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Don't fill anything out. Junk debt buyers typically buy up debts which are past the period where their collection can be enforced. Each state has its own statute on collection of debts. For example, it's six years on a contracted agreement in Colorado. What that means is that after a period of six years has passed since the last payment on that account was made, no legal action can be taken against you as the debtor. What happens is that these junk debt agencies trick you into making a payment, then that resets the clock, meaning they have six years to file suit against you (and they will). Don't fall into that trap. Contact an attorney on the matter - they should be willing to give a free consultation - before you send anything to that collection agency.
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What should you do if you got a 1099C from a creditor even though you paid them off in full in August and they didn't write anything off?
Call first of course, but send them by certified mail, a copy of your payoff info and request they correct their records and acknowlege doing so by sending an Amended 1099C, (it may actually have a form number like 1099C-AMD). They aren't going to like doing so, because making amended filings for them is always a time consuming and expensive process, but they would have to. If they respond with any reasons they believe the 1099C you received is required, you can deal with that. If they don't respond or send the amended, the documentation you have should become part of your tax records and would appear to be sufficent to show your acting properly in not reporting the income.
Does a debt collector have to send you a monthly bill?
A debt collector works for a collection agency. If the angency owns the debt then you can request statements. A collection agency will send you a paid or settled un full letter. They are not a billing agency.
Do debt collectors have to send you a written statement validating the debt?
Upon your written request for validation, yes. This is covered under the Fair Debt Collection Practices Act (FDCPA).
Can a collection agency try to collect a debt after 7 years?
They can send you a letter, but they cannot sue you.
How long does a company has before they can send you a 1099-C?
A company can send you a 1099-C, which reports cancellation of debt, within the tax year in which the debt was canceled. They are required to issue the form by January 31 of the following year. If the debt cancellation occurs in December, for example, you would receive the 1099-C by the end of January of the next year.
How do you get a 1099c?
See my answer to post "Collections after 1099c???" A creditor will send you, the debtor, (and the IRS) a copy if they have decided to cancel (forgive) your debt by issuance of a 1099c which means they will give up their right to any further collection of this debt.
If a lender purchases a debt and cancels the debt is there a time limit for a debt cancellation?
Cancellation of debts depending on individual circumstances can take a very lengthy time. When a debt is cancelled the creditor/collector is required to send a 1099C to the debtor and the IRS. A portion of the debt then becomes taxable income.
Can the creditor Capital One Bank send you a 1099C for 2008 when it was filed under bankruptcy in1997?
Since no one can stop it, obviously CapitalOne can send you a 1099C for 2008. The curious thing is, why would it? The 10 years for carrying it on a credit report is up, and maybe CapitalOne looked at your credit report and found no bankruptcy, so some low-level cretin decided to send you the 1099. Or you went to a debt counseling place and renewed the debt. If you have done nothing to reinstate the debt, and it was included in the 1997 filing, send them a certified return-receipt letter asking them to withdraw the 1099 or face further legal action. Or have a lawyer do it.
Collections after 1099c?
A 1099c is issued to a debtor and to the IRS when a debt has been canceled (or forgiven). Once a debt has been canceled (or forgiven) and a 1099c issued to the debtor and IRS, no further collection attempts shall be made. If they are, then the debt has not been canceled (or forgiven) and no 1099c should have been issued to the debtor or to the IRS. note: website: www.helpwithmybank.gov (under consumer loan-general questions section) which states that unless the bank forgave or cancelled the debt, you are still obligated to repay the loan. Also the IRS states that continued collection, the existence of a lien relating to the debt, or the sale of a debt by the creditor are direct indicators that a debt has not been canceled. note: website: www.IRS.gov pubication 525 and instruction for 1099ac for further info.The only entities that can issue 1099c are financial institutions (bank, trust company, building and loan or saving and loan associations), credit unions, federal govenment agencies, federal deposit ins. corp., resoulution trust corp, national credit union admin., any military dept., u.s. postal service, postal rate commission, a corp. that is a subsidiary of a financial institution, or an organization whose significant trade or business is the lending of money, such as a finance co., or credit card co. The average person or company not included in one of these entities can't provide a 1099c to a debtor or the IRS irregardless of monies owed to them by a debtor.A 1099c can be issued on an unpaid debt for the entire balance that is due at the time of issuing the 1099c or for the canceled portion of the debt when a debt settlement has been agreed to. Example: $5000 owed, debt settled for $2000, debt canceled is $3000. This $3000 would then be on the 1099c. Since you didn't have to pay this $3000 to the creditor the IRS considers it to be income to you unless you qualify under a few exceptions like insolvency, a dismissal of the debt in a bankruptcy filing, or it was a gift on behalf of the creditor. See above IRS website for more info.Any entity issuing a 1099c to the IRS must send a copy to the debtor. A 1099c doesn't show up on your credit report and you wouldn't know unless they sent you a copy of it as required by IRS laws. You can call the IRS to see if they have received one for you if you have concerns that they have. You can call the creditor and ask if they issued one. They must tell you and keep these records for 4 years from time of issuance according to IRS law. IRS law and banking laws govern this.Also, a charge off and a write off are different from a 1099c. A charge off or write off (pretty much same thing) is done for creditors internal accounting procedures and do notrelease your obligation to pay a debt nor does it prohibit creditor from sending account to collections agency or selling account to debt buyer. Charge off's (write off's) does not require a creditor to issue a 1099c to debtor because they are not releasing you of your obligation to pay the debt nor are they given up their rights to collect on the debt but they are merely making an accounting adjustment on their books. Nor can a debtor demand a 1099c. Why? Because a creditor that issues a 1099c to debtor is thereby canceling the debt and not requiring any further payment on the debt and will no longer try to collect on the debt as of the date of the debt being canceled (which is shown on the 1099c).If you are contacted for payment on a debt that has been been previously canceled because you have received a 1099c reflecting such you should provide copy of 1099c for proof and assert you knowledge of the law and refuse to pay anything further and demand no further collections be made. All of this should be in writing and sent certified mail to company trying to collect. Keep copies of all for proof. If you are contacted again call a consumer lawyer in your area. They are just waiting for a good lawsuit to file and work on a contingency basis so you will not need money to hire them.Also, if you have been through bankruptcy or in process of, all your debts should be listed and eventually dismissed by bk court. When debts are dismissed through bk you no longer owe them and they are not taxable to you. Send any further collectors this information in writing with bk case number and 1st page of bk doc and demand no further attempts to collect be made. Put in writing and keep copies and certified mail for proof. If attempt is made again call consumer lawyer. If you have any problem with IRS and 1099c after bankruptcy send IRS letter and copy of 1st page of bk doc. If lawyer handled your bk then they should handle any problems that arise after.
Can a 1099C be issued for an amount that was forgiven?
AnswerWhen creditors cancel or "forgive" a debt they must send the debtor a 1099-C and also report it to the IRS. The IRS may consider the amount of the cancelled income taxable. Consult a tax professional.
Can you sue a bank for not sending you a 1099C when it was mailed to the IRS?
No. It is highly doubtful that the bank did not send the notice as it is in their best interest to do so and also it is the law. The debtor could request proof that a 1099C was sent to them and it is almost a certainty that there will be proof.
If you join as a user on WikiAnswers do they send you junk mail?
No junk mail!
How do you remove your name from a car title that has been sent to a junk yard?
Most states Have a change of ownership form you can send in. This notifies the state that you sold your automobile. Another thing is always make sure the junk yard/junk buyer is a licensed salvage dealer. This is important because a licensed salvage dealer has to send your tittle in to the state notifying them that the automobile was purchased by a salvage deeler, so in turn the auto is taken out of your name.
Does club penguin send junk mail?
No
What should you do if you have never had a loan but your credit report lists a collection marked 'Type of Loan - Factoring Company Account' and what is this?
Factoring Companies buy account receivables from businesses. This is an alternate way for businessess to access cash, by selling their inventory, without having to take out a short term loan. The use of this term is a misnomer in the credit industry. Collection agencies have adopted this term to avoid the legal implication of being a collection agency or "junk debt buyer". The vital difference between a true factoring company and a junk debt buyer is whether the subject accounts were in default at the time they were puchased. For your purposes, this is a collection account. It is a derogatory listing on your credit report. You need to write the collection agency and request verification of this debt. Addendum: You will want to send them a request for debt validation, not verification (requesting verification will most likely result in them sending you another dunning letter) send the letter to them USPS certified mail, return receipt requested. Here is a link for a good validation letter template: https://www.debtconsolidationcare.com/letters/sample6.html
Does rewards1 send you junk mail to your email or house?
no it does not
What should you do if you got a 1099C from a creditor even though you paid them off in full in August and they didn't write anything off?
Call first of course, but send them by certified mail, a copy of your payoff info and request they correct their records and acknowlege doing so by sending an Amended 1099C, (it may actually have a form number like 1099C-AMD). They aren't going to like doing so, because making amended filings for them is always a time consuming and expensive process, but they would have to. If they respond with any reasons they believe the 1099C you received is required, you can deal with that. If they don't respond or send the amended, the documentation you have should become part of your tax records and would appear to be sufficent to show your acting properly in not reporting the income.
