Chase settlement offer - researching options and would appreciate guidance

[bigmistake22]

On 6/4/2022 at 11:24 AM, BackFromTheDebt said:

You have a great system. 
 

I recognize that as a kanban board.  I don’t know if you came up with it yourself or just borrowed a good way of doing things.  
 

These sort of rituals can really help.  One guy I knew would gather his family around every time he paid off a debt and symbolically burn the debt.  
 

I would keep all the paperwork from my old cases because sometimes they would come back in some form.  Sometimes I used improper correspondence as a way to settle things.  In one situation my employment at a bank was held up until I could prove everything was settled.  I had to supply settlement agreements, letters from banks and attorneys, 1099 forms, etc.

 

Also, occasionally someone will try to collect a debt which has already been paid.  Proof of payment helps. 

Sorry for this late response...not sure why I'm not seeing these notifications but I am grateful you replied. I have to get better and looking for the notifications so I don't miss them!

A kanban board - I've never heard of it but I'll be googling it! The system of moving things over has helped so much. Sometimes, I break bigger tasks down into smaller ones, just so I get to see movement and don't get discouraged. 

I love the idea of burning the debt...that would be so therapeutic! I also have a filebox with a folder for each debt issue I'm dealing with - one for the late payment, one for the charge off, etc. On the outside, I keep a running tab of my actions (who I spoke to/emailed, etc) and inside all my papers. When I finally get the issue taken care of, I move it to the "completed" side of the file box and then I get up and move the sticky. It is so nice to see the "completed" side grow and the "in process side" get smaller. Unfortunately, I'm getting down to the stuff that will take time to resolve, nothing that I can do about it. I guess that's a good problem to have, right? No more money to go out...just need time to help these charge offs go away. 

When this is all over and done with, I'd love to scan all the papers in, so I have a record "just in case" and then do as your friend does and burn the box. 

Then, if I do need something, it's on my computer/backed to the cloud, not taking up space in my closet. An ugly reminder of some bad times in my life!

As a quite update to the medical collection issue: they did, as promised, and deleted the collection off my CR on June 10, after the 1st payment cleared. I still pay $100/month until paid off (I think the last payment will only be about $50) but it's nice to know the collection is off (and my score went up!). 

 

[Flyingifr]

On 4/15/2022 at 6:52 PM, Bulldoger said:

@FlyingifrWhat If the Creditor files a 1099-C but it's wasn't delivered to your current address and you didn't find out about the 1099C until IRS sent you letter.  Are there penalties or is it just the difference in taxes owed? 

 

[Flyingifr]

2 minutes ago, Flyingifr said:

 

Makes no difference. Code requires you to report all income whether you get a 1099 or not. If the unreported income amount triggers penalties, you will be held responsible for them. If you owe, Code requires that interest be paid (by you). Someone else's screw up does not give you a free pass in the tax code.

Edited June 27, 2022 by Flyingifr
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