what if I told you that your debt may already have been cancelled and the proof is sitting with the IRS right now most people have never heard of the IRS forms 1099A 1099 C or a 1099 OID but these forms could be the key to discharging your debt completely okay in this video I'm going to be breaking down what these forms mean how to get them and how to legally use them to challenge collections and clean up your credit okay uh so let's get into it not only am I going to be talking about challenging collections but challenging debt using this as an aspect to discharge debt as well but also at the same time prove the certificate of indebtness okay so if you're brand new make sure to like the video you like the video you put that investment into me it's completely free i'll continue to drop more bangers for you guys number two if you're brand new and you've watched multiple videos by me or you're from Instagram or something like that subscribe to the channel you dig me if you subscribe to the channel I know that this is something that everybody wants to be pushed out there and also share the video if you got a friend a friend a a family member that wants to learn more about this or you're trying to explain it to them instead of trying to explain it to them yourself send them to my video you dig me so once again thank you guys for watching this and let's dive straight into it okay let's talk about the basics okay what a 1099A is what a 1099 C is and what a 1099 oid is okay got the oid up but let's just go straight to the 1099A so this the 1099A form essentially it's the acquisition or abandonment of secure property the form 1099A is used when a lender repossesses or forecloses on a property and it tells the IRS that the property was either abandoned or acquired usually due to a loan default okay then we dive into the 1099 C which is the big one I would say if it is filed then that meant that the lender cancelled or forgave your debt meaning they wrote it off as a loss and reported it to the IRS it's very interesting that it means that they canled or forgive forgiven your debt and people talk about loan forgiveness and things of that nature not knowing that this is how they forgive loans all right then we dive into the 1099 oid which is the original issue discount and the original issue discount some believe it is used when your promisary note is monetized or sold and the bank collects a financial gain off of it okay essentially monetizing your promisary note using a 1099 oid so here's the key point if a lender files a 1099 C it means the debt has been discharged for tax purposes so the question that you'll ask yourself is why are they still collecting from you if they discharge the debt if you see charged off on your credit report then that means that they file the 1099 C okay but you can also argue on the aspect of a 1099A where it talks about acquisition or abandonment of secured property when they sold your mortgage or uh when they sold your sec your your promisary note they essentially abandoned it okay you can argue that as well but we're about to dive into to more key points of how the lenders use the forms to their advantage all right now before we dive into that let me tell you guys how to get these okay you can go to the IRS website IRS.gov i mean and you can go to uh forms and instructions list all current forms and instructions and you can literally find let's see if I can just type it in $1099 you can find these forms on the IRS website just go to forms and instructions type $1099 and you can pull it up here okay if you want to order these forms all you have to do is come down here click order forms and publications okay and you can do a online order or you can go to forms and publications by US mail click order tax forms and you can order up to 20 for each form and you put your quantity i mean look boom type in $10.99 boom i mean it's not legal advice all right all right it's not financial advice i wouldn't tell anybody to do this without doing their due diligence you know I mean but you can come here hold on let me refresh you can come here type this in okay i don't know why when I type it in it's not pulling up but refresh one more time so scratch that out you actually go to order forms and publications then you want to do online ordering for information returns and employer returns and I want to highlight that you can now do the e file with the IRS okay um and it says you can do this for 1099 A's 1099 C's 1099 DIV 1099 oids so on and so forth okay but you can also order these as well if you want a direct form uh click here to order forms and instead of 20 forms you can actually order a 100 per item and then you come here you search 1099 it'll pull up 1099 A$ 1099 B C blaz blah okay you put your quantity and you go ahead and order it now again before you do all of this make sure you understand how to use this so you don't just have a bunch of forms and you don't use them i'm not going to lie that was one of the first things I did i ordered a 1099 and I didn't even know what to what to do with it or as a matter of fact I just learned how to do the e file and now it's just more convenient for me but if you like to actually write it down go ahead and come here and you can order it online for free you dig me this is not no mystique no mysterious thing people would charge you to do this but again you can go online and find this or as a matter of fact you can eile on their website now I didn't even know this okay other aspects to eile there's 1099 online.com you can eile it there as well so again if the IRS is doing it then you can pretty much do it as well all right now let's just talk about how lenders use this form as an advantage okay here's what they don't tell you the lender might write off your debt claim it as a loss using a 1099 C and then they get a tax break not only that but they then sell the charged off debt to a collector who tries to collect again which is called double dipping all right the third thing is if they file a 1099A it usually means they already took the asset so the debt should be considered settled and in some cases they also create money using promisary notes and report it as oid income to the IRS so the thing is they got paid no matter how you spin it no matter what form they filed they got paid and the question is why are you still paying and this is what we're about to go ahead and and challenge right here so here's how we're going to use these forms to discharge debt okay and dispute it but before we get into that there's a couple ways that you can look at this okay if you if you look at it in an aspect of there are people who will say you know you cannot only the lender can fill out these forms that's a great point depending on how you look at it yes you cannot file these forms yourself all right contrary to to to uh some of my teachings my early teachings is the fact that you can file these forms yourself but there's an argument that you wasn't the lender okay so you have to go about it differently okay so let's we're going to talk about how to go about it if you are not considering yourself as a lender and I may do a separate video um for the vice versa but I'll give you guys a brief for this video but let's act as if you aren't the lender and you want to utilize these forms to discharge your debt okay back to what I said before a lot of these forms mon either monetize settle the debt so on and so forth okay so let me walk this through on how to be able to use the things that they have done to your favor if you see something that's charged off this is what you want to challenge and this is what you want to contest the first thing that you want to do is you want to ask the lender the IRS or the debt collector if a 1099 C or a 1099A was issued in your name okay because if it was issued in your name you can also request your IRS transcript to see if anything was filed without your knowledge see the importance of the truth of lending act is the fact that they must inform their your they must give you all information about your credit so if they filed something on your behalf such as a 1099 C they should notify you of it you hear me so then we go to step two okay use 1099 C as proof of discharge all right if they cancel the debt include the 1099 dispute letter under 15 USC um 1692G under the FDCPA all right if they file the 1099 C you want to send this to them and essentially ask them if they have a legal legal standing or a legal right to collect on the debt if they already discharged it okay if anything is charged off it was literally settled so are you guys the holder in due course okay do you guys have legal right to collect on the debt you dig me you made your money so what are you coming after me for then if it goes to a debt collection agency you just show them the evidence of discharge that's all you need to do it wouldn't be an aspect where you file another 1099 C you file a 1099A so on and so forth no that's not something needed if it was already charged off now I'll be open and honest usually it takes a a certain amount of time to get a debt discharged it would take you defaulting on their end and then them seeing that you're not of uh uh you're not going to actually pay your debt then they'll discharge it okay so this this route is if something is already charged off okay but it doesn't change the fact that you can request it to be charged off all right so if it's charged off you want to basically challenge the debt you want to challenge the validity of the debt because if it was charged off then the debt is not considered valid all right under the FDCPA you're essentially going to be asking them if they are the holder in due course you're going to be asking them to provide uh informed information about your credit if it was discharged so on and so forth okay and they must prove it to not be if they prove it to be then you can use that information to number one you know settle on the debt and then stop debt collectors but also number two you can send this to the credit bureau so this is when we dive into filing a credit dispute okay if they're still reporting a discharge debt to the credit bureaus dispute it under the 15USC1681S-2 and attach the 1099C and demand immediate deletion so we dive into 15 USC1681S-2 and this is the responsibilities of furnishers of information to consumer reporting agencies okay so essentially he's going to break down the duties of the furnishers of information to provide accurate information okay reporting information with actual knowledge of errors okay so a person shall not furnish any information relating to a consumer to any consumer reporting agency if a person knows or has reasonable cause to believe that the information is inaccurate okay a person shall not furnish information relating to a consumer to any consumer reporting agency if the person has been notified by the consumer at the address specified by the person for such a notice that the specific information is accurate and if the information in fact is is inaccurate okay so once you put it out there that you believe something to be inaccurate they must do some proper procedures before they can continue to report this information and then once they find out that it was inaccurate and in inaccuracy means that it must be 100% accurate okay it must be 100% valuable to the consumer then in fact any and every information can be taken off your credit report okay another thing I want to just go ahead and highlight too is when you scroll down a little bit down this subsection one of the things that it was talking about was the reporting okay it talks about what should be reported okay but I want to just go straight down to this exception right here it says clause two shall not apply with respect to a credit obligation or account of an of a consumer that has been charged off okay so this is very specific information under the Fair Credit Reporting Act under 15USC1681S-2 and all you have to do is attach that 1099 C to your former dispute letter and demand immediate deletion okay it's best when you kind of have this kind of ammo to push for deletions to come much faster but if you don't I mean doesn't change the fact that you can challenge it too okay you also may be able to argue fraud or unjust enrichment especially if they took a tax benefit and still trying to collect from you these are the things that you want to take notice of these are the things that you want to challenge these are the things that you want to uh uh uh uh ask them about directly so that you can hold them accountable to it because if they are doing things improperly and you know uh uh fraudulently these are things that essentially cannot be uh uh uh treated lightly in court okay and you have a right to challenge any and everything all right so then I want to talk a little about the 1099 oid and the more advanced angle of challenging now this part is for people who is willing to do the deep research the people are willing to do their due diligence the people who who want to go more of a aspect of challenging the debt further and you know for some people are looking to get recruitment now again I'll say this again it requires deep research deep research that I'm not going to put all into this video okay some people believe that the banks file 1099 oids to report gains made by using your promisary note as an asset if it is true it supports the idea that you created credit and the bank profited without lending you anything of value so I'm not saying that this is guaranteed but it's a concept worth looking into if you want to understand how money and debt actually works and I'm going to I said I wouldn't do no deep research but I'm going to tell you pretty much from my angle and how you can essentially challenge it yourself one of the questions that you may ask okay can you file well I asked in the beginning was can you file that 1099 C or that 1099A yourself it'll say no the lender only can do that okay or a creditor can and they'll say that you're not authorized to to uh file a 1099A or 1099 C unless you are the lender or the entity that acquired or cancelled the debt okay so if you decide to do this and you don't understand your legal premise then you can be put in a position where there could be IRS penalties for fraudulent filing or IRS audits okay and potential criminal liability if you knowingly file false forms under title 26 of the US code so I bring this up not to scare you okay but I bring this up so that you will not just do this on the premise of I have these forms and I can do that but I want to bring clarity around if you decide to go this angle where you start to file these forms yourself it's best if you understand the angle and direction that you must go towards it's very similar to the angle that I talked about when it comes to 1099 oids and when it comes to the challenging the uh uh creditor on who actually created credit now once again this is not legal advice okay this is not financial advice okay these routes that I'm talking about will always be harder than actually paying your debt okay or just letting it get charged off okay if you decide to go this route just know you got to have a very deep understanding and do very deep research in order to understand and and substantiate your claims okay so before you do this make sure you do your due diligence before I talk about the angle that I would take make sure to like the video also subscribe if you're brand new man so I can keep dropping more bangers and tap in with your boy man comment down below all right if you guys experienced this drop down in the comment section your experiences you dig me so the the alternative way okay and I'll talk about this in a second is you know challenging the consideration okay so one of the questions that that I typically will ask okay so based off what we know about the truth and lending act what if you argue that you were the lender what if you what if under the truth of lending act it says that you're the creditor okay because under the truth and lending act the creditor under the law and this is for my people who haven't looked at my other videos where I talk about the truth and lending act okay when you look at 15 USC6002 it says the term organization means a corporation government governmental subdivision agency trust estate partnership cooperative or association but then we dive into the term person okay person means a natural person or an organization okay then we dive into the definition of credit which means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defers payment then we dive into the term creditor refers to only a person okay now in the truth and lending act it says that the term person means a natural person or an organization it doesn't say that a person is a just an organization it says it's a natural person as well so it has to be either or in order to be a creditor in order to extend creditor you have to essentially be a natural person or organization this is also backed up by modern money mechanics this is also backed up by the Federal Reserve Act okay because banks do not lend money okay is also backed by 12 USC 1431 where it says that their duty is to borrow and give securities okay so we understand that they're not loaning us money on that fact but then if you go to the truth of lending act which is what they must follow which is the truth in lending it also says that they are not the creditor it says that they're an organization okay so they can't be a creditor if they're not a natural person now this doesn't necessarily mean that that's what the truth of lending act is saying but if you interpret it that way and you use this as a direction of your argument then they cannot they cannot like deny what you are reading okay now this may be more of a legal theory so obviously do your due diligence and make sure you are challenging them accordingly but the the question is if my promisary note funded the loan doesn't that make me the real lender creditor under the truth and lending act okay because of what the truth and lending act says you can essentially argue that boom I signed a promisary note which is a negotiable instrument that note was then monetized deposited or used to create funds so essentially the bank used your signature your credit to fund the transaction so therefore you're the source of funds which means that you're the real lender or creditor okay these are this is public information that not that you should know but the banks 100% know okay so this has grounds in law in banking practice because under the Federal Reserve manual okay modern money mechanics it says that banks do not lend money and when banks make makes a loan it accepts a promisary note in exchange for credits to the borrower's transaction amount okay the borrower creates the credit the bank records the loan as a bookkeeping entry and no actual money is lent only a credit is created using your signature so without your signature you can argue that if the bank never really risked or lent anything of substance and only processed a credit based on my note and then provided then I then you provided the only real consideration that essentially makes you the creditor okay the truth of lending act try to make definitions tricky because it will it will define uh a creditor as someone who regularly extends credit and is is the party to whom the obligation is initially payable okay and legally the note was payable to the bank even if you created the value behind it and they will argue that you're not in the business of lending credit the bank is okay here will be your counterargument the promisary note was deposited and treated as an asset by the bank and if they created the funds based on my credit and never disclosed that I was the actual source of the loan that's a truth and lending violation due to non-disclosure of material terms so you could also argue that there was no meaning of the minds you never told me that you and I that I loaned you money okay you never help me understand that number two you can also argue that the lender misrepresenting the nature of the transaction and number three under contract law there must be full disclosure and lawful consideration from both sides in order for it to be a valid contract okay so the strategy that you would use to essentially you you will have to essentially claim the creditor status in court and essentially use this argument to uh uh uh uh number one challenge the legitimacy of the loan under the truth of lending act number two force the lender to prove the funding source and give full disclosure number three you can argue that there was material misrepresentation of this transaction number number uh uh five you can demand recision under the truth lending act within three years for certain loans and lastly you can combine it with the UCCC claim 3-305 or 3-603 to argue no valid contract exist okay so the aspect of you may not be the creditor by truth and lending's technical definition but if you funded a transaction then morally and materially you acted as one okay that's the core of your argument and the truth and lending act was violated because the bank never disclosed that you were the real source of value now I can dive a little bit deeper but this is the part where you kind of just do your due diligence and you check this out for yourself because they're going to they're going to challenge you on these things and I typically you know tell people to uh become very wellversed in these things so that you're not in a position to where when these when this stuff starts to happen you guys don't know how to uh uh challenge these banks okay so essentially there's multiple strategies that you can go about utilizing a 1099 okay just to kind of go back to it okay you you can either go this route which requires deep research or you can go in the aspect of if they already did it boom you can request copies of that 1099 that 1099 C okay from the lender and the IRS you can use that information as evidence of a discharge that's all you need is evidence of a discharge through debt validation letters through FDCPA disputes through credit reporting and disputes through court responses and if a creditor sent a 1099 C but is still collecting that's grounds to argue unjust enrichment double recovery and fraudulent collection practices okay so you have to uh challenge them on these things using debt validation using UCCC 3-603 uh requesting for full accounting and contract under the truth and ling act and enforcing the discharge through IRS reporting forms if it is available so these are the things that if you have a clear understanding it doesn't matter where you're coming from if you're coming from the aspect of they already did it that's making it even easier when people tell me that things are charged off I I am so happy that they told me that because the job was already done you don't have to submit another 1099 if it was already charged off okay if it's already sent to collection you don't have to submit a 1099 but if you do decide to submit a 1099 you have to come from that angle that I just stated where you are proving the grounds of you being a creditor okay so now we're coming to the end this video is getting pretty long and I may do a part two to this video so if you have any questions put it down in the comment section down below okay so my question is uh uh if you've ever had a debt discharged canceled or repossessed you want to make sure you get your 1099 forms and they essentially may be the proof you need to shut the door on any debt that you have okay again it's not legal advice but you should be if we're in the same frequency then you're getting what I'm you're getting what I am putting down whatever that phrase is okay so if you want help writing your dispute letter for these forms down below check out the complete debt guide okay you can go anywhere else to we'll talk about another platform where they'll help you as far as debt validation and stopping debt lawsuit but if you want to understand how to do the 1099 how to be able to challenge them through the administrative process all of that is in the complete debt guide for only 47 bucks as I continue to make these videos and I start to add more resources to my complete debt guide uh I can't say that that that it won't end up going up all right i just had to be completely honest because the more work and the more effort I put into this complete deck guy the more I'm understanding the value and really wanting more serious people to uh tap into it because yeah people look at 47 bucks and just you know yeah that's that's all but they don't take the info serious so if you want to take the info serious then I would take advantage of that $47 offer now okay and this is specifically for my debt discharge people my debt validation people people who want to understand debt more number two if you want that one-on-one coaching for uh fixing your credit removing these charge offs these negative items off your credit report go ahead and tap into my one-on-one mentorship my one-on-one mentorship is geared towards fixing your credit and positioning your credit file to get up to a h 100,000 or more in funding if you have debt that needs to be discharged or that's something a route that you want to go tap into the complete debt guy for only 47 bucks okay don't you don't apply for my one-on-one mentorship and then ask me a million and one questions about discharging and sovereignty and private and this that and the third i'm going to tell you over the phone straight off the bat hey look this is not the call for that okay number three if you need help responding to a debt collector when it comes to a lawsuit if you want to do the debt validation process but you don't want to learn how to do it tap in with Solo Suit down below solo Suit will literally do the work for you and all you do is pay a upfront fee okay and then lastly if you want to connect with me on a more consistent basis check out my Instagram down below at biz.nick okay i post daily content um that's more of a personal connection if you tap in there then you'll be able to see me on a consistent basis and be able to get updates when I post a new YouTube video and my last question is have you ever seen a 1099 C or 1099A connected to your debt if so drop a comment and share your experience remember to like subscribe turn on the post notific turn on the post notifications and leave a comment all right tap in with your boy let's connect down in the comment section cuz I've got more videos that's going to help you fight back and win your freedom and that's what it's all about becoming free of this matrix okay appreciate you guys for watching i love you guys and I'll see you next time