Today I received in my emails from someone marketing information for Accounts Payroll, some sort of seminar on who gets 1099's for on a settlement dispute. It seems to me that allocation should take place in the settlement agreement, otherwise if the income was a write off to the credit card company, it is their problem, should be recaptured as income, and should NOT have to be declared by the creditor--because most of it typically consists of those illegal $35 overlimit and late payment amounts--which are illegal.
No person damages by brach of contract gets a wind fall. Charging $35 for being a few days late on a payment IS a windfall to the creditor. Once that happens, the debtor should cancel the card and inform the creditor that the charge IS illegal. All you get for breach of contract (and this is legal theory going back centuries to English commonlaw) is ACTUAL DAMAGES. How many times must I repeat this. If someone breaches a contract, all they get is actual damages.
So when your credit card company hikes up your bills by $35 for an overlimit charge (which they created), and then a $35 charge for being a few days late, a month late or whatever, you should know those charges are illegal.
Why do you think in court the companies are sooooo eager to settle accounts for pennies on the dollar. If you asked for discovery on the original contract you signed, they probably lost it. If you ask for discovery of all your purchase amounts and interest and fee charges, you will probably find them running an even 2 to 1! That's right. A fifty percent or more penalty for being late, or having lost your job or having a sick dependent or even illness yourself.
There are numerous petitions on www.mypetitionsite.com on making corporations no longer a protected "citizen" under the Constitution and that stricter law may apply to them than citizens--ie, the right to make unlimited campaign contributions as a "citizen" of the US. Please sign and support those.
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