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i recived a 1099-c form with a cover letter sayng they will report deffault paydayloan as ordinary incom and that they officialy had forwarded the 1099-c form to the irs and it tells mea settlement agrement i called them and the guy told me if i didnt want the irs to get the 1099-c form to pay the settlement im wounderingif its a scam or what,The amount on the 1099-C is the amount of the debt that is “forgiven” or that you aren’t paying. Let’s say your payday loan was for $500 and they settled for $300. The $200 you DIDN’T pay is what they can issue a 1099-C for. (Most creditors don’t issue a 1099-C unless the forgiven debt is $600 or more.) If you HAVEN’T settled a debt, then the creditor/collection company CANNOT be issuing you a valid 1099-C form and is trying to intimidate you or they are trying to get you to pay on a debt whose statute of limitations have expired. They want to force you to settle with them.

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Just because they discharge a debt doesn’t mean that the have settled it or that you have created income for yourself in the process.
ONLY the ORIGINAL creditor can issue a 1099-C. If the creditor listed on the 1099-C is NOT the original company where you took out the payday loans, then you will want to send a copy of the letter and 1099-C form to your state’s Attorney General’s office as well as the Attorney General’s office for the state where the collection agency resides.,Why Income Based Student Loan Payments Can Be a Terrible Trap,The Ultimate Guide to Dealing With Student Loans You Can’t Afford,These Private Student Loans Can Be Easily Discharged in Bankruptcy,Top 10 Reasons You Should Stop Paying Your Unaffordable Private Student Loan






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