debt collectors
@Buttercrunch6 (44)
United States
November 29, 2010 7:30pm CST
I received a notice from a debt collector Jefferson Capital System, it's called a fresh start program.I don't know much about this program, I have been trying to fix my bad credit little by little.If I accept this program they said that I would have to pay but so much, then they would transfer the rest of my balance over to a Emblem master card that they would send me. This is an very old debt from 2002 that was charged off. So what should I do about this?
1 response
@hardworkinggurl (37063)
• United States
30 Nov 10
Couple things to keep in mind that they truly do not care so much for you outside of getting their debt paid off. Be careful with all the fine print and you may need to consult legal advise. As some creditors will be calling this month especially as they want to close the year end books.
They will say okay for example you have a debt of $2000, so they say we will be willing to write off $1300, if you can pay a full upfront of $700. What they do not say to you is at the end of the year you will get a 1099. As the government now considers this $1300 write off to be an income for you and you will have to pay taxes on that.
I know Capital Bank also is offering a gift card this holiday month if you call up the collection agency and work out a payment plan to get your balance on a payment plan.
So my friend be careful with any agreements and make sure they are in writing as they are not looking out for you one bit.
