I'm in debt and have lost my job, what to do? (part 2) Consumers that have unsecured debt $10,000 and above can turn to debt settlement for debt relief in less than three years.How much does it cost?Debt settlement or credit card debt consolidation companies charge 15% of the total debt amount or 20-25% of the settlement amount. And those are the industry standard. Different debt settlement companies, though, have different fee...more
Summary:Are you looking for tips to lead a debt-free life? Experts of debt management solutions give the answers to all your questions.Debt management solutionsIf you are one of those who have recently managed to get out of debt, I am sure you dont want to end up back there again. But in this current economic crunch, when your income may not be not enough to meet expenses, one way or another we tend to get into debt. However, its not tough to...more
Debt Settlement Tax Consequence How much would the IRS take from the forgiven debt?First, it's not just any amount forgiven debt. Consumers must understand that debt settlement is for credit card balances that are relatively high, as in $10,000 and above and have not been paid in months, as in 5 or 6 past due. These accounts are what the IRS considers as bad debts and the original creditors must write off after half a year of non-payment.If the original creditor is not aggressive in suing its clients for judgment, the account would be passed on to a third party collection agency, in which its understood that it's impossible to collect 100% of the amount owed. Debt settlements usually happen with third party collection agencies rather than with the original creditors, although, some original creditors agree to a settlement too–on higher terms.When original creditors write off debts, they get a tax break themselves, but they lose income. So for a profit driven business, it makes much more sense to settle for less than the full amount, rather than get nothing.Debt settlement programs aim to reduce the consumer's balance to more or less half, and so for a $10,000 debt,...more
Free Financial Consultation comes to your aid when you need it the most. Financial Consultation is such a boon for people who are struggling to set their financial woes behind them. If you want to look at various options of debt settlement and debt management as well assure yourself of never getting into a financial spot ever again in your life...more
How to Fight Back Abusive Debt Collectors Copyright (c) 2010 Suzy VanstrusenAs a borrower, we are required to pay back what we owe out creditors. However, there are instances where we encounter problems that makes repayment a bit difficult. When a debt is left unpaid for a long period of time, a creditor then has an option to assign the...more
Debt Settlement Relief - How Does a Legitimate Debt Settlement Work? Every year we find that increasing numbers of people are having financial trouble and are starting to build up substantial debt that is harder and harder to pay back because of high interest rates. But there are ways to get out of debt, ways that, in time, will allow you to regain your prosperity without major legal problems.Debt settlement is basically a deal between the debtor and the creditor, where the latter agrees to cut the debt with about fifty percent, and the former is left with the remainder. This is a good deal for the creditor because he gets at least a part of their money back, with the debtor being able to better afford the monthly payments and being rid of debt in about three years.The negotiations are usually carried out with the help of an agency, preferably one with some sort of legal service that will keep the debtor from getting into legal trouble and that will also help with the debt settlement letter. This letter is the way through which the debtor says to the debtor that he is no longer able to pay his debt, but that he is willing to pay at least a part of it.The most important thing...more
Free Debt Help - The Value Of Free Debt Reduction Plans If you are dealing with serious debt issues, you may be struggling to find some way to reduce your debt in a measureable way. Once you really start searching, something become obvious...more
Best Debt Settlement Company - Why Some Debt Settlement Solutions Are Better Than Others If you find yourself in debt and you can barely afford paying your monthly minimum, then you may want to consider trying debt settlement to get you out of...more
Debt Settlement Letters - Make Sure You Have an Attorney Backed Debt Settlement Firm Debt settlement is a process through which a debtor can make a deal with his creditor to only partly pay their debt at a lower interest, so that neither party...more
Bad Debt Settlement - What Are the Risks of Choosing the Wrong Debt Settlement Company If you are one of the large numbers of people to find themselves in debt nowadays, it's good to know that there are quite a few options that can help you...more
Your Debt Settlement Solution - Common Obstacles in Eliminating Personal Debts Debt settlement is a relatively new concept, recently brought about by the current state of our global economy, but doesn't mean it should be avoided if you find...more
Debt Reduction Help - How To Lower Your Monthly Payment And Eliminate Debt There is really no need to fret and fuss overly about your increasing debts because by getting debt reduction assistance, it should help you sleep well at night and...more