I got a offer

[josephga]

This sounds pretty good for a first offer. keep in mind im broke and it might as well be a million dollars. i owe 23,443,23 the offer 9,377,29
they must know i have no assets if that their first offer. the offer leaves the table after august 11th it comes from united collection bureau inc on behalf of citi bank

[frogger]

This sounds pretty good for a first offer. keep in mind im broke and it might as well be a million dollars. i owe 23,443,23 the offer 9,377,29
they must know i have no assets if that their first offer. the offer leaves the table after august 11th it comes from united collection bureau inc on behalf of citi bank

Just more bottom feeders that paid around 1K for your debt, if that much. If they could get you to pay 9+K, that would be a pretty sweet deal for them.

Don't do it unless you can pay off EVERYONE.

[josephga]

they are the only ones i owe. id be able to come up with 4000 at the most i doubt they would take that

[justbroke]

Make them an offer. However, if they find assets, they'll prepare to sue you anyhow. Also, beware of the 1099-A/C!!!

[lovemybugs10]

They would probably work with you if you came up with the 4k and made payments on the rest.

I would call them up and tell them you can't do x but you can do y. (a lesser total amount)

[frogger]

You can most likely negotiate down to the 4k level.

Insist on the following if you settle:

No 1099 to be issued

Debt to be settled in full, with no remaining balance that can be sold to other bottom feeders

EVERYTHING in writing, signed, sealed, and delivered.

Start low, around 2k or so, and let them "win" by working you up to the 4k level.

[Pandora]

You can most likely negotiate down to the 4k level.

Insist on the following if you settle:

No 1099 to be issued

Debt to be settled in full, with no remaining balance that can be sold to other bottom feeders

EVERYTHING in writing, signed, sealed, and delivered.

Start low, around 2k or so, and let them "win" by working you up to the 4k level.

just wanted to add to Froggers - to get all of that BEFORE you send any money

[ryan]

Since it is "UCB on behalf of CITI" you may want to first verify that UCB actually owns the debt. Citi frequently sends debt off to UCB early on to work it, but still owns it. In my case that is how they explained it to me. They also offered about 50% off for lump sum payment, which I couldn't possibly afford.

[josephga]

oh I'm pretty sure CITI still owns it. the otherday i received my standard bill from citi bank I called them last night to request they deal with me by mail not to be calling family or friends. when i called citi said ucb was handling their collections and routed my call to them. then today this came on the mail. I'm pretty sure its still owned by citi and ucb just negotiates for them

[treehugger1]

frogger,

The issue of a 1099 is a legal issue. This is what CPA's tell me. You cannot "negotiate" no 1099. Any forgiven debt above $600 (or whatever the current IRS 1099 standard is) has to be reported to the IRS. Please check your facts and report any IRS ruling back to us.

Please don't suggest that one can "negotiate" no 1099 if the IRS pays no attention to such a negotiation.

Cheers, TH

[catleg]

Yeah, I don't think the 1099 is negotiable with an OC. With a JDB it's optional, since they generally lack the business records to compute the 1099 amount properly.

My policy is once you've been rate jacked to 29%+ there is no longer an account relationship there, it's simply a recovery operation to determine how much if anything they can get out of you. Nobody else will give you decent credit at that point to roll it over.

So start thinking (long term) about BK and/or bailout (if you happen to know someone dumb enough to pay your bills for you).

[frogger]

Yeah, I don't think the 1099 is negotiable with an OC. With a JDB it's optional, since they generally lack the business records to compute the 1099 amount properly.

The debt had already been sold to a JDB, therefore the negotiation of no 1099 would be in order.

You are correct that the 1099 is not negotiable with the OC, but that was not the case here.

[HHM]

This is fairly standard stuff.

Before you do anything, you really need to plan your end game. (1) do you even have the money (lump sum, payment plans are out the window), (2) even if you did have the money, is that really the best use of those funds (it never is). (3) why not BK? (4) no meaningful credit benefit.

I came across this the other day (scroll down and look on the right side for the Free Report about Debt Settlement). http://www.**********.com/ It popped when I was doing research.

Also, Frogger, the 1099 is "never" really negotiable. JDB are considered lenders for purposes of the rules for 1099-C. Even if they agreed not to issue a 1099, you could not enforce that agreement in court if they issued one anyway. The ONLY way to have it not issued is for both sides to "agree" that the underlying debt is disputed (fat chance).

[lovemybugs10]

Payment plans out the window, why do you say that?

[lovemybugs10]

"Before you do anything, you really need to plan your end game. (1) do you even have the money (lump sum, payment plans are out the window), (2) even if you did have the money, is that really the best use of those funds (it never is). (3) why not BK? (4) no meaningful credit benefit."


never say never. In my situation settling with them over filing is the best use of those funds (when it comes to getting out of debt)