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Answers
We are not looking for loans or banks.... and would prefer if the answers came from people that actually used a debt negotiation service.
Please answer if you have used a debt settlement firm...
I used Everest debt solutions and started their debt settlement program back in 2007. They are completely devoted to helping their clients. I had alot of debt and bankruptcy just wasn't an option for me and my wife. So far they have settled all of our accounts except for one and we are on pace to finish the program early because i used my tax return this year to settle some accounts early. We had to pay back about half on the accounts including the fees.
I have had an excellent experience so far and we have recommended several friends to them over the last year and a half.
When writing a debt negotiating letter, a person should tally up what is owed, come up with a reasonable amount that can be afforded, and be ...
i read that if you saved more than $800, or something like that, with debt negotiation, that it gets reported to the IRS and youre liable for paying taxes on it. is this true? if it is, whats the benefit, then, of doing the negotiation if youre going to have to pay 30%, or so, on taxes? i dont get it...
The creditor must report any amount above $600. You must report any amount above $0. There is no special tax rate. It is treated as regular income.
I signed up for debt negotiation on some credit card debt. I have payed my current mortgage religiuosly for two years and would like to sell my house and move but am scared that I will not get another mortgage when I move. Thanks.
Yes you can. I know several lenders that will allow this on FHA loans.
You should apply for a new mortgage before you put your house on the market just to make sure you don't have any other issues that would affect your approval.
any reliable companies you know of?
My experience: negotiate it yourself. You'll save money, and you will become more aware of your own financial situation. Getting your debts under control is half the battle. Check out our free weblogs to learn simple steps to fix your own credit report yourself. Good luck!
I have spoken to one of these companies who has advised they will be able to negotiate my debt down to approx. 40% of original debt. There has been a major event in my life that does not allow me to continue normal payments. I would prefer not to file for bankrupt.
Settlement can make sense in some situations. Howver, if you choose to work through a settlement company, there are a few things you should know.
The costs can be staggering. You generally pay an upfront fee, monthly fees and a percentage of the "savings." In addition, any savings of $600 or more is automatically reported to the IRS as forgiven debt, which is generally taxable as a form of income.
Keep in mind that debt settlement can sometimes damage your credit further. Credit counseling is another option that helps to rebuild your credit, but it will cost you a bit more in the long run.
Hope this info helps.
Any referals of companies that have worked for you? any impartial websites that rate the companies?
If you use credit repair, it should be less than a year. It is worth it. My mom used www.totaldebtsolutionsllc.com and their free evaluation form. Very professional.
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News
Extension granted in CanWest debt talks United Press International- Mar 01, 2009
Extension granted in CanWest debt talksUnited Press InternationalWith the potential for bankruptcy hanging overhead, Canwest said Friday the Bank of Nova Scotia has extended its negotiation deadline to March 11, The Globe and Mail reported in Toronto. The bank cut Canwest's credit line from $300 million to $112- Feb 11, 2009
Debt Negotiation Ethics And Settling Your DebtPR Web (press release), WAThis is done by stating what can be done and following through to accomplish the successful debt settlement within the time-frames agreed upon. Debt negotiation is not a "quick fix" or "magic bullet", but rather requires a commitment on the part of the- Feb 25, 2009
EFA Processing Honored as a Leading Provider by Forbes MagazineInsideARM, MDThis is the first such national honor for the Firm, which provides back end support services to debt negotiation firms across the United States. The leader in Windows based collection software for Agency, DebtBuyers, DebtSellers and In-House operations- Feb 27, 2009
Credit Answers Selected as One of The Leading Credit & Debt 24-7PressRelease.com (press release)Credit Answers specializes in debt settlement, credit card debt negotiation and avoiding bankruptcy. Credit Answers works to enable a new and fresh financial start for individuals with debt problems.- Feb 28, 2009
10-K: ISTAR FINANCIAL INCMarketWatch (press release)However, they are subject to closing conditions including the negotiation of definitive documents. There can be no assurance that these transactions will be completed in this timeframe or at all.10-K: PANHANDLE EASTERN PIPE LINE CO LP 10-K: J2 GLOBAL COMMUNICATIONS INC
