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No 1099C received but charge off shows on credit report

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Joined: 05 Mar 2010
Pops's page
Posts: 1

72 Magic Points

Subject: No 1099C received but charge off shows on credit report
Posted on Fri Mar 05, 2010 5:02 am  

Stopped paying credit cards over a year ago. Collection Agency calls have subsided in the last few months. I have sent validation letters and of course no reply. I noticed "Charge-offs" on my credit report but have not seen a 1099c. Does this mean the credit card company is not through with me since it is still within the SOL for my state? What is the rule for reporting charge-off amounts if I have not received a 1099c? It is one thing to ruin my credit, and quite another to mess with the IRS.

Thanks for the help.


Joined: 08 Feb 2010
Aaron's page
Posts: 2632

48565 Magic Points

Subject: received 1099c
Posted on Fri Mar 05, 2010 6:07 am  

Hi Pops,

After you received the 1099c, you must have paid the income tax on the forgiven debt. Thus, the collection agency won't be able to come after you for the unpaid balance. However, the unpaid debt will continue to get reflected on your credit report for 7 years. It will fall off, only after 7 years. As far as I understand, you can do nothing about this.

Hope this helps.


Keep in touch Smile

Joined: 10 Mar 2010
NightStar's page
Posts: 142
Location: Illinois

3176 Magic Points

Posted on Wed Mar 10, 2010 8:27 pm  

It is my understanding that just because they charge it off, does not mean they can't come after you.

The charge off - or written off - means that they took a tax break on the debt you owed. Should they later accomplish collecting the debt from you then they would report back to the IRS the income and pay the taxes on it.

If you do receive a 1099-C and pay it, then keep a copy of that document and forward copy to any collection agencies later contacting you to try to collect on the debt.
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Subject: bankruptsy vs credit card pay off
Posted on Sat Apr 17, 2010 7:48 pm  

My mom has bad dimentia and is $10,000. in credit card debt. She can't make monthly payments. Do I pay $2,000. and file bankruptsy for her (I have POA) or try a credit card payoff with companies sending me a letter saying they will not send a 1099c???? HELP thank you.

Joined: 10 Mar 2010
NightStar's page
Posts: 142
Location: Illinois

3176 Magic Points

Posted on Sat Apr 17, 2010 11:46 pm  

Sorry to hear that, I think it may be possible that you check out Bankruptcy options.

What state are you from, I have further information on bankruptcy for you I can post back.

1. How to obtain all debt information to prepare

2. What state laws apply to your bankruptcy.

Let me know and I will get back to you. Thanks
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Subject: Receieved 1099-c
Posted on Thu Jan 27, 2011 10:39 pm  

I recently receieved a 1099-c for cancellation of debt on a credit card. I know I have to claim this amount on this years taxes as earned income. My question is once I do this can they still come after me for the amount of the debt cancellation? My statue of limitations is coming up in July of this year (2011), does this have anything to do with this 1099-c?
Andy G.

Subject: 1099 c
Posted on Wed Feb 15, 2012 9:50 pm  

I just receieved a 1099 c from one of my credit cards, it was a debt cancellations and i have two more accounts open, im going pay that ASAP, but im guessing its to late for the account i receive a 1099 c right ? but actally my question is does that 1099 c form mess up my credit ? help me please !!!

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Subject: 1099c for mortgage cancellation of debt
Posted on Wed Sep 02, 2015 12:56 am  

I received a notice that canceled my mortgage balance but it reflects on my credit what is the best way to clear My credit report
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