chase balance liquidation and 1099c
Date: Fri, 03/08/2013 - 12:06
My wife could not pay off a Chase Credit Card. We opted for the Chase balance liquidation program and are paying back the full balance over 5 years.
Why did we get a 1099C form if we've been paying monthly from my Chase checking account to pay it in full? It's been about two years that we are in this program and we have never missed a payment during this program. It actually gets debited right from my Chase checking account.
Doesn't make sense. We are paying back the full balance, not a reduced balance.
Thanks for your help and advice on what to do.
Why did we get a 1099C form if we've been paying monthly from my Chase checking account to pay it in full? It's been about two years that we are in this program and we have never missed a payment during this program. It actually gets debited right from my Chase checking account.
Doesn't make sense. We are paying back the full balance, not a reduced balance.
Thanks for your help and advice on what to do.
I didn't think you got a 1099
I didn't think you got a 1099 for anything other than discharged debt. I, too, would call them to make sure that they are on the same page with you as to the program they have you on.
I always believed you wouldn
I always believed you wouldn't get a 1099 until everything is settled. You're still making payments so I don't know, I would ask Chase..
