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Cincinnaticus last won the day on April 4 2010

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About Cincinnaticus

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  1. Interesting stuff! I've got to "hit the hay" but I look forward to continuing this discussion with great anticipation. I have some ideas on how to respond to JDB-issued 1099Cs too. Unfortunately, April 15th is fast approaching and Uncle Sam requires his pound of flesh so I might be tied up for the next day or two before I can respond. Best wishes, Cincinnaticus
  2. Portfolio Recovery Associates in Financial Trouble? Here we go again with the Creative Accounting 1099C charge-offs. This time around, it's Portfolio Recovery Associates of Norfolk, Virginia. Is Every 1099C a Potential Lawsuit Against the Collector Issuing It? Just received some interesting information regarding the recent article you ran regarding all those 1099-C's Portfolio Recovery Management has been sending out on time-barred debts they can't collect on: According to the WV General's Office, "In the case of a debt that has been disputed and cannot be proven a 1099c is not a
  3. Welcome back! Five years is quite a long hiatus. Please feel free to summarize how you improved your credit score by over 200 points in only 6 months. (Very impressive!) The economy absolutely stinks in my state so I feel your pain. A$$ kicking debt collectors is what we're all about these days. Cincinnaticus
  4. Excellent advice, MG05. Strategic deployment of a JAMS arbitration coupled with the threat of pulling the "nuclear" option [bK7] gives the debtor some serious leverage to negotiate a settlement agreement for pennies on the dollar. Worst case scenario, the debtor still "wins" knowing that he fought the good fight to the bitter end and at great cost to the banksters. Cincinnaticus
  5. Yes, they were issued to me by the original creditors when I settled my accounts for less than the full amount, the difference being considered taxable income. Sub00's post is correct regarding the 1099C in terms of taxable income and the legal means to avoid paying it via the 982 insolvency "loophole" so it's not a big deal, at least for the majority of people. My earlier question regarding the issuance of 1099Cs on debt past the SOL usually applies to Junk Debt Buyers [JDB] and specifically a scurvy outfit known as Portfolio Recovery Associates. Here are a few meaty threads I found whi
  6. Keep in mind, having a 1099 is no assurance that one of these things won't pop up years later to haunt you, although you would have a rock-solid affirmative defense in addition to the SOL and grounds to sue them for fraud. If I were you, I wouldn't push the issue. Relax and savor the fact that you are free and clear. After all, you've already beat the bastards and achieved victory without having to litigate the issue. Enjoy! Best wishes, Cincinnaticus
  7. TRU Q: Speaking of suing if someone issued you a 1099 after the debt ran out on SOL (which is what I thought this thread was going to discuss), how would you recommend a consumer go about doing this? What cause of action would you employ? Are you aware of any case law regarding this issue? Also, how would you respond to the IRS with regard to the 1099? It seems like consumer advocates like Bud Hibbs have been unable to come up with a plan to counter the 1099 scam. Thanks! Cincinnaticus
  8. How to Write a Motion to Strike Affidavit of Debt:
  9. Business records are exceptions to the hearsay rule but not an affidavit purporting the records are accurate or alleging the amount the plaintiff is seeking is correct, especially given that the person making the statement is not available to be cross-examined to test the veracity of the statment made in the affidavit. That is why we have depositions -- to depose and cross-examine witnesses! Depostion testimony is not considered hearsay; an affidavit, in most cases, is the very definition of hearsay and is inadmissable. The reason judges permit
  10. It depends on how much equity you have in them as it relates to the possiblity of you filing a Chapter 7 Bankruptcy, which is the worse case scenero for the bank because they get nothing due to credit card debt being unsecured! With many folks today, there is nothing to lose by discharging an upside-down house in bankruptcy, right? If you have a home you've been paying on for many years with a great deal of equity, the bank will know that you are less likely to file a Chapter 7 and thereby be more intransigent when it comes to settling an account given that they could "collect" via a lawsui
  11. Some additional "golden nugget" suggestions, courtesy of TRU Q, taken from the thread entitled "Gonna walk away from upside-down home":
  12. Did you respond in writing to their hardship payment plan? That was the time to drop a "hint" that you are experiencing severe financial difficulties (always use those words which suggest you are "busted bones" and on the edge of bankruptcy) and will not be able to accept their "generous" offer but would possibly consider another arrangement to work things out with the accounts. How long ago was the hardship offer made to you? Keep in mind, it's difficult for me to provide suggestions without some idea regarding your overall financial situation. Do you own a home? Do you have assets that
  13. Don't worry so much about the charge off date. If it passes without a settlement agreement, so be it! When it comes to accepting settlement offers, Discover may be more inclined as the 6 month charge off date arrives but maybe not. Perhaps you can settle with them more easily after charge off. Who knows? Generally speaking, the more time that passes, the more inclined the original creditor is to settle the matter, excluding Capital One of course. The point to understand is that the charge off date is, as willingtocope stated, merely an accounting term, and really isn't an important fa
  14. The affidavit is indeed hearsay and you need to make your objection to it on the record. What is hearsay? HEARSAY: Hearsay is an out-of-court statement offered to prove the truth of the matter asserted. If the person who made the statement is in court, subject to being cross-examined by the opposition, then the statement is not hearsay, even though the person who made the statement wasn’t in court at the time the statement was made. The measuring stick is whether the person who made the statement can be called upon to corroborate, or deny, the statement in court and whether that person can