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Collections Law/1099c question
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Question
hello. my name is brandy. i live in texas and i purchased a car in 2001 in the state of texas. i voluntarily surrendered the car per an agreement made with the company i purchased the car from. apparently the debt was sold to a collection agency in 2003. i received a call today (november 11, 2009) saying they were going to file a 1099 c with the i.r.s. unless i settle with them for 1500 dollars. the original amount (per the collection agency) is 10,505 dollars. my question is can this agency file a 1099c so many years after they bought the debt? any insight you can give me is greatly appreciated.
I suppose they might do that but I tend to think that is more of an idle threat than anything because if I read the IRS law correctly they have to file it in a timely manner. I'd suggest you read and understand 26 U.S.C. 2650-P which is the statute dealing with that matter and see if you agree with me that they are far too late to do something like that. I think it is a bluff they have no intention of following through with.
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Answers by Expert:
Creditwrench
Expertise
Debt Collections law, Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), federal law, how to properly answer court summons for collection cases, how to prepare federal cases against debt collectors, how to deal with debt collection phone calls.
Experience
I've been an active consumer advocate for more than 40 years and have helped hundreds of people win cases against debt collectors as well as helping them defeat demands for summary judgment lodged against them by banks, debt collectors and defeat mortgage foreclosures and keep their homes.
Education/Credentials
Paralegal courses for the most part.
I have been teaching people how to deal with judgments, mortgage foreclosures and other such problems both on and off the internet for many, many years. I am a Richard Cornforth information provider ever since 2000 and worked with many other organizations and causes since 1980. I was Oklahoma State Chairman for the nationwide drive to defeat the Constitutional Convention which was proposed by various factions within our federal government such as the Council of State Governments and the National Organization of State Governors who were working hard to organize a Constitutional Convention to be held in 1995 for the purpose of rewriting our American Constitution to be more acceptable to the United Nations. I worked with Senator Charles Duke of Colorado and Senator Don Rogers of California and many others across the nation to keep them from getting the number of delegate states required to lawfully hold a Con-Con and we were successful. I have worked with many other legislative issues in Oklahoma and have always been very successful.
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