• Report: #426376

Complaint Review: DRIVE TIME - DRIVE FINANCIAL SERVICES

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  • Submitted: Fri, February 20, 2009
  • Updated: Wed, July 08, 2009

  • Reported By:fontana California
DRIVE TIME - DRIVE FINANCIAL SERVICES
www.drivefinancial.com Dallas, Texas U.S.A.

DRIVE TIME - DRIVE FINANCIAL SERVICES 2005 or 2006 Drive Time lost in Class action lawsuit and was order to remove cancellation of debt from our credit report and award settlement offer Dallas Texas

*Consumer Suggestion: Drive Time is not related to Drive Financial.

*Consumer Comment: I agree that they are one of the most awful customer service around BEWARE

*Author of original report: Not confused here!!

*Author of original report: Not confused here!!

*Author of original report: Not confused here!!

*Consumer Comment: Confused...

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Please be aware that Drive Time and Drive Financial are the same owners. One day in 2005 or 2006, There was a Class Act Lawsuit against Drive Time. We received a letter stated that in the lawsuit that if they were found guilt, they would have to remove all those liable of debt to be totally removed from credit report and that those would be award a settlement for pain and suffering. Well I am living proof of that !! It's been totally wiped off our credit report. We still did not receive any money and just this month on February 2009, Husband and I received a 1099-c (cancellation of debt) for 2008 taxes. But here is the funny thing they put date of canceled: 08/08/2006 !!! Shouldn't I have been 1099-c in 2006!! So I called them up to tell them, and told them what, the hell is this!!! I explained I should of been 1099-c in 2006 not for tax year 2008!! So today on February 19, 2009 they had the balls to send us a corrected 1099-c (cancellation of debt) for 2008 taxes. But once again here is the funny thing the only changes they made on this one is DATE OF CANCELED to 01/15/08 !!! So now I called the IRS and they told me since they did this now We would be AUDITED by the IRS!! So in the IRS eyes we had $14,000.00 of income not reported for 2006 & 2008 !!!! We never did receive any settlement money from them.. So if this is how they are trying to get away with this, boy the are messing with the wrong woman here!!! I now have an attorney who is going to represent me and take legal action against them!! or and by the way I have already filed a suit with SUPERIOR COURT against DRIVE FINANCIAL SERVICES for unclosed settlement amount!!! Can't wait to see you in Court Drive Financial !!

Belen
fontana, California
U.S.A.

This report was posted on Ripoff Report on 02/20/2009 12:01 AM and is a permanent record located here: http://www.ripoffreport.com/r/DRIVE-TIME-DRIVE-FINANCIAL-SERVICES/Dallas-Texas/DRIVE-TIME-DRIVE-FINANCIAL-SERVICES-2005-or-2006-Drive-Time-lost-in-Class-action-lawsuit-426376. 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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#1 Consumer Suggestion

Drive Time is not related to Drive Financial.

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

Before anyone writes they should do their research. Drive Time at one time was called Ugly Duckling and God knows what else. A new approach creditors are now taking is if their debtor does not pay on the deficiency balance for whatever reason they will issure 1099's which the IRS considers income so if anyone is expecting a refund guess what?
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#2 Consumer Comment

I agree that they are one of the most awful customer service around BEWARE

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

I would love to see these creeps pay!!! They have taken out of my bank account when not authorized... causing 700.00 overdraft. and said vile things to me on the phone. Is this legal? I have asked for years (2) to be able to access my account history on line. They will not let me on line to see my history, keeps saying they cant help with the on line program, and my account mite not be registered LOL... I dont know how to get around the program , and still can not access my history. Can u suggest anything? I need help from someone. I am at their mercy.
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#3 Author of original report

Not confused here!!

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

Just to let you know I just received a 3rd !! 1099c from drive time now showing a zero balance!!! Called them and said per court order this is desolved.

Not confused here... This was and will always be off my credit report. Also, I own my own business and I know all the guidelines and laws on how to remove & dispute inaccurate information from credit report. I have been very successfull and plan on staying that way!!!
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#4 Author of original report

Not confused here!!

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

Just to let you know I just received a 3rd !! 1099c from drive time now showing a zero balance!!! Called them and said per court order this is desolved.

Not confused here... This was and will always be off my credit report. Also, I own my own business and I know all the guidelines and laws on how to remove & dispute inaccurate information from credit report. I have been very successfull and plan on staying that way!!!
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#5 Author of original report

Not confused here!!

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

Just to let you know I just received a 3rd !! 1099c from drive time now showing a zero balance!!! Called them and said per court order this is desolved.

Not confused here... This was and will always be off my credit report. Also, I own my own business and I know all the guidelines and laws on how to remove & dispute inaccurate information from credit report. I have been very successfull and plan on staying that way!!!
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#6 Consumer Comment

Confused...

AUTHOR: Been There Done That - (U.S.A.)


So whats your complaint that you received a 1099 or that you received 2? You SHOULD receive a 1099 if they cancelled the debt and this will be treated as income for your taxes for the year it was forgiven. There are only a handful of reasons why you would not pay taxes or not receive a 1099c, refer to IRS publications on "cancellation of debt". So I still dont get why you think they will audit you and what the issue is its a simple issue of an explanation if you do and file an amended return for 2006. I had the same thing happen to me I forgot to account for some debt in the same way and I received a letter from IRS for a 2006 1099c in October 2008 where they asked for the additional money and I gladly paid. I OWED IT! Settlement money has nothing to do with a 1099.

Also the contradiction I dont understand is you say its "off" your credit report. Cancelled debt is not removed from the reports and WILL be reported as such on your credit report with all the consequences associated therewith. I'd check to make sure you understand what truly happened.
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