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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: 1099-C BOA Charge Off Account don't know what to do?

[ Edited ]

Other than hire an attorney I am not sure.

 

This is from the IRS:


Code G — Decision or policy to discon­
tinue collection.


Code G is used to identify cancellation of
debt because of a decision or a defined policy
of the creditor to discontinue collection activity
and cancel the debt. For purposes of this identi-
fiable event, a defined policy includes both a
written policy and the creditor's established
business practice

 

Discontinuing collection activity would mean a 0 balance on your credit report.  The OC cannot have it both ways.

New Contributor
labeledjl
Posts: 69
Registered: ‎07-07-2013
0

Re: 1099-C BOA Charge Off Account don't know what to do?

[ Edited ]

got a response in the mail from BOA saying account was charged off in `09.  They generated a new account number for purposes of reporting so they say the new account number now reflects as the old account.  They said 1099c is issued after the cease collection on the account, and 1099c is for tax purposes only and its not deducted from my account balance.  It says they are no longer collection on the account although the balance is still owed.  Its says issuin a 1099c doesn't relieve me of account responsiblity nor does it mean they have to remove it from my report.  Something here seems very very wrong.

New Contributor
labeledjl
Posts: 69
Registered: ‎07-07-2013
0

Re: 1099-C BOA Charge Off Account don't know what to do?

sorry for the typos im a little PO right now at BOA cause i feel like ive just been raped.

New Contributor
labeledjl
Posts: 69
Registered: ‎07-07-2013
0

Re: 1099-C BOA Charge Off Account don't know what to do?

judging by guiness post above the creditor cannot have it both ways correct they wrote it off i filed taxes, then they changed account number to report and collect on it.

Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: 1099-C BOA Charge Off Account don't know what to do?

I would consult with a consumer attorney. Others on the board say I am the consumer attorney king lol. apparently BOA doesn't know the definition of a 1099-C

New Contributor
labeledjl
Posts: 69
Registered: ‎07-07-2013
0

Re: 1099-C BOA Charge Off Account don't know what to do?

as in any lawyer dealing with debt matters?  How can you change an account number after you charge it off and 1099C the account then report a balance as if there never was a 1099C?  What should i do with the attorney send a intent to sue letter or?

Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: 1099-C BOA Charge Off Account don't know what to do?

I would contact a consumer attorney in your local area. Explain your situation and see if he/she will take it. A good one will take the case. At that point he/she will let you know your options or I will just PM you a law firm I am currently using for a class action. They are the largest and most successful in the states!!! 

Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007
0

Re: 1099-C BOA Charge Off Account don't know what to do?

They have formally stated that they have cancelled the debt.... ergo no debt.

 

Would appear to be a slam-dunk in court............

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: 1099-C BOA Charge Off Account don't know what to do?

Also the Code of Federal Regulations states when a 1099 has been issued, collection activity is prohibited.

New Contributor
labeledjl
Posts: 69
Registered: ‎07-07-2013
0

Re: 1099-C BOA Charge Off Account don't know what to do?

[ Edited ]

Trying to find an attorney in my legal services plan through work to save money I have a hyatt legal plan through my job i've contacted a few waiting on a response.  The thing is that they say the generated a new account number to report to the bureau's and thats the account that was issued the 1099-C on it lol.  Something is iffy here and I need this matter resolved asap, still waiting on CPFB case to finalize on this matter also.  I waiting on a mortgage approval and this is the hold back the fact that their still reporting a balance on trans and equifax but not experian.  I live in the Chicago suburbs joliet area.


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