Re: 1099?

Posted by Why Chat (209.240.198.61) on March 30, 2003 at 23:43:03:

In Reply to: 1099? posted by andyb on March 30, 2003 at 22:35:58:

CAs can not send 1099C -only the OC can do that, and only if you make a settlement with the OC for less than what is owed.

Now if some CA actually paid the OC for your account the full amount of the debt, then if you made a settlement arrangement with them, they could technically send you a 1099, but since they pay about 10¢ on the $ at most, it is doubtful it would ever happen.

If you never pay any portion of the debt to the OC or if you declare BK, there is nothing for anyone to write off as unearned income to you.

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