Re: settlement questions for ladynred

Posted by LadynRed (199.91.33.254) on April 25, 2003 at 16:20:39:

In Reply to: Re: settlement questions for ladynred posted by TX resident on April 25, 2003 at 15:53:36:

Personally, I don't believe them. That's not to say that they may be one of the very FEW ethical CA's who won't re-sell the balance.

If they can't issue a 1099-C, then the debt is not totally 'forgiven'. Anything $600 and over of a forgiven debt can be reported to the IRS and you have to report that as income on next year's taxes.

Are they going to delete their collection agency tradelines from your credit report if you pay them ??? "Settled" is still a negative.

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