Category Archives: Debt Settlement

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Dell Financial Services lawsuit settled

I previously posted about the BIZARRE Dell refusal to settle an old charged off account: Suing Dell Financial Services because it REFUSED to settle an old chargeoff Dell actually hired an outside attorney and he scheduled a contested trial.   The attorney refused to communicate with me when I asked him whether my posting was accurate, […]

Suing Dell Financial Services because it REFUSED to settle an old chargeoff

I’ve been settling accounts for clients since the early 90s, but I never had a creditor refuse to settle an account.  On 3/13/13 I first contacted Dell Financial Services (on credit reports as WebBank and/or DFS) and I was advised that Resurgent Capital Services has the account.  Resurgent then stated that it had returned the […]

Only forgiven PRINCIPAL is subject to a 1099-C upon settlement or non payment – NO tax if you were insolvent

I see more and more 1099s not only after settlements, but because lenders chose to stop collecting. If you settle accounts for less than the full balance, you might well get a 1099 from the creditor if the discount was for more than $600. Many original creditors are sending out 1099s when the SOL expired […]

You do NOT owe income tax after settling collections if you were INSOLVENT

Please check my 3/7/13 posting on 1099-Cs for important updates! I’m currently working with a client who is considering settling debts and concerned with having to pay income tax as his accounts are still owned by the original creditors.  So I did some research and I just reviewed the current rules. As always, I’m NOT […]

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