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We started a program with "Consumer Credit Counselors" This progarm has us pay the Consumer Credit Counselors, then they pay the credit cards every month. All they do is lower some of the interest rates. They don't negotiate amount owed. The payments are too high for us, so we looked into other alternatives. We found one company that will do it differently for less. They have you pay into an escrow account, and they pay off each credit card individually. They say they negotiate lower balances and interest rates. The payment would be lower and the payoff time cut in half. Does anyone know of any reason we shouldn't do this? Are there any other better ways? WHAT IS THE BEST WAY TO GET CONSUMER DEBT RELIEF with no loans?
I am not saying that debt settlement/negotiation is the wrong way to go. However, it will damage your credit further.
If you choose to settle on your debts, you can do this without paying enormous fees to a debt settlement company. Keep in mind that any forgiven debt of $600 or more is automatically reported to the IRS, in which you would owe taxes on it as a form of income.
If you can continue to make the payments on your current plan, then that is likely the best option for you. If you are having trouble, give your credit counselor a call to discuss possible changes to your account.
Credit Card Debt
Can a creditor send regular people an IRS Form 1099-C: Cancellation of Debt if it is a consumer debt and what for? Do people usually get these things in the mail from credit card and cell phone companies?
It claims the debts are supposed to be income because a person didn't pay and they wrote it off.
Yep- she's right. I had settled a consumer card for half of what I owed and I got one of those forms to file with my taxes this year. It basically states that you saved this much money, that technically you owed, so therefore it's considered income. You have to pay taxes on the amount you saved. I feel bad for people that go through debt settlement companies- you know? I don't think a lot of them realize that even though they are saving money right then- in the long run they are still somewhat responsible for it. Hope this answered your question hun- Good Luck!
I'm horrible at this, any help would be appreciated.
I put credit card or consumer debt, because i am not sure which one I'm going to explore yet
1. How people get into debt
2. How people can get out of debt
3. How people can avoid getting into debt in the first place
If a debt I forgot I had owed approaches me over 6 years after defaulting am I liable for this debt
There is no statute of limitations. It's money you owe. Forgetting about the debt (I doubt thats the case though) is no excuse for not paying it. You will owe them the amount you defaulted on, plus 6 years of interest. Look at the contract you signed.
I am considering filing bankruptcy. I know that consumer proposals - debt consolidation are another option. If anyone can give me information on this it would be much appreciated and the most thorough answer will get 10 points - again thanks.
Debt Consolidation doesn't work! You will end up paying the same amount. You cannot borrow your way out of debt.
Change your habits, get a game plan, a budget....... and stick to it. Get an extra job and start paying off debt. It can be done. Live on less than you make.
Companies that say they will clean up your credit have two basic problems.
1. For purposes of getting a mortgage, going through companies that take your money and pay your bills will reflect on your credit as though you filed a chapter 13 bankruptcy.
2. Only transactions seven years or longer, or a mistake , may be taken off your credit report. A company that says otherwise is either lying or operating illegally.
Consumer Credit counseling services don't teach you how to manage your money, which is what you need to learn or it will just happen to you again.
Try calling your credit card companies and negotiate the interest rates on your cards. Tell them you are going to transfer the balance to another card with a lower interest rate. This usually works to get your interest lowered. Do take on another job or sell something. You can get yourself out of debt with a plan.
Good Luck!!
I received check in the mail today for over $800 from American Express saying that I successfully completed the Consumer Debt Management Plan. I don't ever recall enrolling in this program. Is this too good to be true? Anyone with a similar experience?
Hi all,
Same thing, one came to my current address for almost 9,000 and the other went to my former address for a bit over 1,800. I had 2 amex accounts and went through CCCS. It is a refund of the overpayment of interest and finance charges.
Count your blessings, for once things are working out for the little guy.
bijoux
Consumer Watch: Be wary of instant-credit offers at checkout | Philadelphia ... Philadelphia Inquirer
The offers have been everywhere this Christmas season, as in holiday seasons past: Apply now for a new credit card and get money back for today's purchases.
But, as Lauren Bornfriend of Mount Airy discovered last week, "instant credit" may not be as instant as you'd expect, or as it was during the freewheeling era that ended with last year's credit crunch.
If new rules proposed by the Federal Reserve go into effect as planned Feb. 22, those instant-credit offers might get a little tighter still.
At the very least, there may be some new wrinkles at the checkout counter - procedures, such as asking your annual income, that retailers worry will turn off customers and undercut the value of instant credit as a marketing tool and revenue source.
"Instant credit" wasn't the leading villain in the economic collapse. But it played a supporting role as America morphed from a nation of prudent savers and borrowers into a place where "leverage" became a financial device nearly anyone could use, not just the tool of sometimes foolhardy investment bankers.
News
Vengroff, Williams and Associates, Inc., Sees Consumer Caution ... MarketWatch (press release)- Feb 25, 2009
Vengroff, Williams and Associates, Inc., Sees Consumer Caution MarketWatch (press release)In addition to the paying down of consumer debt, VWA is seeing improved liquidity in the areas of subrogation with specific reference to medical and insurance claims recovery. VWA has been providing property/casualty and medical subrogation to such- Feb 24, 2009
Straits TimesSingapore consumer debt woes rise in Q4ReutersLike other export-reliant Asian economies, Singapore has been pummelled by a collapse in consumer demand as the global economy slows down sharply. Singapore's economy shrank in the fourth quarter by a seasonally adjusted, annualised pace of 16.9 SIGNS are that they are getting younger — consumers unable to meet More missing debt payment
- Feb 24, 2009
Give credit-card debt the heave-hoNewsChannel5.com, TNThese credit card balances put people deeper into debt, by 25 percent to 30 percent, during that 2004-2007 period. US consumers owed a total of $2.55 trillion in consumer debt at the end of 2007. In December 2008, this tallied to an average of $5710 in America Saves Week: A Glance at the Survey of Consumer Finances Income Growth Under Pressure as Recession Began- Feb 25, 2009
What percentage of your income should be spent on your mortgage?Arizona Republic, AZAdd utility payments, food, health insurance, car payments and other consumer debt and there is likely very little left, said Joann Hauger, executive director of Community Housing Resources of Arizona. It is a non-profit organization that provides- Feb 25, 2009
Spiegel OnlineGermany Says It May Focus on Selling Short-Term DebtBloombergThe country issued its first index-linked debt in 2006 and the payout on the bonds is linked to consumer prices in the 16- nation euro area. “Our top priority is to save taxpayers’ money,” said Daube. “If we find ourselves in a situation where interest INTERVIEW-German Debt Office chief relaxed about competition Euro-zone seeks new ways to stem crisis Nationalization Fears Sink Europe
