If you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a “debtor.” If you fall behind in repaying your creditors, or an error is made on your accounts, you may be contacted by a “debt collector.” You should know that in either situation, the Fair Debt [...]
Debt settlement, also known as debt negotiation, debt arbitration or debt workout, is an aggressive approach to debt reduction in which the creditor agrees on a reduced amount, paid by debtor, as payment in full.
Here’s a question a lot of people are asking: How can you settle a credit card debt without using a “credit counselor?” * In fact, this article has become the most popular “Debt Relief” article in the past 90 days on Ezine Articles, the largest article publisher on the web, with over 50% more views than [...]
What is debt settlement? Debt settlement is the process of negotiating with your creditors to settle your debt for less than what you owe. One thing you need to realize is that this program works best for people that are soon approaching or already in a financial hardship of some kind. You don’t have to wait [...]
Form 982: http://www.irs.gov/pub/irs-pdf/f982.pdf A common question and objection to debt settlement is that debtors whose debts are partially canceled outside the bankruptcy system will need to report the canceled portion of the debt as taxable income. The IRS considers $600 or more of forgiven debt as taxable income. The forgiving creditor must provide the taxpayer [...]
THE BEST WAY TO STOP COLLECTION CALLS ASAP. This only applies to people in a legitimate debt settlement program, such as the debt settlement programs I endorse. If you are not yet enrolled into a debt settlement program, be sure to read this Debt Settlement WARNING before talking to any of the bazillion new debt [...]
Let’s start with your situation… The fact that you have high credit scores and have not fallen behind means you have something to lose (your perfect payment history) if you choose debt settlement. But, let’s first get clear about exactly how your credit will be affected, because along with the negative impact to your payment history, the [...]