Pinnacle Asset Group, LLC

We don't have to defend what the IRS clearly says - which is very simple. The IRS clearly indicates a current creditor has the right to issue a 1099-C on any forgiven or cancelled debt that it owns. All of this individuals complaints to the contrary do not change that fact. IRS.GOV has very helpful links to address various tax topics, as does another helpful website - creditcards.com. We would be happy to provide these links to the BBB as well, as we are not fabricating this information. That being said, we have no intention of contacting this debtor any further, as previously stated. This debtor is free to call the IRS to personally ask them about the legalities of 1099-C filings for any forgiven or cancelled debt (including interest) by any current creditor. The IRS will confirm a current creditor has every right to file a 1099-C on any debt that is cancelled or forgiven, including all interest. We would welcome her to conduct this due diligence as opposed to just making meritless threats. This is FACT and not opinion. Furthermore, any knowledgeable CPA or Tax Attorney familiar with the tax laws and 1099-C would confirm this as well, this is also FACT. Thank You and we do hope that helps to clarify the confusion.

This is in response to complaint ID ***.*** *** does have an account in this office ending in attached to his SS # that is subject to debt cancellation via 1099-C discharge.We are the creditor so we have the right to cancel any debt that is beyond the statute of limitations
Obviously the cancellation of any debt via 1099-C, once reported to the IRS, is a taxable event.The account balance including all interest, is $3,And yes a settlement was offered for $700, which was generous.There is no scam in cancelling a debt that is too old to take legal action againstIRS.GOV or any competent tax attorney or CPA could easily help Holly understand what a 1099-C is if she does not want to believe it is a legitimate form, as it sounds like she is unfamiliar with the formIn fact, we could attach a form 1099-C template for informational purposes if it would help.We see no point in calling again as it would not be worth the time to do so, especially with us being accused of being a scam, which is utter nonsenseThe *** phone number will not be called again.Hope that clarifies things.Pinnacle Asset GroupCompliance Department

This is in reference to complaint ID ***.It took some legwork to even figure out what account this was even in reference to, as the address on the file placed with us for this account is *** *** **, *** ***, ** ***, and NOT the *** *** ** address in ***, ** that Mr
*** provides in this complaint. (We hope this helps Mr***'s efforts to find the individual who committed the identity theft against him.)Our office tried to reach out for location purposes on 5/20/but were not able to make direct contact until receiving this complaint.We do not own this account, it was placed with us by a new client, we of course would have no way of knowing the back story here until reviewing this complaint.We still do apologize for any inconvenience.We have closed the file in our internal records as no call, no action statusBut seeing that we do not own the debt, we cannot be held liable for what the owner of the account will or will not do in the future, all we can do is notify them of the situation so that they take the correct steps to close the account on their end as wellWe never pulled a copy of Mr***s credit at any time, but we cannot know if the owner of the account has or has not.Hope that helps.Pinnacle Asset Group

Hello,
This is in response to complaint ***
The account the consumer is disputing originated from *** *** *** ***Original account number is ***Payments were made on the account for three years under the consumers name and social security numberWe did not
fabricate the account, original charge off amount, or the time frame of paymentThe servicing rights to the account were sold to usHence, there is no scam here
This consumer received a letter from our office spelling out all of the account information in writing when he agreed to pay it with a checking account number that he provided to make payment with
We do occasionally run into credit fraud scenarios and identity theft scenariosIt is unknown at this time if this is one of those scenariosIdentity theft is doubtful given a year history of payment here
We have placed the account in no-call, no-action status until such time as more information pertaining to the original account can be retrieved from the previous companies in the chain of title
We will take steps to ensure no further contact is made as we investigate the account backround furtherIf the media verifies that the SOL is expired on the account we will be willing to forgive the debt to have closure on this matter formally, which will bring this matter to a mutually satisfactory conclusion
Regards,
Compliance Department
Pinnacle Asset Group

Hello,The following is in response to complaint ***.Unfortunately sometimes skip tracing results in incorrect or outdated addresses and phone numbersWe regret any inconvenience to *** and can confirm that we have removed ###-###-#### from any records in the file per his
request.Regards,Compliance DepartmentPinnacle Asset Group

This is in response to complaint ID ***.There is indeed a delinquent account here originated with *** *** - *** *** *** *** in the name of *** * ***, attached to SS # ***-**-xxxx(The full SS # was provided with the file, we are not going to document the full digits in
this response however.)Original account number is ***-***-***-***.We do not agree with Ms*** statement that the debt "does not exist"Her spouse seemed to indicate she has been out of the country for years.We will order the original documentation of the account to validate the debt, if the charge off statement reveals that the account is indeed beyond the statute of limitations, at that point we will give strong consideration to forgiving the debt, which will lead to the issuing to the debtor and *** of a ***-* for the full amount of the forgiven debt.She is free to contact our office to discuss further, but we will place the account in no call status at this time.Pinnacle Asset Group###-###-####

Hello,
This is in response to complaint ID [redacted].
This [redacted] / Discover account has been placed in no-call, no-action status as of the date we received the consumers dispute notice, which was received on 8/4/2015.
We will investigate further and take the appropriate steps to make sure...

that [redacted] is not contacted any further with respect to this account, and will mail her original media once received.
We regret any inconvenience this matter has caused, but would also advise that the original lenders retail services department could be contacted for more details of the original account in the interim. The original account number is [redacted].  If [redacted] would like to be put in touch with the original lenders retail services department she is free to advise us of that and we will be happy to provide her with that information to corroborate the account. That being said, since she wants the debt to be "erased" as she says in her desired outcome of the complaint, what she is requesting is debt forgiveness. If we do so that will compel the issuing of a 1099-C for the full amount of the claim. We would be agreeable to debt forgiveness to extend the olive branch in this situation.
Regards,
Compliance Department
Pinnacle Asset Group

This is in response to complaint ID [redacted].
This issue stems from a line of credit with original issuer / creditor being "[redacted]" ending in 1011.
The full balance subject to being forgiven for full debt cancellation is slightly over $27K including all interest.
It appears that the...

consumer was advised to seek the advice of a accountant to verify what is involved in a 1099-C. No legal action can be taken on the account, but some consumers see the value in making payment to avoid any possible tax liability in the possible event of a debt being forgiven and a 1099-C being issued.
We are not able to offer her any accounting or financial advice, but if she has any further questions she is free to contact our compliance department directly at ###-###-####, Ext 228.
In the interim however we have placed the account in no-call, no-action status.
Regards,
Compliance Department
Pinnacle Asset Group

Hello,
We have reviewed the account documentation and relevant correspondence history on the account in question.
Ms. [redacted] claims she has recorded conversations with employees here, that is not true as we have no record of having a single discussion with her at any point.
A staff member...

had tried to reach out and left two vc mails to try and advise the debtor that she had an [redacted] account placed with this office that was subject to the possible filing of a 1099-C since the statute of limitations on the account was expired.
We fail to see how that constitutes harassment, nevertheless when we received the debtors original cease & desist notice via regular mail on 9/16/15 we placed her account in no-call status where it has remained ever since.
Hope that helps to clarify matters.
Compliance Department
Pinnacle Asset Group, LLC

This is in response to complaint ID [redacted].We only have six individuals in our system with the last name of "[redacted]" and [redacted] is not one of them. None of the individuals reside in Florida either.We also tried to locate the account in question by reversing the phone number provided of...

###-###-####. That is not an active phone number in our system, so I fail to see how anyone here would be calling that number "several times a week since September".Furthermore, this office does not impersonate process servers, this is a fabricated allegation and leads me to believe that this individual has us confused with another company with the word Pinnacle in the name, this happens frequently. We have been confused with Pinnacle Asset Management and with Pinnacle Financial Group for example, and other pinnacle's, many times.Does [redacted] have the name or contact number or extension of an alleged staff member here who is allegedly making all of these calls? Or an account or claim number even ? Or the alleged [redacted]'s account number itself ?If any other information can be provided to help us locate this alleged account in our system she is free to provide it. Pinnacle Asset GroupCompliance Department

We don't have to defend what the IRS clearly says - which is very simple. The IRS clearly indicates a current creditor has the right to issue a 1099-C on any forgiven or cancelled debt that it owns.
All of this individuals complaints to the contrary do not change that fact. IRS.GOV has very helpful links to address various tax topics, as does another helpful website - creditcards.com.
We would be happy to provide these links to the Revdex.com as well, as we are not fabricating this information. That being said, we have no intention of contacting this debtor any further, as previously stated.
This debtor is free to call the IRS to personally ask them about the legalities of 1099-C filings for any forgiven or cancelled debt (including interest) by any current creditor. The IRS will confirm a current creditor has every right to file a 1099-C on any debt that is cancelled or forgiven, including all interest. We would welcome her to conduct this due diligence as opposed to just making meritless threats.
This is FACT and not opinion. Furthermore, any knowledgeable CPA or Tax Attorney familiar with the tax laws and 1099-C would confirm this as well, this is also FACT.
Thank You and we do hope that helps to clarify the confusion.

Hello,This is in response to complaint #[redacted].A productive dialogue took place with respect to this debt with this debtor on 7/31/15. At that time, the debtor was advised that since she claimed to have paid the account, all that we would require to update the status of the claim in our system to...

prior paid would be the document from [redacted] showing the account was truly, in fact, paid off. The debtor agreed to "check her records over the weekend and call back the following Monday to advise". She had agreed to forward that proof - which is all that would be required to close the claim and update the status to "previously satisfied". In this business, many debtors of course claim a debt was paid. Most of the time, it is not true, especially when there is no paid letter of release to confirm their alleged previous payment. On our end the servicing rights to the account were assigned to us in July 2015, we have no reason whatsoever to believe this account is previously paid. We receive paid letters from cooperative debtors on a frequent basis. The reason this is important is because sometimes we and the debtor have two different accounts in mind.Nevertheless, we will order the media on the account in the interim for original docs and place the account in a no-call, no-action status until such time as our investigation can be concluded. So with the account being placed in cease & desist communication status the debtor will receive no more calls from our staff.Regards,Compliance DepartmentPinnacle Asset Group