Archive for the ‘debt settlement’ Category
Eliminate Your Credit Card Debt!
Do you have over $10,000 in Credit Card Debt? debt settlement Buzz recommends you Eliminate Your Credit Card Debt and Take Advantage of Debt Forgiveness!
Paying Interest on credit card debt is like Flushing Money Down the Toilet!
Credit card debt settlement services may provide you with a solution that gets you out of debt quickly without needing to file for a bankruptcy.
Debt Relief Specialists will:
-Review your financial situation
-Provide debt relief solutions
-Avoid Bankruptcy with debt negotiations
-Reduce your monthly payments
-Debt Settlement can save you 35-50%
-Increase your cash flow
-Help you become debt free
Visit us at http://www.DebtSettlementBuzz.com/
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I am currently enrolled in a reputable debt settlement company about a year into the 3 year process. One account has settled so far. One of my creditors is suing me, but the company is working hard to get it settled asap and I have responded to the court. I am not ignoring the summons just in case we can’t settle. I just want to know if anyone has gone through this process and cleaned up their debt for good. It is so stressful, but we were on the heels of bankruptcy and felt this was a good option for us to avoid bankruptcy.
My daughter has just finished "debt settlement" after 3 years but don’t try to buy anything involving credit because it is "SHOT". She wanted to buy a car, not new, but had to many rejections. I bought the car in my name over a year ago and she makes the payments to me and then I pay the bank.
My father had a saying long before there were credit cards: "If you can’t pay cash, you can’t afford it and you probably didn’t need it anyway"
I never charge anything that I can’t pay off in 2-3 payments. Preferably in one.
People state that a debt settlement company helps people in all their debt issues. What kind of debt settlement companies should we prefer?
Ewan,
DEBT SETTLEMENT IS NEVER YOUR BEST OPTION for eliminating credit card or other unsecured debt. Even if you happen to find a legitimate debt settlement company, there are some serious consequences and drawbacks, including…
- Short and long term damage to your credit
- NO GUARANTEE of results
- Very high and confusing fees
- Front-loaded fee schedules that delay progress in settling your debts, and
- Tax Implications (you will most likely receive a 1099 from your creditors for the amount of the balance reduction, which means you’ll have additional income taxes due)
If you need assistance getting out of debt, a superior alternative to traditional debt settlement is Debt Resolution. Debt Resolution offers all of the benefits of debt settlement, but also either eliminates or significantly reduces the negative aspects mentioned above. Unlike debt settlement (which relies solely on the level of your delinquency to negotiate settlements), Debt Resolution leverages good faith debt laws to both challenge the amount of the debt owed, and provide legal protections for the borrower. Features include:
- Eliminate 55% of your unsecured debt (guaranteed in writing). Try asking a debt settlement company for a guarantee.
- Cut your monthly payments in half (or less)
- No interest charges
- No negative tax consequences (you won’t get a 1099 from the creditor)
As an example, if you owes $12,000 in credit card debt, 45% of that is $5,400. If you can afford $600 per month, you can be out of debt in just 9 months ($5,400 / $600 per month). If you can only afford $200 per month, you can be out of debt in 27 months ($5,400 / $200 per month), and so on… The only other cost associated with the program is a one-time enrollment fee of $500 to administer the paperwork, get set up in the system, and establish the trust account from which the creditors will be paid.
That’s it. There are no other costs or fees. Just a one-time $500 enrollment fee and 45% of the current balance, which can be spread over as many as 45 months, depending on what you can afford.
As for those well-intentioned contributors on the forum who suggest that you can do a debt settlement yourself… Well, they’re right, you can do a debt settlement yourself. But guess what? You’re most likely not going to settle your debt for less than 45% of the balance, which is the contractually guaranteed amount if you enroll in Debt Resolution. And guess what else? Unless you are familiar with the good faith debt laws and the laws of your state that govern credit card agreements – and you know how to leverage those laws to have the principal reduction considered a correction of the amount owed rather than a forgiveness of debt, you’re going to receive a 1099 for the amount forgiven, and you’ll have to pay taxes on it.
And what about suggestions of help through CCCS? Well, you can go that way if you want to pay 3 times as much and have the process take 2-3 times longer. You see, they’re closely aligned with the credit card companies, and their goal is to get you to pay back as much as possible. Let’s use the example above where you owe $12,000, and can afford $200 per month. With Debt Resolution, you’ll be debt-free in 27 months. With consumer credit counseling ??? Let’s say they reduce your interest rates to just 9.9%. If you were able to pay the $200 per month, it would take you 83 months to complete the program, and you would have paid $16,630 (instead of $5,400 !!!). But it’s very likely that they would limit your term to just 5 years (60 months), in which case you would have to pay $254/month for 5 years (total of $15,262).
Quick question: Which sounds better to you… $5,400 and be out of debt in 27 months (at just $200 per month) OR $15,262 and be out of debt in 60 months (at $254 per month)?
But remember… DEBT RESOLUTION IS NOT THE SAME AS DEBT SETTLEMENT, and you CANNOT get these benefits from a debt settlement company.. Debt Resolution is a unique, proprietary process developed and perfected over many years by a former Deputy Attorney General of California with over 40 years of legal experience, including more than 15 years specializing in resolving debt.
For more information on Debt Resolution, you can visit:
http://www.BetterThanDebtSettlement.com
Maybe you’ve seen the ads: go to a debt settlement company, cut your debts in half. Is it for real?
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I am in the idea of enrolling in a debt settlement program. What are the responsibilities once I enrolled?
Ewan,
DEBT SETTLEMENT IS NEVER YOUR BEST OPTION for eliminating credit card or other unsecured debt. Even if you happen to find a legitimate debt settlement company (good luck there), there are some serious consequences and drawbacks, including…
- Short and long term damage to your credit
- NO GUARANTEE of results
- Very high and confusing fees
- Front-loaded fee schedules that delay progress in settling your debts, and
- Tax Implications (you will most likely receive a 1099 from your creditors for the amount of the balance reduction, which means you’ll have additional income taxes due)
If you need assistance getting out of debt, a superior alternative to traditional debt settlement is Debt Resolution. Debt Resolution offers all of the benefits of debt settlement, but also either eliminates or significantly reduces the negative aspects mentioned above. Unlike debt settlement (which relies solely on the level of your delinquency to negotiate settlements), Debt Resolution leverages good faith debt laws to both challenge the amount of the debt owed, and provide legal protections for the borrower. Features include:
- Eliminate 55% of your unsecured debt (guaranteed in writing). Try asking a debt settlement company for a guarantee.
- Cut your monthly payments in half (or less)
- No interest charges
- No negative tax consequences (you won’t get a 1099 from the creditor)
As an example, if you owes $20,000 in credit card debt, 45% of that is $9,000. If you can afford $750 per month, you can be out of debt in just 12 months ($9,000 / $750 per month). If you can afford $400 per month, you can be out of debt in 23 months (9,000 / $400 per month), etc… The only other cost associated with the program is a one-time enrollment fee of $500 to administer the paperwork, get set up in the system, and establish the trust account from which the creditors will be paid.
That’s it. There are no other costs or fees. Just a one-time $500 enrollment fee and 45% of the current balance, which can be spread over as many as 45 months, depending on what you can afford.
As for those well-intentioned but uninformed contributors on the forum who suggest that you can do a debt settlement yourself… Well, they’re right, you can do a debt settlement yourself. But guess what? You’re most likely not going to settle your debt for less than 45% of the balance, which is the contractually guaranteed amount if you enroll in Debt Resolution. And guess what else? Unless you are familiar with the good faith debt laws and the laws of your state that govern credit card agreements – and you know how to leverage those laws to have the principal reduction considered a correction of the amount owed rather than a forgiveness of debt, you’re going to receive a 1099 for the amount forgiven, and you’ll have to pay taxes on it.
But remember… DEBT RESOLUTION IS NOT THE SAME AS DEBT SETTLEMENT, and you CANNOT get these benefits from a debt settlement company.. Debt Resolution is a unique, proprietary process developed and perfected over many years by a former Deputy Attorney General of California with over 40 years of legal experience, including more than 15 years specializing in resolving debt
For more information on Debt Resolution, you can visit:
http://www.BetterThanDebtSettlement.com
Learn how to turn your debt into a saving opportunity. The debt settlement Solutions program offer professional debt negotiation that saves our clients tens of thousands of dollars of principal and interest and dramataically reduces monthly payments to creditors.
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Before you enter the debt settlement program and pay $5,000-$25,000 in fees, please read about our “Do it yourself” no strings attached program.
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http://www.DebtWarriors.com: What is debt settlement? Watch this video as J. Ford, reveals what Debt Settlement is and why every American Consumer should learn the tactics to settle their Debt For themselves – first.
Duration : 0:2:8
Learn about debt settlement, debt negotiation, debt settlement services and credit card debt negotiation.
http://www.christianet.com/debtsettlement
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I’m not sure if this is even possible but can someone make a debt settlement offer if there account isnt in default? I’ve recently had an opportunity to work some over time and save some money and I have a few accounts that I would like to close out and pay off. I’ve heard of some people making offers with credit card companies to settle their debt and close their accounts but their accounts have always been in default where mine are not. If its possible how would I go about doing it.
Credit card companies have no incentive to accept a settlement. They are very unlikely to do so unless you have some permanent change of finances, like medical disability. IF you do get a settlement, the account would be reported to the credit bureau as charge off/settled — a negative. You would also receive a 1099 for the forgiven portion which would have to be included on your income tax return.
Don’t believe all the TV commercials for debt settlement companies. They will only take you money and screw up your credit.
Instead take that extra money from the overtime and squeeze your budget to put it all on the highest interest rate credit card while making minimum payments on the rest. When the highest rate card is paid off, move to the next till they are all paid in full.