• Report: #690603

Complaint Review: Americredit Financial Services, Inc.

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  • Submitted: Thu, February 03, 2011
  • Updated: Fri, April 27, 2012

  • Reported By: Joseph — Hattiesburg Mississippi United States of America
Americredit Financial Services, Inc.
801 Cherry Street Fort Worth, Texas United States of America

Americredit Financial Services, Inc. AmeriCredit, Americredit financial services for General Motors Fraudulent 1099c, Fake 1099c, 1099c for $7545.08, turned in as income for 2010, Never worked for this co. IRS stated it was a civil suit, could not help me. Fort Worth, Texas

*Consumer Comment: Fraudulent 1099-C

*Author of original report: Robert-Irvine(USA) Your absolutely right!!!!!

*Consumer Suggestion: Very easy solutions here. But, stay off the phone!

*Consumer Comment: A few things..

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Americredit Financial Services, Inc. reported a 1099c for $7545.08 as income for 2010 on me. I have never worked for this company. The only connection I have with this company is a Chevy Blazer that Americredit financed in my name, over 18or 19 years ago,which was included in a bankruptcy in 1994, due to illness, I could not work & my onlyoption at the time was to file bankruptcy, 17 years ago, & now they want to serve me with a 1099c as income for 2010,which I was told by the IRSthat thiswas fraud & a felony charge against this company, but I would have to sue them, the IRS said that there was nothing they could do, I would have toprove that its not income. I have spoke with numerous people that Americredit has done the very same thing to them. We all need desperately to stop this company, which is General Motors financial service, General Motors was one of the companies that received a billion dollar bailout from the government. I have a terminal illness & these people think I won't prosecute, but I, along with a lot of other people are ready. These large companies can not keep ripping off poor people. According to Americredit's own records they made $10 million dollars last year, this is obscene. And a lot of it came from ripping off poor people like myself, they think thatwe don't know thatwe can retaliate aganist them. Theres no way a company can come back on someone 17 years later, the bankruptcy laws just changed in the past two to three years, as well as the fact that the statute of limitations has been out on this case for years. This is a clear case of fraud, that comes with a felony charge & I want to see all the people that work for Americredit prosecuted, not just the CEO, all employees, because all of these people let this happen. This is one of the companies that has gotten this country in the shape that it is in now, if they would work with people instead of attacking them like the terrorist they are we might could get our country back on track.


This report was posted on Ripoff Report on 02/03/2011 11:01 PM and is a permanent record located here: http://www.ripoffreport.com/r/Americredit-Financial-Services-Inc/Fort-Worth-Texas-75102/Americredit-Financial-Services-Inc-AmeriCredit-Americredit-financial-services-for-Gener-690603. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Fraudulent 1099-C

AUTHOR: Jeffery Sealing - (United States of America)

The IRS didn't help me at all with this company and took me to tax court over it. Apparently, it is legal what they did and the IRS won. In fact, a financial institution has an UNLIMITED time to file these 1099-C forms after they cancel the debt on you. I was at 12 years with this company when they filed on me in 2010. Please see my last posting at Ripoff Report #845029.
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#2 Author of original report

Robert-Irvine(USA) Your absolutely right!!!!!

AUTHOR: Joey - (United States of America)

Everyone out there that has been ripped off by Americredit, heres the solution to the 1099c fraud. They can do this but, Robert-Irvine is right, it is unearned income, therefore it is not taxable, you do have to include it in your tax returns but you include Form 982 which excludes the 1099c as taxable income, but the IRS did state that my direct inquiry to them will initiate a Federal investigation into Americredit's off center,shady past, present, & future. I feel soooo, vindicated, & I also told the IRS that I would be willing to testify against Americredit, I will stop this company one way or another, like the statement goes, theres not a company, man, or entity big enough, strong enough, or tall enough that can't be brought to their knees!!!!! Americredit can not wait 17 years to write off a debt especially when its included in a 1994 bankruptcy, they have a time limit on writing off debts especially when their included in bankruptcies. Call the IRS, if you need help, they were very helpful to me & super nice.

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#3 Consumer Suggestion

Very easy solutions here. But, stay off the phone!

AUTHOR: Steve - (U.S.A.)

In any legal dispute, stay off the phone!! Phone calls never protect your legal rights.

Communicate only in writing, and by certified mail, return reciept requested. Be sure to put the certified# in the body of the letter itself, and keep a copy for your records, as this now proves exactly what you sent.

Now, the first thing you need to do is go to the IRS website and get the IRS form to report tax fraud. I don't remember the form number, but it is easy to find. This report will be against the entity that sent you the bogus 1099C. Keep a copy of this completed report for your records.

Now, in a separate mailing, make a copy of that 1099C and prepare a letter to the IRS office of the taxpayer advocate, also on the IRS website.

Prepare a very short letter and say that you never earned or recieved any compensation from the entity who sent the 1099C for that tax year, and identify it as fraudulent. Do not elaborate with other details, as you may complicate the issue. Now, the burden of proof is on them to prove that you did recieve the income. If they cannot prove it, now tax fraud charges can be initiated.

Be sure to mail any correspondence by the means described above.

Also, go to the FTC website and file a complaint there too.

When you file your taxes, file as you normally do, and do not include that 1099C.

The 1099C can only be issued for the tax year in which a creditor first wrote off the debt, which would be the year you allegedly saw the financial "gain" for the "debt forgiveness" which is considered income.

There is widespread abuse of this 1099C thing and I see some widespread criminal enforcement being brought if enough people file complaints.

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#4 Consumer Comment

A few things..

AUTHOR: Robert - (U.S.A.)

First of all a 1099-C is a "Cancellation of Debt". This means that the company wrote off the debt and with every minus there has to be a plus. So when they write-off debt by law they are required to notify the IRS what the write-off was for. Thus they issue you a 1099-C which is treated as UNEARNED income, and the same information they send the IRS. So a 1099-C in itself is NOT fraud and is used legitimatly by many businesses.

Now, there are regulations as to the issuing of a 1099-C and if the write-off was in relation to the truck that was included in Bankruptcy they may have violated a few regulations. The best thing to do is talk to a Bankruptcy Attorney, they should give you a short consultaton for free or a very low amount. If in fact they have violated some regulations the attorney could advise you as to how to proceed.

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