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unpaid debts...
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Posted by Mary (65.139.97.218) on August 26, 2003 at 11:00:28:
My husband and I acumulateda very large amount of debt over the past three years and (needless to say) we are unable to pay them. I recieved a call from a law firm today and told us that they are taking us to court for fraud because we apperently didn't file a 1099 form on this one account and we didn't show the credit as "income". I read on a web-site somewhere (which I can't seem to find anymore) that under the United States Code Title 12 Section 1831, that it is apperently illegal for a bank to lend "credit" AND collect interest on something that does not exist. They can only lend "Money". Is this true? I've been looking through the United States Code web-site to no avail. I can't understand any of the legal terms... Please help!!
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