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1099-C from Credit Protection Depot

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I had a (illegal) loan from MyCashNow which I ended up paying principal only as it was tribal. It was being "serviced" by Credit Protection Depot and I made the last payment about 4 months ago. The total principal I paid was $1380.

Today I received a 1099-C for Cancellation of Debt from Credit Protection Depot. They're basically reporting it to the IRS as a cancelled debt of $1380 and I'm supposed to declare this as income.

Any suggestions? The debt was not cancelled...I paid it.

first send the IRS everything regarding this debt.btw mycashnow is based in canada,and not tribal.however that still makes it an illegal lender,and cpd is a bottomfeeder deluxe.another btw did you get anything as far as letters,or anything in writing from cpd?so basically again send the IRS everything.payments made that total dygress this is why i never advise paying anybody without them validating the debt as again an illegal lender,and a complete bottomfeeding pile of collection shit.

Sub: #1 posted on Mon, 03/10/2014 - 18:00

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15511 | Credits: 1357.03)

I have plenty of communications with them both ways including confirmation of the payment arrangement for principal only, monthly statements, copies of moneygram payments, etc.
I was thinking when I originally incurred that debt it was still tribal, I know they're Canadian based now. I could be wrong though.


Sub: #2 posted on Mon, 03/10/2014 - 21:51

diggerg diggerg

(Posts: 70 | Credits: 8.04)

they were never tribal,but again being based in canada they are still as said before send everything to the IRS and report cpd.what they did was wrong and illegal.they can't claim that as a deduction because it wasn't cancelled it was paid by fact cpd could be in hot water for this.make sure you don't pay,but cpd does.

Sub: #3 posted on Mon, 03/10/2014 - 22:27

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15511 | Credits: 1357.03)

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