• Report: #715364

Complaint Review: Ecast Settlement Corporation

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  • Submitted: Fri, April 08, 2011
  • Updated: Thu, January 31, 2013

  • Reported By: Lea — Valrico Florida United States of America
Ecast Settlement Corporation
383 Madison Avenue New York, New York United States of America
  • Phone: 1-800-273-9270
  • Web:
  • Category: Lawyers

Ecast Settlement Corporation Received a 1099C. Wow earned income, but didn't see!!!!! New York, New York

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

*Consumer Comment: Contact the IRS

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I phoned Ecast to find out why I had received a 1099C.  She said because I owed Bank of America and they charged off the debt in November of 2010.  I said I don't owe BofA and she said in 1993 I had a credit card in bankrupsy I  did file for bankrupsy in 1997, but had it dismissed the next month.  I have now claimed the $2,296.59 on my income tax return, but feel I should not have claimed income that I know nothing about.  Is this a new loop hole for debt collectors?   Is there anything I can do about it now incase it happens in the future? 

This report was posted on Ripoff Report on 04/08/2011 06:34 AM and is a permanent record located here: http://www.ripoffreport.com/r/Ecast-Settlement-Corporation/New-York-New-York-10179/Ecast-Settlement-Corporation-Received-a-1099C-Wow-earned-income-but-didnt-see-Ne-715364. 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

The IRS told me to...

AUTHOR: DebbeB - (United States of America)

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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#2 Consumer Comment

Contact the IRS

AUTHOR: Robert - (USA)

Contact the IRS and file a formal complaint about these bozos and the 1099C.  The 1099C absolves the debt and makes the amount of the creditors ACTUAL LOSS impuned income for you.

When a junk debt buyer purchases the debt they may file a 1099C if they forgive the debt BUT the AMOUNT on the 1099C MUST BE THE AMOUNT THEY PAID TO PURCHASE THE DEBT (in other words: their ACTUAL LOSS), NOT THE AMOUNT OF THE DEBT THEY PURCHASED.

Simplified example:   You owe Creditor A $10,000.  Creditor A sells your debt to partially offset their losses (this is a common business practice.)  JDB purchases your debt from Creditor A for $500.  JDB can file a 1099C for the $500 they paid to purchase the debt.  They CANNOT lawfully file a 1099C for $10,000.  If the do, they are violating IRS regulations.  There are exceptions, such as mortgages and such, and the IRS can explain to you what the exceptions are.

You can check with the IRS or an attorney.

Good luck.
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