"WON" in AAA with Calvary

[joebo18015]

So by winning, I mean ended up paying a 1/4 of what I owed in settlement, however, I haven't signed the document yet.  Is there any specific wording in the agreement I should be asking for that would help my overall credit score when setttled?  They stated they would stop reported the debt, etc but is there anything that I can ask for that I should be?  They did file in court in PA and the judge dismissed it due to the arbitration clause.  Thank you. 

[WhoCares1000]

Just make sure that the document states that the payment resolves the issue completely and that they cannot sue you anymore once the payment is made.

[Bulldoger]

I am wondering if there is a way you can specify they don't send a 1099-C or is that a law and they have to send one?

 

 

[BV80]

6 hours ago, Bulldoger said:

I am wondering if there is a way you can specify they don't send a 1099-C or is that a law and they have to send one?

 

 

It is required by section 26 U.S.C. § 6050P of the IRS code when $600.00 or more of debt  is cancelled by a creditor.  Creditors don’t always file one with the IRS, but they are supposed to do so.  Therefore, we cannot specify that they don’t send it.

[texasrocker]

4 hours ago, BV80 said:

It is required by section 26 U.S.C. § 6050P of the IRS code when $600.00 or more of debt  is cancelled by a creditor.  Creditors don’t always file one with the IRS, but they are supposed to do so.  Therefore, we cannot specify that they don’t send it.

I have never heard of the IRS enforcing the code.

In general OC's will send one but JDB's rarely bother with it.