PFD vs 1099 - c

[austinrb1]

I have 3 CO accounts where I received a 1099-c and paid taxes against for 2013.    These are with Bank of America, CITI, and USAA.  I'm at the point where I can offer settlements or PFD on the balances shown.  However, I've read a few posts here where there seems to be some uncertainty about the debt status.  Some stating that once it is 1099c it is no longer collectable, nor available to close out to $0.  That, I'm permanently blacklisted with these entities.

Any input?  Thanks in advance for any advisement.

[RobertEG]

If they sent IRs a 1099c on the debt, they are notifying them that they excused the debt.  It no longer exists.

I presume the amountt was the difference between the full amount of the debt and what they accepted as a settlement?

If so the debt balance on each account should have been updated to $0.

[myjourney]

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@RobertEG wrote:

If they sent IRs a 1099c on the debt, they are notifying them that they excused the debt.  It no longer exists.

I presume the amountt was the difference between the full amount of the debt and what they accepted as a settlement?

If so the debt balance on each account should have been updated to $0.

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Sorry OP 

Not Jacking 

Welcome home RobertEG you have been missed 

[Burned2manybridgesB4]

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@myjourney wrote:

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@RobertEG wrote:

If they sent IRs a 1099c on the debt, they are notifying them that they excused the debt.  It no longer exists.

I presume the amountt was the difference between the full amount of the debt and what they accepted as a settlement?

If so the debt balance on each account should have been updated to $0.

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Sorry OP 

Not Jacking 

Welcome home RobertEG you have been missed 

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I wholeheartedly agree!!!