- Report: #1204879
Complaint Review: JPMorgan Chase Bank N A - Phoenix Arizona
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JPMorgan Chase Bank N A
201 N Central Ave AZ-1196 Phoenix, 85004 Arizona, USA
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888-271-9620
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JPMorgan Chase Bank N A Chase Auto Finance-NATL Recovery Group 1099-C report to Federal Government? Phoenix Arizona
This company says it is reporting to the IRS this write off of an old loan. At case bank itself they show no information on this loan from years ago? at one time I may have co signed for a loan for my daughter, can they do this? Is this a scam or a reputable company, we can not afford to be responsible fo income tax on over $31,000!
Beverly, Dallas Texas
3 Updates & Rebuttals
Robert
Irvine,California,
Legitimate Company
#2Consumer Comment
Wed, January 28, 2015
JP Morgan Chase is a legitimate bank, in fact they are the biggest bank by total assets. So if this is just a notice that a 1099-C will be filed with the IRS and it is not asking you to send a payment to them...it is not a scam. As at some point they have you on record as taking out a loan that you defaulted on.
But then the question comes where is it from? You say you may have cosigned for your daughter. Okay, have you talked to her? Have you inquired to see if she had any cars reposessed(either voluntarily where she turned it in, or they picked it up). If so and you were a co-signer you are responsible for this debt. The good news(if you can call it that) is that you will be taxed at your current tax rate. So if you are in a lower tax bracket such as the 10%, you only will owe about $3100.
Now, if your daughter has no recollection of any debt, you need to pull your credit report to see if there are any debts you don't recongnize. If there are you may be a victim of Identity Theft and will have to deal with that. If that is totally clean, you need to contact Chase. Instead of calling you may want to go into a branch where you can talk to someone face-to-face. They may not have all of the answers, but seeing the notice in person may get them to point you in the correct direction.
Striderq
Columbia,South Carolina,
Old debts...
#3General Comment
Wed, January 28, 2015
If the debt is "forgiven" or cancelled" then it is possible for it to impact your taxes. Any amount greater than $600 is reported and considered taxable income.
If this is fo an old car loan and for $31000, that would indicate the car was repossessed. Otherwise there should be no way the remaining debt was that large. Did you or you daugter have a vehicle repoed? As Katie asked, how were you informed about this? If phone call or email, I would tend to think it's a scam. If letter or Form 1099 , then speak to a tax professional ASAP to see what can be done. Good luck to you for a good result.
Katie
Seattle,Washington,
Need more info
#4Consumer Suggestion
Wed, January 28, 2015
If you co-signed for a loan that hasn't been paid off, they probably would have attempted to collect on the debt before writing it off.
Did Chase have any suggestions regarding it? Did you receive an actual letter in the mail? Or was this via phone or email? Did you ask your daughter if she has any info about it? Did they already have your personal info?
You & your daughter may want to check your credit reports for suspicious activity. Check the IRS website for info regarding tax scams.
