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Can CAs settle without issuing 1099-C


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I recently filed suit against my credit card company. In negotiations to settle the suit they are offering to settle for about 12% of what they claim I owe. (I dispute the amount) They claim they will charge off due to dispute and they don't think I'll get a 1099-C, but they can't put that in writing.

Does anyone know of any reason a credit card company can't put in writing that a 1099-C will not be issued? Has anyone negotiated settlements which clearly state a 1099-C will not be issued?

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IRS keeps changing the rules on issuing 1099's so I can see why OCs are reluctant to put it in writing that they will not issue a 1099, when in the future they may be required to do so.

I believe your settlement agreement would not be enforceable as far as IRS is concerned, and the moment they issue a 1099 to you according to IRS rules, they would be in breach of contract with you.

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