Capital One Quest & Mr. Cooke

Discussion in 'Credit Talk' started by Kittw1, Nov 20, 2001.

  1. Kittw1

    Kittw1 Well-Known Member

    Well, I did it. I finally spoke with the ever so wonderful and popular Mr. Cooke. He renegotiated my account to settle for 55% of balance. He also changed my rating to reflect settled and R3 with the possibility of opening up a new account once I send in my payment which will be in less than two weeks. I am tooooo damn happy...That Mr. Cooke and Capital One are the BOOOOOMMMMMBBBB!
  2. Cyprigirl

    Cyprigirl Well-Known Member

    Congrats! K

    I got your e-mail thank you very much, you have inspired me to go for it!

  3. fingrrrl

    fingrrrl Well-Known Member

    I hope Mr. Cooke reminded you of this...if the remaining 45% of your balance that you are not paying is more than $600, you are liable for federal, state and local taxes on the difference. Let's say you owe $2000, agree to pay $1200, well the remaining is $800-$600=$200 taxable "income." Beware.
  4. cariba

    cariba Well-Known Member

    I have never heard of anyone having to pay taxes on a negotiated settlement. Has anyone?

  5. Hal

    Hal Well-Known Member

    It is very possible. A creditor is "Supposed" to report any debt forgiven to the IRS and send you a 1099 at the end of the year. The theory is that you profited from the forgiveness of all or a portion of the debt. In my experience the information is reported to the IRS much less than 50% of the time. Much of it depends on the amount forgiven and the creditor.
  6. Kittw1

    Kittw1 Well-Known Member

    Thanks and good luck...they will probably have you call me to set up your airline reservation....Good luck!!! Hope to meet you then.
  7. Kittw1

    Kittw1 Well-Known Member

    Yes he did tell me about the 1099. I don't care. Trying to get a mortgage! Whatever.
  8. uniondiva

    uniondiva Well-Known Member

    okay kittw,

    As i dwell in anticipation of my call from Mr. Cooke, I too will summon the Kahunas to call him first, please post the phone number.

  9. Kittw1

    Kittw1 Well-Known Member

    800-955-1455 x6418

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