Chase asking for TIN (SS) 1.5 years after BK final

Discussion in 'Credit Talk' started by TripGemGem, May 5, 2008.

  1. TripGemGem

    TripGemGem New Member

    Greetings and thanks in advance for your help.

    My bankruptcy was final in January of 2007. I received two letters from Chase today asking me to fill out and return W-9 forms (I had two accounts with them). The letter states Chase is required by law to obtain taxpayer identification for accounts that are subject to IRS reporting. My assumption is they are going to report my old debt to the IRS as income?? The debt is from 2005. Is this something I should lawfully respond to or are they fishing?

    Thanks again,
    Trip
     
  2. flacorps

    flacorps Well-Known Member

    Seems innocuous enough, and your noncompliance could perhaps be used an excuse for their (intentional) erroneous reporting.

    If you want to cover yourself, include a copy of your discharge and a cover letter just saying you trust that any use they make of the W-9 forms will be in accordance with the permanent injunction.

    There's an interesting article called "Prisoners of Debt" that you can Google up ... they're all sneaky.
     
  3. ccbob

    ccbob Well-Known Member

    Um.... Don't they have your information already from when you applied for the card?

    This sounds suspicious.

    I mean if you called up and said you forgot your account number, they would ask for your SSAN. So, how would they know you were you if they didn't have it already?

    I wouldn't trust Chase at all....
     
  4. Hedwig

    Hedwig Well-Known Member

    The W-9 isn't because they don't have your SSN. It's for tax reporting. It makes you certify that the number you give belongs to you and you have to certify if you are subject to backup withholding or not.
     
  5. TripGemGem

    TripGemGem New Member

    Thanks all, great advice.

    Hedwig.... Can you expound upon your comment "you have to certify if you are subject to backup withholding or not".

    Thanks
    Trip
     
  6. Hedwig

    Hedwig Well-Known Member

    Backup withholding is when you haven't filed or paid taxes, and the IRS requires withholding from all dividend and interest payments. Most people are not subject to backup withholding.

    When you fill out a W-9, part of the certification is that you are not subject to backup withholding. If you are, you are required to line out that part. The IRS would let you know if you were subject to it. They notify anyone who has reported interest and dividend payments. But after they subject you to backup withholding, if you open new accounts you must let them know that you are subject to the withholding so they will withhold the amounts and send it to the IRS as a payment.
     
  7. TripGemGem

    TripGemGem New Member

    Thank you! I'm not subject to backup witholding, never heard of it.

    I noticed the Certification Instructions state that if I have 'cancellation of debt' I am not required to sign the form but I am required to provide my SS number the requestor (Chase in this case)

    My new question is... WHY is Chase asking for a W-9 form to be filled out? Is it protocall, or are they (which I don't think is correct) going to report my cancelled debts from 2005 to the IRS as income? (Creditors and debt collectors screwed with my head in 2006 and I'm may be a bit paranoid, to say the least.) The only time I have filled out W-9's is when I take a new job. Never for a credit card company.

    Thanks again,
    Trip
     
  8. Hedwig

    Hedwig Well-Known Member

    You fill out W-4s for a job, not W-9s.

    It probably is because of the new debt reporting requirements. I'd do as flacorps says and include the discharge and a copy of the letter.
     
  9. TripGemGem

    TripGemGem New Member

    Ok, that sounds like a great idea, thanks all!

    Trip
     
  10. flacorps

    flacorps Well-Known Member

    Cadle company got popped for $750 a couple of years back for asking for W-9 forms from debtors ... "least sophisticated consumer" standard, yada yada.

    As far as I could tell, the purpose of Cadle sending the W-9 was to put something official looking into the debtor's hands that would imply some sort of IRS requirement that the debtor contact Cadle, which of course would put Cadle in contact with the debtor so that Cadle could press the debtor for payment.

    It's a ploy by the creditor, pure and simple (and an illegal one at that). They already have your social, you gave it to them when you opened the account.
     

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