20% Cap1 offer

[pcn]

Most recent collection notice from Cap1 (Law Office of Mitchell N Kay):
Balance of 8.5k
Offer of 6 monthly payments at $275,
(or) "settlement offer" of 6k.
They apparently either don't do math well, or aren't very bright. If I had 6k, why wouldn't I pay 275x6 (=$1650)?

Gee, I'd better write out that 6k check first thing in the morning...

[forgotten]

Most recent collection notice from Cap1 (Law Office of Mitchell N Kay):
Balance of 8.5k
Offer of 6 monthly payments at $275,
(or) "settlement offer" of 6k.
They apparently either don't do math well, or aren't very bright. If I had 6k, why wouldn't I pay 275x6 (=$1650)?

Gee, I'd better write out that 6k check first thing in the morning...

Perhaps they mean 6 monthly payments of $275 and they will consider the account current. Or $6k and they will consider it paid (settled)?
Just a thought.

[pcn]

Could be. I wouldn't trust them either way at this point.

[albacore44]

mitchell n. kay, yeah he has one of my Crap 1 accounts. i sent him a DV and havent heard a peep.

[DeadManCrawling]

They move slow.

They were one of 2 collectors who actually sued us. Total of 3 judgments from the 2 collectors.

However, it took nearly three years for the M. Kay people to get serious. We were scheduled for a debtor exam the 2nd week of December, and filed Ch 7 a week prior.

They DID get ugly, but not until nearly three years after the last payment.

Most people can handle a 3 year wait.

Toothless tigers, really, and not a serious threat unless you are trying not to file at all.

[albacore44]

They move slow.

They were one of 2 collectors who actually sued us. Total of 3 judgments from the 2 collectors.

However, it took nearly three years for the M. Kay people to get serious. We were scheduled for a debtor exam the 2nd week of December, and filed Ch 7 a week prior.

They DID get ugly, but not until nearly three years after the last payment.

Most people can handle a 3 year wait.

Toothless tigers, really, and not a serious threat unless you are trying not to file at all.

i figured as much, besides, i'm in Ca., and he's in NY. i have 2 other Ca law firms with several of my accounts who file like crazy in my local court, just keep waiting to see my name on the docket. good thing i will be filed by the end of the month.

[treehugger1]

C1 seems to have a lot of patience, in general. I have heard that they do keep pretty good records. They were involved in a large suit in the past related to some kind of strange (illegal) collection practices. I don't remember the details. I'm 2 1/2 years on not paying them, and they have recycled my accounts to a variety of CA's and collection attorneys. Even the attorney firms in my state didn't sue me. The last I knew, my accounts were now back out-of-state, across the country, in some other CA firm's hands. I just keep DV'ing everyone. From reading a variety of forums and researcing other sites, it appears that C1 will sometimes wait right up to the SOL, and then decide to request a suit from attorneys or send a 1099. I think the attorney firms often do their own due diligence. I suppose if they discover you have several lawsuits and/or judgments, perhaps they decide your not worth the risk. This might be especially true if you are a BK risk. Unless they are being paid by the hour by the creditor, the attorney's might never see a penny on a percentage contract. At this time, it has been 6 months since I've heard a peep from anyone regarding these accounts.

[api]

I also have a cp1 card account. Fredreick J Hanna and Associates have just sent me a letter. Im scared to death. I owe 857.02. Does anyone think they will sue? Does anyone know if they will let you make really low monthly payments to pay it up? Im going to send them a dv letter tomorrow. I just worry this will make them look at my account more closley.

[OHBOY]

Quote by 'treehugger1': ..."it appears that C1 will sometimes wait right up to the SOL, and then decide to request a suit from attorneys or send a 1099"

Whoa.....NOW I am stumped.... they could send one of those 'lovely' 1099 out of the blue without any sort of 'settlement' with the debtor for a lesser amount ?

[DYLAN150]

OHBOY: QUESTION. If you never pay them a penny can they send you a 1099?

[OHBOY]

'Dylan': I don't know, that's exactly where I am puzzled too and am hoping that 'treehugger' could let us know.

[DYLAN150]

The answer may be here:

http://wiki.answers.com/Q/If_a_creditor_sends_you_a_1099-C_is_the_debt_'forgiven'_and_how_will_it_appear_on_your_credit_report

[OHBOY]

Dylan150: THANKS !

[catleg]

Remember the 1099-c should only be for the original amount of the debt (stated principal), without the accumulated penalties and interest. They can choose to report the interest but it has to then be itemized and I don't believe that you're taxed on anything besides the original principal.

[OHBOY]

catleg:
uhhh.... good to hear that !!!!!!!!! I am coming back to life.....Thanks!!!!!!!!