ComplaintsforCamaPlan

• Initial Complaint

  06/27/2022

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I opened an account with this company many years ago. From this account I invested as part of a group into an investment property. This property was poorly managed and was sold at sheriff sale for back taxes in 2017. As soon as I found out about the sale I called cama and told them that I had lost everything and have to close the account. I was told there will be some fees to do that but I should have enough money left to do so. Out of the blue I get a 1099 for this year from cama stating they dispersed over $33,000 to me and closed my account. Over the last four months I have called many times and left messages. My accountant has called and left messages and to this day, no reply. If this does not get corrected I am on the hook for money thousands of dollars in taxes and fines for their mistake

  

  Business response

  07/25/2022

  This client submitted a complaint to BBB because he believed he had received IRS form 1099 incorrectly which would cause him to owe taxes and that CamaPlan had not told him about this 1099.
  CamaPlan closed this customer's account in 2021 because of unpaid fees on the account. Our normal policy is distribute the assets in an account to the client when fees are unpaid. Distributing the asset causes CamaPlan to report this as a distribution to the IRS as required by law.
  When CamaPlan found out about this BBB complaint I reached out to this client explaining what had happened. He said that he had contacted our office many times and thought that his account had been closed because the only asset in his account was worthless. He also mentioned that his home address had changed and may have been the reason why he was not getting our notices about unpaid fees and that we were going to distribute the asset in his account and he would receive a 1099.
  Once both sides talked it seems that this was a case of both sides not connecting until now. Since we have talked this client has sent information about the value of the asset we distributed to him. CamaPlan has used this information as documentation to adjust this client's 1099. We have sent him a copy, and will file this corrected 1099 with the IRS. We have also adjusted the fees owed to CamaPlan and are in the process of closing his account as instructed by him. The client stated on the phone that he would withdraw his complaint if the 1099 was adjusted.
  Please let me know next steps. Thanks.

  Customer response

  08/01/2022

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ***********************
  

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩