Quote:
Originally Posted by wnlbutterfly
My question would be if they send a 1099-c, then does this mean the debt if completely gone? They can no longer attempt to collect?
I read an article about this and it pondered how the collection agencies were reporting this to IRS. They buy these debts pennies on the dollar, but yet they are issuing a 1099 for the whole amount owed, so then it looks as if they lost more more than what they ever paid for the debt themselves.
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Yes if they forgive the debt then the debt is gone. It has been a few weeks and I havent heard back from them.