Triad Financial Corp
Triad refused to correct $ Amt on Form1099-C/Cancellation of Debt reported to IRS

I have had nothing but nightmares dealing with the Accts Payable Dept. I had an auto loan with them that I wanted to pay-off due to loss of employment. Spoke with one of their cust. Service associates requesting a payoff amt. They informed me that it would be bal. Of loan in amt. Of $9,201.29. I informed them that I had $8,500.00 and would they accept this amt. For payoff less interest. They accepted this amt. Without informing me that the difference of $701.29 would be reported as "cancellation of debt" to credit reporting agencies! To my surprise when I applied for a small loan this was on my credit reports! Was told this was just about as damaging as a repossession. This was done back in 2006 and I thought it was done.in 2007 I had received a copy of a 2005 Form 1099-C "Cancellation of Debt" for the amt. Of $9,201.29 reported to IRS. Made several attempts to contact someone to correct this but their response was that is correct amt. Shortly afterwards I receive notice from IRS they were taking action against me for not reporting this on my 2005 Return as non-taxable income! Immediatly contacted IRS Agent, sent copies to verify amt that Triad had received as pymnt. I am now having to pay tax on $9,201.29 plus penalties because Triad will not fix their mistake. After 5yrs have no idea if/when I will ever get this paid! Don't know who to contact or where to go for help!

Company: Triad Financial Corp
Country: USA
State: California
City: Huntington Beach
Address: 7711 Center Ave, #100
Phone: 7143738300
Site: triadfinancial.com

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