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| Debt Anything to do with debt including debt reduction, debt concerns, debt consolidation and how to get out of debt |
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05-28-2011, 06:57 AM
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Debt Settlement Options
What are the debt settlement options that you think are the best for credit card debts.And what are your experiences with the settlement procedure.Please share.
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05-28-2011, 08:00 AM
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Debt Settlement & Credit Counseling Companies
See the sticky at the top of this thread. Debt settlement is basically a scam. They don't do anything for you that you can't do for yourself for a lot less money.
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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05-28-2011, 01:54 PM
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Contact the credit card companies yourself and negotiate a lower rate. The next thing that you need to do is commit to not incurring anymore credit card debt. Then, pay off those accounts as quick as possible.
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05-30-2011, 07:59 PM
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And do not forget that 'forgiven debt' is considered income by the IRS. Usually a couple years down the road you might get a 'cp2000' letter from under-reporter unit that compares what you claimed as income with what was reported; debt that is written off by the cc company is reported as a loss. The cp2000 letter is NOT a tax bill, it is a letter that asks you to explain a discrepancy (the letter offers about 5 different options in response).
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IYQYQR
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06-04-2011, 07:44 AM
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Thanks for sharing your thoughts on credit card debt settlement.
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12-15-2011, 10:29 AM
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If you do negotiate a debt settlement be sure to get the agreement IN WRITING BEFORE YOU PAY.
NEVER let them have access to your checking account. If they want payment immediately tell them you will send them a cashiers check via overnight express.
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12-20-2011, 05:54 PM
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I believe there are companies that will probably help you. Just choose the ones that will meet your standards! Don't forget to check the reviews!
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voltage optimisation
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12-21-2011, 04:30 PM
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Does the 25X salary or expenses account for inflation? I calculated that I would need about $1M but when calculating for inflation it is only $450,000 (approx.).
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