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rbdaniel33

Cap One 1099-C for old CC

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Good evening

I received an IRS notice regarding my 2013 tax returns being incorrect, Cap One sent the IRS a 1099-c form for $2100.

I did not know what was this about and called Cap One, they told me in 2013 they sent a 1099 to my to an old address I have not lived in 9 years.

This happens to be about an old card me and my ex had which was Charged-off in Jun 1998 and apparently Cap One decided to send me a 1099-c in 2013. Now Cap One wants to start an investigation into the 1099 and I am affraid they could restate my old debt, which the cust service person says wont happen.

Her explantion is that because the card was charged -off that they send people the 1099 but that there is not specific time for this to happen and is NOW (well 2013) that they decided to do this.

 

This sounds weird and I am concern they will mess with my credit, reinstated a Charged off account and since they already  messed with my refund not sure what else could happen.

 

they of course now have my current address and not sure what can happpen now.

 

Thank you

 

rbdaniel33

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They cannot restart the old debt unless you make a payment.  The SOL to sue and to report has LONG run out.  Whether they investigate or not.  I would file a complaint with the CFPB immediately that they are attributing this debt as income 15 years after it was charged off when it is no longer income.  In fact there is a time limit on 1099-c and I believe it is 10 years.  Why they decided to issue it now makes absolutely NO sense and I would sue them if they tried that crap with me.

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Good afternoon

 

Thank you for your reply. I reported the issue with the CFPB and it says they will respond within 15 days. Should i call Capital one and tell them to send me the 1099 and stop the fraud investigation, since is pretty obvious to me now that they screw-up?

 

Thank you

 

rbdaniel33

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If i was you I would wait to see the result from the CFPB for if you mentioned all the parties involved they will create complaint # and send them a copy of it ,then the companies will respond just for the fact its coming through the CFPB just make you expressed your desired solution in that complaint with the CFPB.and make no promises or payments and you want have to worry about re-ageing.Now you do need to deal with this IRS 1099c issue,check your credit report to see if Capital One has reported this on your report and if they have you need to dispute it with the credit reporting agency now,also make sure the IRS haven't reported this to the CRA and if they have you have to dispute that also. what you are doing is setting the foundation to deal with issue this is not income for you but you have to do this process to get rid of it. 

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Also I meant to tell you to stop calling these companies and start writing them and sending your communication certified so you will have a sound record of everything that can't be disputed and keep all your communication in a file for your records. And you make copies of all your paperwork and anything you get from them.

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