Just settled a debt, grill on remaining set off? I just settled a debt beside a collection agency, instead of 1900

I just settled a debt beside a collection agency, instead of 1900 i paid 850. I hold a settlement letter stating i am settling surrounded by full for this amount and it will show up on my credit report as such. Will this letter protect me from other collection agencies, if they get rid of off the remaining set off?

Also, they did not mention a 1099c. By law, i should be reporting this forgiven debt. when it comes time to do my taxes subsequent year, if i dont recieve a 1099c do i have to report it? should i report it anyway?

Any serve would be much appreciated.

Answers: It will still show on your credit report saying that you settled for "smaller quantity than the amount owed". Keep the letter. No other collection agencies should contact you presently. If they do, fax them a copy of the letter.

You should take a 1099. Even if you don't, report itwithin a year, the IRS will find out, then you settle up penalties and behind time fees, etc on not claiming that as income. So its cheaper to pay the taxes on it immediately.

By law you are protected next to that letter. Keep that accommodatingly. As regards the 1099 they hold to mail you one and if they dont it's their mistake and you cannot be penalize for it.