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dc2018

Any way to avoid 1099-C for cancellation of debt?

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Assuming I haven’t paid a lot of interest or fees and I settle a debt for less, is the lender legally allowed to agree to not send a 1099-C?  If I make it part of the negotiation?  This is for a credit card and I’m not insolvent.

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Some people say yes, but creditors all say that they can't. Best bet may be to get an agreement that says you dispute debt and aren't "settling," but are essentially buying your way out of a hassle.

 

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