Debt Settlement
A credit counselor discusses what debt settlement is and how it can help or hurt you.
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Tagged with: Debt • debt management florida • Settlement
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so, what exacty is debt?
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I paid 800 a month for 42 months to a settlement bureau to settle $45000 in card debt. That’s still a lot of money but only a fraction of what I would have paid had interest charges not been cut off during that period. I’d have been paying for the rest of my life and still had a balance. Now, two years after all debts were settled at reduced levels, I’m getting plenty of offers for new cards and my credit score is 670, not perfect but still good enough to get a car loan.
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I say screw them all. They took billions of dollars out of our pockets already in the ILLEGAL, UNCONSTITUTIONAL GOVERNMENT BAIL OUT – It you’re in debt that you can’t pay….FILE FOR BANKRUPTCY. It’s not as bad as you think it is. Talk to a lawyer. If you can’t afford the lawyer, call your county’s Bar Association, they will be able to point you in the right direction to get legal help.
Due to the recession, credit card companies are now offering bail-out programs. To see if you qualify, visit us @ debt-freesolutions.blogspot.com
This is a good start to the debt settlement conversation.
There are a lot of unscrupulous companies out there.
I used a company called Consumer Recovery Network that charged me $1150 to settle $130,000 of unsecured debt. It took 6 months and my final settlement amount was $40,000 or 28 cents on the dollar. Their fee of $1150 was minuscule compared to other companies whose fees were on average $10,000..or more!
I am blogging about it at debtsettlementstory (dot) com
You be better off filling for bankruptcy. They might settle with all your debts but your credit card companies dont have obligation to talk to these people. Also if they will settle your account.. IRS will charge you with those accounts they settled as your INCOME..When you enrolled to this.. it will destroy your credit also because you are not making payments. Lastly, bankruptcy will only cost you at least $2,000 dollars for lawyers fee this program.. they will charge you.. at least 5g
ok im new on this topic. so if you agree on a settlement and pay it. does that eliminate the debt you owe your creditor?
Heidi, you’re again presenting misinformation. The debt DOES go away. You no longer owe that debt.
Yes, the portion of the debt that has been forgiven may become income, which is taxable. But paying taxes on a fraction of the debt that has turned into income is not the same thing as owing a debt collector. Sheesh.
It is true. The agreement to accept service of process in case of inability to make payments on the settled account is almost always included in the fine print. Debtors’ blogs are full of people who only found that out after they thought they had settled their debt. If you miss a payment, you are immediately being sued.
After settling, the credit card company issues you a 1099MISC reporting the difference between what you admit you originally owed and the settlement amount – as INCOME.
That’s just not true. Settling a debt makes it go away. If the creditor agrees to settle, the debt is gone. If you agree to let the creditor sue to collect a debt, then you haven’t signed a debt settlement, you’ve signed something else, something very very stupid.
Don’t settle. If you do, you will reset your state’s Statute of Limitations to the beginning again, giving them more time to sue you.
Many settlement agreements include fine print granting the collectors the right to sue you without having to serve you because you already admitted responsibility for the debt by settling. Just defeat them. Learn to defend yourself. I did, and I won.
watch?v=kkcnQdWzC3s
well debt consolidation is stupid to do. Owning other loan on your head means you are in debt no matter what. Stay away from consolidation. For settlment, i have contacted creditanswers (866-944-3201)
no need to pay someone to take of your problems. Call the credit card companies and offer to make a lump sum payment of 25% the total amount owed.
erase your debt asap. com