4goodcredit2 Posted January 24, 2007 Report Share Posted January 24, 2007 I got a voicemail from a collection that stated they were representing triad financial and that they were sending me a 1099 for me to pay taxes on a a truck that was repoed back in 2004. The caller did not say which company he was from just what was stated above and a phone number. I am confused about the whole 1099 and I have read and re-read the searchs I did on the subject. I am at confused and maybe not understanding what or how to proceed. I do know that this agency is different from suretech (they had the debt back in apr) so I guess it has been sold again. So here is my question or questions1, Do I have to pay taxes on a repo and report that to as my income from last year.2. I have not received a letter from them just the voicemail and I dont know how to respond or dispute.3. Never received a letter stating how much the truck was sold for and the difference, I do know that the current collection agency is trying to collect 17K - the total amount I purchased the truck for.4. what do i do wait??thanks for your help Link to comment Share on other sites More sharing options...
willingtocope Posted January 24, 2007 Report Share Posted January 24, 2007 I doubt very much that they're sending out the 1099 just yet. They're trying to scare you...and may have even violated the FDCPA by doing so.Yes...there are IRS regs that say the a creditor should issue a 1099c for any debt over $600 that is "forgiven". If they're still trying to collect, they haven't forgiven it yet. Besides, the 1099c should come from the OC...not some collector.You need to find the repo laws for your state. Chances are somebody needs to send you some paperwork on the difference between what they sold it for and what you owed. That shouldn't be the same as the original purchase price (unless you only had the truck for a few months and were way upside down on the price).Have you got anything in writing from anybody? Link to comment Share on other sites More sharing options...
4goodcredit2 Posted January 24, 2007 Author Report Share Posted January 24, 2007 I doubt very much that they're sending out the 1099 just yet. They're trying to scare you...and may have even violated the FDCPA by doing so.Have you got anything in writing from anybody?Hi willingtocope and thanks so much for your help, and no one has sent me anything yet, this new agency has only left me voicemails and nothing in writing. I am sure it that this debt was sold again, I have in the last 1/2 been successfull with DV letters to the current collection agencies asking for proof of amount sold. I really really apprecate your answer, it makes me feel a bit better in fighting with these people Link to comment Share on other sites More sharing options...
willingtocope Posted January 24, 2007 Report Share Posted January 24, 2007 If you're sure its sold, then you might want to contact the OC and ask about the "residual" on the truck. You should have gotten something in writing from them... Link to comment Share on other sites More sharing options...
I hate EXP Posted January 24, 2007 Report Share Posted January 24, 2007 I think it's just a scare tactic. I had a CA call me and claim that was the case before. The way it actually works though would be if you were actually suckered into paying for less than the full amount owed. I think anything over $600 has to be claimed by you as earned income Link to comment Share on other sites More sharing options...
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