Re: Is 1099 reported just for the year of charge off

Posted by Why Chat (209.240.222.130) on August 05, 2002 at 14:44:38:

In Reply to: Is 1099 reported just for the year of charge off posted by Cassidy on August 05, 2002 at 00:00:20:

A 1099 is issued by the OC if the account is SETTLED for less than what is owed. A charge off is not an elimination of the balance due, it is just a required bookkeeping entry.If someone gets a 1099, it means that the balance due has NOT been sold to a ca.

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