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Any access to employment data?


Brandogyrl
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I've been unemployed for quite some time--discouraged--I stopped looking for work for a while. Now I am resuming my search. My fear is that as soon as I find work the CA's will find out about it before I have the oppty to settle (and I have many to settle). Do CA's have access to employment info :?:

Also, I read somewhere that when you settle debts, you have to report this info on your taxes as income, is this true :?:

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I've been unemployed for quite some time--discouraged--I stopped looking for work for a while. Now I am resuming my search. My fear is that as soon as I find work the CA's will find out about it before I have the oppty to settle (and I have many to settle). Do CA's have access to employment info :?:

Also, I read somewhere that when you settle debts, you have to report this info on your taxes as income, is this true :?:

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The CRA's dont know your employer unless you put it on a credit application. Make sure you opt out and it should help keeping the creditors from knowing you're employed. In regards to debt settling, If the amount you settle it for is $900. (Not sure on this figure) or more, less then whats owed they are supposed to send you a 1099 form so you can pay taxes on the amount saved.

Also please read as you can about debt settlement before you attempt it. Settling debts can cause more harm then good if not done properly.

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The CRA's dont know your employer unless you put it on a credit application. Make sure you opt out and it should help keeping the creditors from knowing you're employed. In regards to debt settling, If the amount you settle it for is $900. (Not sure on this figure) or more, less then whats owed they are supposed to send you a 1099 form so you can pay taxes on the amount saved.

Also please read as you can about debt settlement before you attempt it. Settling debts can cause more harm then good if not done properly.

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If you settle, they CAN issue you a 1099-C "cancellation of debt income" form for any amount forgiven that is $600 or more (not $900). That amount on the 1099-C would have to be reported as income on that year's taxes, HOWEVER, if you can prove to the IRS that you were insolvent at the time the debt was 'forgiven', you do NOT have to report the 1099-C amount as income.

You may or may not get a 1099-C. The danger is that you settle and they sell the remaining balance to another junk debt buyer or CA and they come after you for the rest. IF you decide to settle, make SURE you get a letter stating the debt is 100% settled and over with.

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If you settle, they CAN issue you a 1099-C "cancellation of debt income" form for any amount forgiven that is $600 or more (not $900). That amount on the 1099-C would have to be reported as income on that year's taxes, HOWEVER, if you can prove to the IRS that you were insolvent at the time the debt was 'forgiven', you do NOT have to report the 1099-C amount as income.

You may or may not get a 1099-C. The danger is that you settle and they sell the remaining balance to another junk debt buyer or CA and they come after you for the rest. IF you decide to settle, make SURE you get a letter stating the debt is 100% settled and over with.

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Of course when prospective employers run a pre-hire credit check, they're on the report as an inquiry. Any collector who pulls the report need only make calls to gather information. With all these information bureaus it's getting harder to hide these days!

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