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Nobody_U_Know2
Guest
I had a vehicle reposessed in 2002. I just found out last week that a collection company must have purchased the debt and sued me in 2004. I was never even aware this company even existed untill I recieved the garnishment of wages with my employer last week. So obviously I was never properly served, and because I was never invited to court they obviously won. And to top it off they won twice what the debt was originally for.
Now the kicker that I dont get. Yesterday I recieve a letter from the I.R.S. that I owe back taxes from 2006. The reason being is the original lender I borowed from filled a 1099-c cancellation of debt and forgiveness. I had to declare that as income in 2006 and owe for taxes of it. Plus penalties and interest with the I.R.S., which is fine and I understand. But wouldn't that mean that the collection agency would have to consider this debt as written off? How can they still continue to collect? I talked to the I.R.S. and they say that they can't... what do I do?
Now the kicker that I dont get. Yesterday I recieve a letter from the I.R.S. that I owe back taxes from 2006. The reason being is the original lender I borowed from filled a 1099-c cancellation of debt and forgiveness. I had to declare that as income in 2006 and owe for taxes of it. Plus penalties and interest with the I.R.S., which is fine and I understand. But wouldn't that mean that the collection agency would have to consider this debt as written off? How can they still continue to collect? I talked to the I.R.S. and they say that they can't... what do I do?