logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Question about incorect info and 1099Cs

Date: Mon, 08/24/2009 - 23:39

Submitted by anonymous
on Mon, 08/24/2009 - 23:39

Posts: 202330 Credits: [Donate]

Total Replies: 5


I noticed, on my credit report, a bank card canceled my old debt. It was a visa with a balance of $4570. There was no date of cancelation. A debt buyer reports the debt to have a balance of $16,634. The debt buyer also reports the fall off date to be Dec. 2010. The bank card just removed the old debt, today, from all 3 credit bureaus, because the debt is out dated.

So why does the debt buyer report incorrect info to the credit bureaus? (date of fall-off, and balance)

I am concerned the dishonest debt buyer will send a 1099C for $16,634.00.

Can the debt buyer do that? If I got a 1099C from the Visa company, is insolvency considered at/for the time the 1099C arrives?


The 1099c is for the year they send it in.

IF, they send you one for $16,634.00...I don't know how it would ever stand in court or with the IRS...unless you've dealt with them & they found you couldn't pay.

Did you get a 1099c from the Visa, or are you expecting one from them?


lrhall41

Submitted by on Tue, 08/25/2009 - 18:37

( Posts: | Credits: )


I haven't gotten a 1099C, yet.

So if in 2010, a person gets a 1099C, it is for a debt cancelation in 2009? In 2009 if person is insolvent, he won't have to pay taxes on canceled amount? Or does the person have to consider financial situation in 2010, the year the 1099C arrives?


lrhall41

Submitted by on Wed, 08/26/2009 - 08:49

( Posts: | Credits: )