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1099 ??

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What does it mean to be issued a 1099 form?

I've read some post,but still don't understand.

my situtation is that i had an auto loan that was charged off 12/1997.

the company i owed then transferred to another lender. they also charged off account. now, a CA is harrassing me and my manager claiming to garnish my wages and send out a 1099 form. i live in arizona and i far as i know the SOL has expired.

need help please.

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This may help answer a question about what a 1099 is:



Can you provide any addt'l information on the debt? You might also want to try posting this in the 'collections' forum

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If a creditor forgives $600+ of a loan, and he wants to write it off as bed debt, he issues you a 1099 form, which means he has told the IRS he forgave that amount. Becasue the 1099 gets issued, you must report it as income on your tax return. Go to irs.gov and search forgiven debts and you'll see more info.

The CA cannnot garnish your wages without a judgment. And the OC can issue a 1099, but only if you settle. This guy is harassing you. Get an account at tel-biz.com, call him, and tape the conversation. Ask him what he meant. Hopefully, he'll make a boo-boo.

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