txlimo Posted April 13, 2012 Report Posted April 13, 2012 I got a call today from a company called DRS. I'm assuming that is Diversified Recovery Services. Actually it was a local agent who connected me to them. They were calling about a car that I had and was repossessed back in 2006 (my credit report shows last pmt of Jan 2006). The original debtor was Santander. Well, the lady I talked to wanted to offer me a "settlement" of $8300 (original balance was $6400). I told her no. She said that other options were available but I would need to do them now. She also said that she needs a decision today so she can advise her "client" on sending a 1099c. I told her that any communications or settlement offers would have to be written. She claimed that they had done that and wouldn't be sending anything else. She has pulled my credit report as recently as yesterday/today because she could tell that I had been applying for credit (trying to buy a car). Bottom line is I hung up on her after telling her to send anything in writing. My question to the group is should I be worried about any of this?I appreciate any feedback anyone has.
usagi555 Posted April 13, 2012 Report Posted April 13, 2012 Repossessed back in 2006? Check the statute of limitations. There's a really good chance they are SOL because of the SOL. On the 1099 stuff, you need the advice of somebody who knows a lot more about that than I. I know creditors can issue 1099s, but I don't know what the limitations are on that.
1stStep Posted April 13, 2012 Report Posted April 13, 2012 A 1099 would have to be issued 3 years after an 'identifiable' event...IrS language not mine.
usagi555 Posted April 13, 2012 Report Posted April 13, 2012 A 1099 would have to be issued 3 years after an 'identifiable' event...IrS language not mine.Translation: If it is legal to do so in Texas, record the conversations. Log this one in writing immediately and take a picture of your caller ID now. If there were no "identifiable events" within the past 3 years, they have threatened to take action that they are not allowed to take.
Coltfan1972 Posted April 13, 2012 Report Posted April 13, 2012 Worried? You or them? Based on only what you posted, then no, you have nothing to worry about. Now them? They would have a lot to worry about if they had made that call to me or a few folks I know pretty well. One of them is in the above post.
1stStep Posted April 13, 2012 Report Posted April 13, 2012 Thinking this through a bit... I think you've got an FDCPA violation.They threatened to turn you into the IRS if you didn't settle... I'd sue.
WhoCares1000 Posted April 13, 2012 Report Posted April 13, 2012 Just for fun, I would have asked for what years taxes they planned to send the 1099c. If they said for this year or anything that sounds like 2011 taxes, you would have a violation. 1099s for 2011 had to be sent by February. If they send anything now, the taxes would not be due until April 2013.Speaking of which, if you are in the 25% tax bracket, the tax on $8300 would be about $2100 (not quite). If you put aside $200, you would be able to pay it next year. 15% bracket brings that down to $1200+ (or $100/mo.).Not only that, but it is likely that the SOL has passed and this comes off of your report next year if they are reporting correct.In other words, don't worry too much.
TomnTex Posted April 13, 2012 Report Posted April 13, 2012 Santander is a bad bunch, been dealing with them. Texas SOL is four years. Do not pay them a dime. Or, you will restart the SOL! Like Colt and the rest, I think you have them on a violation. Get a tape recorder, keep it handy, you will get good info here, just stay on top of it.Demand that you will not communicate with them except via USPS. And anything you send them, send CMRRR, always. Santander has an off ice in Dallas or Ft. Worth, would have to check my paperwork. They supposled bought out GEmoney.
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