Question About Debt Settlement?

3 comments to Question About Debt Settlement?

• Lys C

  March 1st, 2010 at 4:44 am

  Odds are they won’t do that – you may be able to get them to do 8 payments but I don’t know. Call them and talk to them – you may be able tomake payments but just won’t get the $6,000 settlement amount.
  One thing to remember – if you settle for $6,000 you will get a 1099 for the additional $23,000 that you are not paying off and you will need to pay taxes on this amount.

• Batlise

  March 1st, 2010 at 9:02 am

  PLUS $6,000 at 14.99% interst is $5,636.97 in interest.
  And the 1099 is true.

• Sgt Big Red

  March 1st, 2010 at 1:18 pm

  With the current credit market being in such trouble, I doubt that they would take that offer. Unless you own no property, have no assets and are basicaly “flat broke”, they sure won’t offer a credit card at that low an APR just to collect part of what you owe.
  Here are some scenarios of what they may do!
  They will most likely just take a “charge off” of the debt (for their tax purposes),
  They may take legal action to seek a “writ of garnishment”.
  They may sell the debt to a collection agency and charge off the ballance not payed off by the sale of the debt.
  Remember this, they are the original creditor, the Fair Debt Collection Practices Act DOES NOT apply to major credit card banks? It applies only to the collection attorneys and professional debt collection companies they might hire.
  There are also IRS issues you must deal with if a creditor has written off your debt, especialy such a large one. You may receive a 1099-c from the creditor. You must claims this amount as income on your taxes because you never paid it back- thus making it income.
  However if you “settle” this debt as “paid in full” with the creditor make sure you ask that the creditor agrees to the settled in full arrangement and not send the remainder as a loss to the IRS. If the creditor willingly accepts “less than” as “full payment” then make sure they agree not to report remainder. The creditor can refuse but usually does not.
  You may need to beg, borrow or sell everything to raise the $6,000 to settle this debt but you would be better off in the long run.
  Good luck and hope you can settle this issue
  LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

Terms of Service Privacy Statement Earnings Statement Disclaimer

Copyright © 2010 OC Foreclosure Options - All Rights Reserved

Disclaimer

EVERY EFFORT HAS BEEN MADE TO ACCURATELY REPRESENT THIS PRODUCT OR SERVICE AND IT'S POTENTIAL. EVEN THOUGH THIS INDUSTRY IS ONE OF THE FEW WHERE THE CONSUMER/HOME SELLER CAN CONTROL THEIR OWN SALE/SHORT SALE/LOAN MODIFICATION/DEBT SETTLEMENT/BANKRUPTCY OR OTHER METHODS OF RELIEF, THERE IS NO GUARANTEE THAT YOU WILL SUCCESSFULLY SELL ANY REAL ESTATE, NEGOTIATE TERMS OR AVOID FORECLOSURE USING THE TECHNIQUES AND IDEAS IN THESE MATERIALS. EXAMPLES IN THESE MATERIALS ARE NOT TO BE INTERPRETED AS A PROMISE OR GUARANTEE OF SUCCESS, STRESS OR EMOTIONAL RELIEF, OR EARNINGS. SUCCESS POTENTIAL IS ENTIRELY DEPENDENT ON THE PERSON USING OUR SERVICES, IDEAS AND TECHNIQUES. WE DO NOT PURPORT THIS AS A “BEST SOLUTION POSSIBLE.”

ANY CLAIMS MADE OF ACTUAL SUCCESSES OR EXAMPLES OF ACTUAL RESULTS CAN BE VERIFIED UPON REQUEST. YOUR LEVEL OF SUCCESS IN ATTAINING THE RESULTS CLAIMED IN OUR MATERIALS DEPENDS ON THE TIME YOU DEVOTE TO THE PROGRAM, IDEAS AND TECHNIQUES MENTIONED, YOUR FINANCES, KNOWLEDGE AND VARIOUS SKILLS. SINCE THESE FACTORS DIFFER ACCORDING TO INDIVIDUALS AND PROPERTIES, WE CANNOT GUARANTEE YOUR SUCCESS OR YOUR AGENTS SUCCESS LEVEL. NOR ARE WE RESPONSIBLE FOR ANY OF YOUR ACTIONS OR ANY AGENTS YOU MAY EMPLOY.

MATERIALS IN OUR PRODUCT AND OUR WEBSITE MAY CONTAIN INFORMATION THAT INCLUDES OR IS BASED UPON FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS GIVE OUR EXPECTATIONS OR FORECASTS OF FUTURE EVENTS. YOU CAN IDENTIFY THESE STATEMENTS BY THE FACT THAT THEY DO NOT RELATE STRICTLY TO HISTORICAL OR CURRENT FACTS. THEY USE WORDS SUCH AS “ANTICIPATE,” “ESTIMATE,” “EXPECT,” “PROJECT,” “INTEND,” “PLAN,” “BELIEVE,” AND OTHER WORDS AND TERMS OF SIMILAR MEANING IN CONNECTION WITH A DESCRIPTION OF POTENTIAL EARNINGS OR FINANCIAL PERFORMANCE.

ANY AND ALL FORWARD LOOKING STATEMENTS HERE OR ON ANY OF OUR SALES MATERIAL ARE INTENDED TO EXPRESS OUR OPINION OF EARNINGS POTENTIAL. MANY FACTORS WILL BE IMPORTANT IN DETERMINING YOUR ACTUAL RESULTS AND NO GUARANTEES ARE MADE THAT YOU WILL ACHIEVE RESULTS SIMILAR TO OURS OR ANYBODY ELSE'S, IN FACT NO GUARANTEES ARE MADE THAT YOU WILL ACHIEVE ANY RESULTS FROM OUR IDEAS AND TECHNIQUES IN OUR MATERIAL.