Jamkais1999 2 Report post Posted September 4 I’ve heard of you settle credit card debt you end up with a 1099 later at taxes. If I win in court, will I also get one of these?? Also, if I win, will it be cleared off my credit report? Share this post Link to post Share on other sites
texasrocker 401 Report post Posted September 4 Depends if it is an OC or a JDB lawsuit. JDB's rarely send a 1099 while OC's almost always will. A charge-off will remain on your credit report for seven years. Share this post Link to post Share on other sites
Clydesmom 1,081 Report post Posted September 4 3 hours ago, Jamkais1999 said: Also, if I win, will it be cleared off my credit report? Depends on HOW you win. If they simply drop the case then no it will not be eligible for deletion. If the court actually issues a ruling in your favor stating you do not owe the debt then the bureaus will accept that as proof that it is not yours and remove it. 1 Share this post Link to post Share on other sites
Goody_Ouchless 365 Report post Posted September 4 3 hours ago, texasrocker said: JDB's rarely send a 1099 Yea...incorrect. Share this post Link to post Share on other sites
Clydesmom 1,081 Report post Posted September 4 22 minutes ago, Goody_Ouchless said: Yea...incorrect. I know right? I hear more complaints about PRA and Midland sending 1099 forms YEARS after the default creating tax problems. Share this post Link to post Share on other sites
Goody_Ouchless 365 Report post Posted September 4 When I researched mine it was clear that it's (another) automated process that comes with being in the finance game. There are ways to beat it, after the fact, and, as some have claimed, to get the "settlement" accounted for in such a way as to prevent a 1099. Still, in most cases, anything logged as "debt forgiveness" is going to generate data for IRS. Back to the original question, if OP "wins" in court, then there should be no "settlement" on record and nothing to generate a 1099. Share this post Link to post Share on other sites
