Legal Question in Credit and Debt Law in Texas

Credit Account Sold

I had a credit card that was sold to a collections agency. Made a deal with the agecny to settle for a specific amount that was lower than what was actually owed. My paper work from the agency states ''... if arrangements are met then account will be considered paid.'' I was also told that I would not receive a 1099. Arrangements were met and I did receive a 1099. Do I have to state that money as income? Am I mistaken in my thinking that a second owner of a debt can collect on the ''settled'' amount? This all happened in May of 2008 and I have heard nothing from these people until today with receiving this 1099. What are my options or remedies?


Asked on 2/03/09, 6:46 pm

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: Credit Account Sold

you have a breach of contract case against the collection agency. find a lawyer. Good Luck.

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Answered on 2/03/09, 6:56 pm


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