Form 1099C

Date: Mon, 12/15/2008 - 14:05

Submitted by anonymous
on Mon, 12/15/2008 - 14:05

Posts: 202330 Credits: [Donate]

Total Replies: 2

I received a letter in the mail from a collection agency for Brylane Home stating that if I did not pay the settlement amount they were asking for, I would receive a 1099C from their client at the end of the year for anything over $600.00. This is an old account. I have never heard of this before. Is this something new for debtors when an account has been written off?

reply

that is true.if a debt is settled and the amount forgiven exceeds 600.00.the creditor files a form 1099-c.a creditor can't file it if no payment is received or settelement reached.i would get a DV letter out asap.they can't send that out for a dsiputed debt.send the letter certified mail return receipt.

lrhall41

Submitted by paulmergel on Mon, 12/15/2008 - 14:17

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Do as stated by paulmergel. This is a scare tactic..it is near

Do as stated by paulmergel. This is a scare tactic..it is near the end of the year and tax season looms, so the unethical CAs will use this to scare payments out of people. You should strongly word your DV letter, inform them that you do not recognize this debt and that if they attempt to issue a 1099c on this disputed debt, you will immediately file complaints with the IRS and inform them of this fraud.

lrhall41

Submitted by goldenbast on Mon, 12/15/2008 - 17:26

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