Posted on: 20th Feb, 2012 11:52 pm
Hi there…, to my surprise, I received a 1099c form from Chase because of cancellation of debt. The fact is that I did not settle or pay anything to this card. In order to check out the matter, I pulled my credit report and the balance shows as the full balance. So, why did I receive the 1099c form? Also, I found that my Mortgage which was completed in Oct 2011, does not show on my credit report. What’s going on?
Hi Nelson!
Welcome to forums!
Unless you settle the debts or your debts are forgiven by the lender, you shouldn't receive the 1099c form. You should contact Chase and ask them to clarify the matter. In case, they say that the debt has been forgiven, then you should ask them to update the credit report with the current status of the account. As far as the mortgage is concerned, you should contact your lender and check out the matter. You can even contact the credit bureaus and ask them to clarify the matter as to why your credit report does not show the paid off mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless you settle the debts or your debts are forgiven by the lender, you shouldn't receive the 1099c form. You should contact Chase and ask them to clarify the matter. In case, they say that the debt has been forgiven, then you should ask them to update the credit report with the current status of the account. As far as the mortgage is concerned, you should contact your lender and check out the matter. You can even contact the credit bureaus and ask them to clarify the matter as to why your credit report does not show the paid off mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome Nelson,
I agree with Sussane. You shouldn't have received the 1099c form as you haven't settled your debts. As Sussane has suggested, contacting your lender is the best option in this regard.
I agree with Sussane. You shouldn't have received the 1099c form as you haven't settled your debts. As Sussane has suggested, contacting your lender is the best option in this regard.
Why was your debt canceled? That is an individual matter, and your only answer would be from the lender. If you are still paying, then the cancellation was in error and you should report it to the lender, not only to avoid being unfairly taxed, but also to make the lender aware that someone may be making accounting entries without authorization.