Publicly Traded Debt Collectors That Rape And Pillage Consumers Part 2

Robert Friedman

Location: West Haven, Connecticut, USA
Birthday: August 25

Title: CEO
Company: StoptheCallsFast.Com

Bio: I have spent the major part of my business career in financial services. Some years ago I hit a "stone wall" and due to that adversity I honed a whole new set of skills which now enables me to help others who are victims of financial scams or who have fallen on hard times.

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MAY 21, 2010 2:25PM

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In this installment I will cover the activities of 2 of the 4 publicly traded junk debt buyers: Portfolio Recovery Associates (NASDAQ-PRAA) and Asset Acceptance Corp(NASDAQ-AACC) Portfolio Recovery Associates is probably my favorite for having the most chutzpah. They furnish consumers with 1099’s if they cannot collect a debt so they can have a tax write-off [...]

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Debt buyers who issue 1099-C's do not receive any type of tax advantage by doing so. The 1099-C's are issued simply because debt buyers are required by IRS regulations to issue them if an account has not been paid in full, and any one of several conditions outlined in IRS regulations has been met. These regulations are at 26 C.F.R., Sections 6050P-1 and 6050P-2. Generally, cancellation of a debt or a portion of a debt is considered by the IRS to be income to the extent not paid, none of which accrues to the debt buyer.