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ELRuss05

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1099c Filed as Income. Why is there still a balance on my report?
Received a 1099c last year for a $2,500.00 balance on a CC via Chase and i filed it with my taxed (paid taxes on it as income as required which i believe was 20 - 30%) I recently found out this is still showing up on my credit history with the original balance and it keeping me from getting a mortgage loan.

Should this not be listed as a 0 balance ? How can they force me to pay taxes on it as income and then make me pay the balance of the credit as well?

The letter clearly states "This is a discharge of x amount" "This is a cancellation of debt" "This is a forgiveness of debt" but when I called Chase and asked why it was still reporting, they said it was a cancellation of debt which means they won't attempt to collect but I still have a valid balance to which i argued how can it be a cancellation or forgiveness of debt if you're refusing to remove it from my report until it is paid ? still a debt owed..... not cancelled....

Any information regarding this would be much appreciated. Is this legal for them to do ? Do i get my taxes paid for the "Income" back on the next tax return or need to file an amendment ?

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Honestly, I am really not sure, but you have some valid points. I would contact an accountant or an attorney that deals with FDCPA (fair debt collection practices act). Please post back on here (with a new question as the old one will get lost) and let us know what you find out.

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Same

While negotiating with Chase for a pay off on 3 credit cards in 2013, they sent me a 1099c for all three but like you, still report the balance on my credit reports.  When negotiating for new loans now, carry the 1099C into the banks to show them they are paid off.  Secondly, have sent all 1099Cs to the three credit reporting agencies so they can attach them to my report.  Also looking for an attorney for more advice.  Not that it is hurting my scores that much but the principle that they discharged the debt voluntarily and then punished me for their action.  Will let you know. 

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