Cancellation of Debt - An Unwanted Surprise

[cosine]

just one 1099c form that applied to my 2007 income, which i reported it to my taxes for that tax year.

however they are continuing to report this, i am now unable to settle the debt and according to debt collector my credit is forever affected, i don't see how that is possible.

The fact that they canceled the debt is reportable on the credit report. For how long that can be reported I am not sure about. It should be 7 years from the date of last activity on the account, or when it became fully due. I do not know if the cancellation of the debt via 1099-C qualifies as a valid activity to reset the clock. But even if it is, the very worst is that this will be on your credit report for 7 years from then. Otherwise it is 7 years from the latter of when the debt is charged off or when you last paid on it.

 

[TigerD]

Cosine, you are incorrect. I'll correct your statement in a PM or when the OP starts his own thread.

DC

 

[cosine]

Cosine, you are incorrect. I'll correct your statement in a PM or when the OP starts his own thread.

DC

It is your M.O. to never state publicly what is wrong, most of the time. You just like saying people are wrong. Of course if you guys were helpful to people, I wouldn't have to be posting nearly as much.

 

[ecmst12]

Someone hijacked the OP's thread and we are waiting for him to follow the forum rules before we answer.

 

[jjbankhead]

Once again. I'll t y p e s l o w. M a y b e t h a t w i l l h e l p y o u u n d e r s t a n d .

1. START YOUR OWN THREAD.
2. START YOUR OWN THREAD.
3. YOU ARE WRONG. GET OVER IT.

DC

thanks for the insight

 

[jjbankhead]

The fact that they canceled the debt is reportable on the credit report. For how long that can be reported I am not sure about. It should be 7 years from the date of last activity on the account, or when it became fully due. I do not know if the cancellation of the debt via 1099-C qualifies as a valid activity to reset the clock. But even if it is, the very worst is that this will be on your credit report for 7 years from then. Otherwise it is 7 years from the latter of when the debt is charged off or when you last paid on it.

thanks for the help

 

[jjbankhead]

The fact that they canceled the debt is reportable on the credit report. For how long that can be reported I am not sure about. It should be 7 years from the date of last activity on the account, or when it became fully due. I do not know if the cancellation of the debt via 1099-C qualifies as a valid activity to reset the clock. But even if it is, the very worst is that this will be on your credit report for 7 years from then. Otherwise it is 7 years from the latter of when the debt is charged off or when you last paid on it.

thanks you cosine, especially for not being a jerk.

 

[Country Living]

thanks you cosine, especially for not being a jerk.

You were the one who hijacked the thread.

 

[Antigone*]

thanks you cosine, especially for not being a jerk.

Birds of a feather...

 

[cosine]

Birds of a feather...

Unlike the senior trolls here, I definitely try to not be a jerk with the OPs, no matter how stupidly they acted financially, as long as their posts here are at least civil. As for the hijack of the thread, you should note that DC didn't see it, either. You can be sure he and I are not birds of the same feather.