Re: I have never received a 1099c

Posted by kelly from nevada (198.81.26.42) on July 19, 2004 at 23:25:04:

In Reply to: I have never received a 1099c posted by Still Nervous on July 19, 2004 at 22:55:22:

odds are you'll never receive a 1099 becouse those are issued if YOU settle with an origional creditor on accounts over i believe its 600. dollars .. chargeoff is a term the banks ( origional creditor ) use once the debt reaches a max term of 6 months for their own use reguarding tax purposes showing its money they believe they have lost due to a bad debt .. chargeoff dosent mean you no longer owe the money but once account reaches this old ( appx 6 mth ) the creditor will than sell the account for maybe 10 cents on the dollar to collection companies than the older the debt becomes its sold many many more times as low as 2 cents on the dollar becouse the way creditors look at it the older the debt is the less chance they have collecting .. every state has a statue of limitations ( SOL ) for "legally" collecting on the account by going to court but once the accounts passed your states SOL then legally you NO LONGER owe the creditor ANY money period .. the past 3 - 4 yrs LOTS of so called bottom feeder debt collectors have been attemnpting to collect on accounts 8 , 10 even 15 yrs old becouse its a scam and they know MOST people if scared enough will send them money on the account becouse they also know MOST people DO NOT know the laws or their legal rights about past SOL accounts .. of course once the accounts become past SOL they can STILL sue you only becouse anyone can sue anyone but once you go to court & show the judge the debts past SOL its than thrown out of court meaning you win they lose , this dosent happen alot once they know you know the law but it does happen .. answer to your question , NO once ca's are done trying to collect they WILL NOT send you a 1099 they simply sell it than re sell it & so on .. IF you ever did recieve a 1099 than YES it would mean its over but of course with that you'd have to report it to the irs as income but i dont believe you'd ever get a 1099 unless YOU settle but just my opinion so goodluck , kelly ....

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