pulpfiction0

Chase...any recent lawsuits?

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On 6/8/2021 at 9:25 AM, BackFromTheDebt said:

Your liability is for a particular debt at the time it is forgiven.  
 

When you have forgiveness put you in the black, then you are liable for only the portion that puts you over the line. 

Just to add, what I think is the situation.  Not totally sure, but I think this is what it is.  Probably not applicable to the OP, but this may be of help to others reading this.

I think you do have to keep track of cancelled debt that you did not have to claim as taxable income through Form 982, when you sell any assets, most probably real estate.

An example:  say you bought a house for $100K, then later sold it for $250K.  The $100K is your basis, so your profit is $150K.  Normally.

But, say, through the years, you have excluded $100K of cancelled debt using Form 982s.  Now your basis has decreased to $0, so your profit from the sale of the house is $250K.

 

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Thanks for comments, I just went to UCB (debt firm they hired to collect) website they had options to choose from 1) single 31% 2) 2 payments 31% and 3) 24 payments 36%. I just went with third 36%. (so no auto judgment if I default) 1/4 of way through already so like suggested I will just continue paying until next year and then pay it off in January so I get the 1099-C in 2022 taxes. I am already having have to pay a lot extra to cover for 1099-Cs for this tax year.  

Debt collectors calls don't bother me as I have anyone I want to talk to on special ringtones, My default ringtone is "none". Have Verizon robo-call blocker and I block all calls that are sent to full voicemail.  

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39 minutes ago, Bulldoger said:

 

Debt collectors calls don't bother me as I have anyone I want to talk to on special ringtones, My default ringtone is "none". Have Verizon robo-call blocker and I block all calls that are sent to full voicemail.  

That is interesting.  

Back when i defaulted, we still used land lines for just about everything.  I got a call recorder, and also a device that would block up to 100 phone numbers.  Many debt collectors get around call blockers by calling from a lot of different numbers.  That meant I was constantly running up against the 100 blocked number limit.  They still do that, of course.  

The idea of effectively blocking all calls EXCEPT those which are in your directory is great.  

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Just to let you guys know how I handled Chase back in the day ...

My wife had a WaMu credit card.  WaMu was famous for not keeping very good records.

My wife and I defaulted on all of our debts at the beginning of the Great Recession.  Everyone was defaulting in those days.  

The first time I heard from a CA about the WaMu/Chase account, I had my wife send a DV letter.  Believe it or not, Chase sent back a letter saying they refused to validate the debt because they were the OC and the OC didn't have to validate the debt.  The CA relayed it, and they were smart enough to know they couldn't collect on the debt anymore. 

So that was that.  Chase refused to ever validate, so nobody could collect, and they never followed up on it.  So I never paid a penny.  

If they had, well, the fact that WaMu kept really bad records would have stopped them anyway.  

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12 minutes ago, BackFromTheDebt said:

That is interesting.  

Back when i defaulted, we still used land lines for just about everything.  I got a call recorder, and also a device that would block up to 100 phone numbers.  Many debt collectors get around call blockers by calling from a lot of different numbers.  That meant I was constantly running up against the 100 blocked number limit.  They still do that, of course.  

The idea of effectively blocking all calls EXCEPT those which are in your directory is great.  

I have only a cell. I've never counted, but I must have 200 or 300 numbers blocked. With technology today, blocking is futile. A company can spoof any area code or number combination they want for a nominal fee. I learned to live with it.

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2 hours ago, BackFromTheDebt said:

Back when i defaulted, we still used land lines for just about everything.  I got a call recorder, and also a device that would block up to 100 phone numbers.  Many debt collectors get around call blockers by calling from a lot of different numbers.  That meant I was constantly running up against the 100 blocked number limit.  They still do that, of course.  

The idea of effectively blocking all calls EXCEPT those which are in your directory is great.  

That's for my cell line. My home line only allows my cell and work # and my wife's cell period. All other number's are blocked by Verizon Fios. 

 

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