I don't have enough money to pay
Date: Wed, 07/08/2009 - 17:19
My Visa Sol has just now passed. When I defaulted the balance was $2800, and now the collection company says the balance is $6899. If the collection company sends a form 1099c, what balance will be listed as amount of forgiven debt?
I don't have enough money to pay taxes on $6899.
I don't have enough money to pay taxes on $6899.
They cannot send one because they have not "forgiven" any of the
They cannot send one because they have not "forgiven" any of the debt. All SOL means is that they cannot use the courts to collect the debt. You still owe the a proper amount (whatever that may be).
If they were to offer to settle for $1,000 and you accepted the forgiven amount would be the balance.
But there is some dispute if the CA is legally able to issue 10-99s.