• Report: #997907

Complaint Review: ECAST SETTLEMENT CORP

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  • Submitted: Wed, January 16, 2013
  • Updated: Sat, February 02, 2013

  • Reported By: MB — Rockford Illinois United States of America
ECAST SETTLEMENT CORP
383 MADISON AVE NEW YORK, New York United States of America

ECAST SETTLEMENT CORP 1099-C NEW YORK, New York

*Author of original report: Atty General and ECAST

*Consumer Suggestion: The IRS told me to...

*Author of original report: ECAST

*Consumer Comment: Get a copy of your BK from PACER

*Author of original report: E-CAST

*Consumer Comment: Check with a CPA

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The IRS sent me a notice stating I received a 1099-C ($3,932) from ECAST in 2011 and did not report it. Hence, I owe IRS $3,708 after adjustments. I would like to know if there is someone out there who received the same IRS letter and what you did to fix the problem. Thank you.

This report was posted on Ripoff Report on 01/16/2013 12:44 PM and is a permanent record located here: http://www.ripoffreport.com/r/ECAST-SETTLEMENT-CORP/NEW-YORK-New-York-10179/ECAST-SETTLEMENT-CORP-1099-C-NEW-YORK-New-York-997907. 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:
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#1 Author of original report

Atty General and ECAST

AUTHOR: Maria - (USA)

SUBMITTED: Saturday, February 02, 2013

Thank you for the information.  Now my question is, Did it fix the IRS issue?
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#2 Consumer Suggestion

The IRS told me to...

AUTHOR: DebbeB - (United States of America)

SUBMITTED: Thursday, January 31, 2013

The IRS told me to call the Atty. General of NY, so you know there's a problem! Phone number is: 1-800-771-7755, everyone should do this because what they are doing is NOT legit. The company who you originally owed the money to is the only one that can 1099C you!!!!
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#3 Author of original report

ECAST

AUTHOR: Maria - (United States of America)

SUBMITTED: Thursday, January 24, 2013

No, I did not file for bankruptcy but your recommendation of sending ECAST a Debt Validation letter makes sense to me.  Thank you very much for your help.
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#4 Consumer Comment

Get a copy of your BK from PACER

AUTHOR: MovingForward - (USA)

SUBMITTED: Thursday, January 24, 2013

If you have a bankruptcy it will be on PACER. You can get a copy of your entire file from PACER and in that file will be the debt for which you filed bankruptcy. (If you didn't file bankruptcy, than that is a different thing.) Contact E-cast in writing - send them a "Debt Validation" letter. E-cast will have to tell you who the original creditor is and how much the debt was when they purchased it. You can then compare with your bankruptcy petition to see if that debt is listed on the petition. If it is, then contact your tax professional to file the appropriate form with the IRS.
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#5 Author of original report

E-CAST

AUTHOR: Maria - (United States of America)

SUBMITTED: Wednesday, January 23, 2013

Thank you for your reply.  My problem is that I do not know which debt was cancelled and if it's been discharged.  
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#6 Consumer Comment

Check with a CPA

AUTHOR: MovingForward - (USA)

SUBMITTED: Tuesday, January 22, 2013

E-Cast Settlement Corp is a junk debt buyer that usually purchases debt that has been discharged in bankruptcy. If they have filed a 1099-C for the debt you have successfully discharged, then you don't owe taxes on it HOWEVER you have to file the proper form with the IRS. That's why I said contact a CPA. I believe the form is 982, but could have the wrong form number so check it out with a good tax professional (not a part time tax preparer). Read publication 4681 from the IRS site to get additional information. Good luck.
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