Complaint Review:
ECAST SETTLEMENT CORP
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.
6 Updates & Rebuttals
Maria
Rockford,Illinois,
USA
Atty General and ECAST
#7Author of original report
Sat, February 02, 2013
Thank you for the information. Now my question is, Did it fix the IRS issue?
DebbeB
Winthrop Harbor,Illinois,
United States of America
The IRS told me to...
#7Consumer Suggestion
Thu, 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!!!!
Maria
Rockford,Illinois,
United States of America
ECAST
#7Author of original report
Thu, 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.
MovingForward
Palm Beach Gardens,Florida,
USA
Get a copy of your BK from PACER
#7Consumer Comment
Thu, 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.
Maria
Rockford,Illinois,
United States of America
E-CAST
#7Author of original report
Wed, 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.
MovingForward
Palm Beach Gardens,Florida,
USA
Check with a CPA
#7Consumer Comment
Wed, January 23, 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.