- Report: #1265491
Complaint Review: ECAST SETTLEMENT CORP - New York New York
Reported By:
William -
Rancho Palos Verdes, California, USA
Submitted:
Updated:
-
Author Not Confirmed
Why?
ECAST SETTLEMENT CORP
383 Madison Ave New York, 10179 New York, USA
Phone:
8006951313
Web:
N/A
Categories:
Business Rating:
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ECAST SETTLEMENT CORP ECAST Settlement Corp allegedly sent me a 1099 in the year of 2011 for a Forgiveness of Debt in which I never received via mail, telephonically or email. IRS now stating I owe $8830.00. New York New York
To Whom It May Concern at Rip of Report Team,
ECAST Settlement Corp is the company in question. They allegedely sent me a 1099 for a Forgiveness of Debt in the year 2011 according to correspondence I received recently from the IRS.
Due to this questionable and fraudelent activity has adversely affected my taxable income for the year of filed taxes in the year of 2011 from 51,000.00 to 60,000.00 which is a $9,000.00 difference.
The IRS is now stating that I owe $8,830.00 due to this very questionable and fraudulent activity by ECAST Settlement Corp whom I never heard of, nor did I receive this 1099 that they allegedely sent to me which I did not receive via mail, emali or telephonically. I attempted many times at least 4-5 times to contact someone at their office at the following numbers, 212-272-1000 or 800-695-1313 and to no avail I'm being told I have the wrong number.
This sounds like it's a fraudulent company in the business of scamming people to file phony debts for money. I have left several messages as well with no return phone calls. I would like to have this company investigated for fraud, asap.
Thanks for your time and attention to this matter.
Respectfully,
2 Updates & Rebuttals
anon
new york,New York,
United States
Valid Cancellation of Debt
#2General Comment
Wed, March 14, 2018
eCAST is a valid company. They purchase accounts which are involved in bankruptcy. If a 1099C was issued, it's because your Bankruptcy was DISMISSED and you failed to do the responsible thing by following up on this creditor to resolve the debts you owed.
See, when your case was dismissed, you became personally liable again on the the accounts listed in your bankruptcy. It was YOUR responsibility to contact your creditors to resolve the debts after your dismissal. The Statute of Limitation dictates how long a creditor can request for payment. The reason why you received that 1099C is because they never received any funds from you and had to write off the debt due to the statute; therefore, by FEDERAL LAW, they were REQUIRED to report the written off balance to the IRS.
Do you really thing not paying your debts wouldn't have a repercussion? It's considered taxable income because that's the money you had and should have paid your creditors. Bottom line, don't neglect your responsibilities!
Jim
Florida,USA
The Process
#3Consumer Comment
Wed, November 04, 2015
When you walk out on a debt, whatever amount which may be written off by the creditor IS considered taxable income by the IRS. The creditor MUST send you a 1099 for this amount. In other words, all they do is send you the 1099. You say this is a scam. OK, lets say it is a scam. If all this company did is send you the 1099, how did they profit from that?
I have a feeling there's much more to this story.
