|
|
Re: Question- Threat from Collection Agency
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by JKelly
(151.197.46.2) on May 06, 2004 at 23:36:00:
In Reply to: Question- Threat from Collection Agency posted by mark on May 06, 2004 at 23:20:39:
CA? Not original creditor? If they forgive a portion of a balance for over 600.00 you receive a 1099C. However, I have never heard of anyone receiving a 1099C when the debt is charged off. I had 13 charge offs, and never received a 1099C. I will post a link about the 1099C. Hope it will help.
http://whychat.5u.com/1099.html
Scroll all the way down to the bottom of that page, look at INSOLVENT. I think the CA is telling you lies, not unusual for them. The 1099C is usually issued when they "forgive" a portion of the debt. You owe 1500, you negoiate and they agree to 700. You get a 1099C for 800, but if you can prove that you are insolvent, you do not have to pay the tax.
Follow Ups:
Post a Followup
|
