsidiary. So now, as I save all the correspondence, there are two entities in two states attempting to collect the same debt, showing different amounts as the amount due. I plan to also gather all correspondence and file complaints with the IL AG and IL Department of Professional & Financial Regulation. Neither Sherman or LVNV have been disciplined in IL...which I find ODD, insofar as a case LVNV was involved in here was dismiss
  16. I agree with what you're saying...I am including the CRAs in cc communications primarily so they cannot come back at any time and state they were never informed of these inaccuracies. I don't plan to pursue legal action against the Big 3 ... I have memberships with all three and tend to get very good service when I call them. Possibly they will see these communication pieces and simply delete (that's my hope, anyway). Can't hurt to try. For the purposes of this exercise, the Big 3 are being asked for MOV, as none of the creditors they have "verified" have validated the debts in have in fact
  17. If they initiated collection activity prior to 8/28/2008, the debt to them is VOID... According to Trice, LVNV obtained a license to act as a collection agency on August 28, 2008 in IL..... more about the ruling here: excerpt from the IL Appellate Court reversal of the original judgement: "OPINION When an unregistered collection agency obtains a judgment against a debtor, does the lack of a license make the judgment void, or merely voidable? The trial court here said it made the judgment merely voidable, so that the debtor’s failure to raise the issue before entry of the final judgment left h
  18. Hi all, Thanks to you and your advice, today I spent the better part of my afternoon sending MOV letters to Equifax & Experian (with all corresponding documentation), with more MOV letters to be drafted for TU....I also sent replies not only to Midland, but to LVNV/Resurgent/Credit One Bank as well. Amazing how these places all seem to develop amnesia the second a DV letter appears on their doorstep! The Midland situation is relatively cut & dry...LVNV is quite another story. I dv'd LVNV and sent a 623 to Credit One Bank last month after I disputed with the CRAs and they verified.
  19. these suggestions are perfect! Thank you for your feedback and I'll post more as events progress! xoxo!
  20. Disputed a collection TL reported by MCM on my Experian CR...Experian updated (in other words, claims they validated)...MCM sent a settlement offer to me in a letter dated June 24, 2011...THEN sent a "we need more information from you, such as a contract with the original creditor" on June 29, 2011 (aren't they admitting they don't have that information by requesting it from me?)...they knew the account well enough when they sent the settlement offer and on the "we need more info" letter, they referenced the same account number...this seems like a bit of a game they are playing with me...what
  21. lol, I got your gist! Sorry for the delayed reply, was out of town this weekend. I paid Verizon timely until 7/2009...they are showing the account as a C/O as of May 2008...lol. But then state first major delinquency in July 2009...they were really sloppy when they reported this. You mentioned Pinnacle out of MN...funny, but Verizon shows a Verizon Collection office out of MN as well as Schaumburg, IL...I wonder if the MN Verizon isn't actually, Pinnacle?
  22. And by the way, I can prove that I was never late on this account between April 2008 and July 2009...I did everything, including payments, online and have email confirmations from Verizon for each and every payment I made to them, so I can prove they are falsely reporting information to the CRAs. I just don't quite know how to proceed since this is still within the 30 day investigation window and I am not sure if they can or can't pursue collections during this time frame...however, the file is listed as "disputed" on my CR as well. Again, I tend to think they are out of line legally here;
  23. And so are the CRAs, since the inconsistencies are obvious on my report and they "verified" this? Really?