Okay, so, over the last year, I've done a good bit of reading here - and thanks to all for so, SOOO, much good info!!! - and, I've been preparing a strategy to clean up my credit. And, now, I think I am ready to go for it. Specifically, I right now am preparing to go ahead and negotiate settlements on a pair of judgments. I would appreciate any important tips that anyone wants to throw at me before I make the calls. In the meantime, I have dollar amounts in mind that I am comfortable starting with, and, I have, as suggested somewhere, waited until the end of the month to approach creditors and debt collectors. I would like to make my calls in the next day or two. So, I know I want to negotiate a settlement and have it faxed to me. I know I should be looking for language in that settlement that states that upon receipt of my payment, the debt will be settled in full. I also remember reading somewhere, though, that the settlement should also include a guarantee that I won't be 1099'ed for the difference between the balance the creditor says I owe and the negotiated settlement. I can't find any reference to that now. Can anyone advise? Also, should the settlement include guarantees that the creditor will notify the CRA's? Also, one of the judgments appears to have been sold to OSI Funding, LLC. I cannot find any working contact numbers for this company. Can anyone advise? But, more generally, I would appreciate any tips, or a check list of do's and don't's to go over when I make the call to settle on old judgments, and what to demand within the settlement agreement. Thanks! fred vincy
OSI / Outsourcing Solutions Inc. AKA: OSI Collection Services Inc. 200 S Executive Dr Brookfield, WI 53005-4216 Phone: (262) 784-9035 Fax: (262) 787-7429 Web Address: www.osioutsourcing.com Web Address: www.osi-receivables.com Web Address: www.osi.to Not sure that is the same, but that is all I can find. I'm not sure what assets they have attached or what they have found on you, they may not be willing to settle for very much off of the judgment. If the debts are placed, or have been purchased, with a 3rd party agency you wont receive a 1099 period.
cool that looks like the OSI I am looking for. Thanks! Can you elaborate more on what you know about the issue of 1099-ing?
There is a previous post on here about 1099. http://consumers.creditnet.com/Disc...un-repossessed-car-65344.html/?highlight=1099 http://consumers.creditnet.com/Disc...d-uncollected-debt-65333.html/?highlight=1099
I'm not so sure that you wuld want to include any requirement that the judgement holder contact the CRA's to update the status as. I think it would be better to have them provide youu with whatever lien releases and satisfaction of Judgement's are appropriate for your particular situation. You may want to have them file the satisfaction of judgement with the court. Let the CRA's try to figure out that the judgement has been satisfied on their own. Normally the judgement holder is not the reporting party, the CRA's have a third party provide public record info. Even if you do require the judgement holder to update the CRA's as to the status, shuld they fail to do so, what recourse do you have? Their failure to adhear to that covenant of the contract would not result in deletion of the record from your file.
