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Found 3 results

  1. This is going to be a long one, so I apologize now for all the questions...I've been doing some reading but still need some clarification about 1099c, so any insight or info would be appreciated. I have an old BOA charge off that I never did anything about because it was still within SOL until this year (which is, I’m guessing, why they decided to issue me a 1099c). From my reading, it’s my understanding that they should have filed this within 3 years from the DOFD, right? If that’s true, what can I do about this? I may be able to prove that I was insolvent – I believe I wasn’t working at the time, but I will have to go back in my bank records to confirm. If this is the case, do I need to amend my tax returns with a 982 form? How does a 1099c affect my ability to remove the TL from my reports? I am guessing that if I were to dispute this now it would come back as verified because of the 1099c? I ordered my reports weeks ago and have not received a response from any of the CRAs, so I backdoored TU. From what I can see, nothing has changed. This is the info on the TU TL: BOA Date opened: 7/27/07 Balance: $861 Date Updated: 05/30/09 Last Payment Made: 03/31/09 (not true, did not pay after CO) Past Due: $354 Pay Status: Charged off Date Closed: 01/08/09 (Shows 120 days past due for Jan, Feb, Mar, Apr of 2009) Remarks: Closed by credit grantor; Unpaid Balance Charged off Est. Removal: 09/2015 This is what is written on the 1099c: Date of Identifiable Event: 12/31/13 Amount Discharged: 603.28 (I don’t know where they got this number from, I think the portion that is not attributable to fees and interest was less than $600) Description: Uncollected Debt Borrower was Personally Liable Event Code: G Any suggestions? Thanks!!
  2. I have tried to delete this account electronically around 10 times and it wont go away. The last activity was 4/08 and it has been listed as a charge off ever since untill 3/2013 and that's around the same time I got the 1099-c form saying the debt has been canceled. Between 3/13 and 5/13 its showing paid as agreed The loan was originally with AmeriCredit, then GM Financial bought them out and its now listed with them. The statue of limitations in my state is 2 years. The amounts listed as past due is 9,904 with Equifax and Experian but with Transunion its listed at 9,920.. Whats my best was of taking care of this. I will be buying a home next year and I know this will have to be taken care of
  3. I just got a 1099c from Chase for an account that I've disputed multiple times. Chase took over 12 months to conduct an investigation and sent me tons of frivolous delay letters. The reporting is all messed up too, nothing is accurate. They report a DOFD of Aug 2007 but then the payment history shows the DOFD was April 2006 (the first late payment status before the CO). I've disputed that several times and they just keep verifying that what they're reporting is accurate. Even though their reporting conflicting information. Then I get this notice saying they discharged, cancelled, or forgave $6,700 and now I have to report this as income. The notice says the date of cancellation or discharge was January 2012. I've disputed this thing no less than 4 times throughout 2012. Still today they're reporting a balance of $9,900. So how can they report this balance and at the same time send me a notification which requires me to claim some of it as income?! It's absurd. I am very certain this account doesn't belong to me. They've never sent me anything verifying that it does. In fact, one of the disputes they sent a letter stating that the account is so old they don't have an original application on file. But they keep reporting. So what now? Do I send a copy of the 1099c to the CRA's to prove that this account has been forgiven? What about the remaining balance? Why would they only forgive $6,700 of it? If I contact them to correct it I'll end up with a 1099c form for even more income I have to claim and pay taxes on. But the biggest problem I have with this whole thing is that the account isn't mine! They didn't investigate in the allotted time. And they never sent me any notice of investigation results. Never sent anything saying they were able to verify that it is my account. I'm scratching my head on this. I did find out that I will probably qualify for an exemption on the 1099c because I was insolvent when they discharged the debt. Has anyone else been through this?

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