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Answers
I have about $24,000 in debt. Is there any debt relief sites that I can go to and are legit? I'm tired of all the debt and I need help.
There should be a non-profit Credit Counseling Services in your area. I can really empathize; mine was as high as $33,000, but thank God, it's gone. I felt like I was fighting all the forces of heaven, hell, and earth all the time.
Most debt consolidation companies do nothing better than simply ruin your fico score in order to settle your debt. If you really want to work with ...
How do they proper? Is what they do legal and does it really stop collection calls? What if a person is already in a payment program where they have access to your checking account and you turn your debts over to a debt relief company? What is the procedures. Is using a debt relief really worth it to get out of debt?
It depends. Many debt relief companies out there are scam. Even the non profit one. The one I recommend is http://www.loansmarter.com/creditsolution , they are the best in the industry. This year alone they settled $200million in debt and last May they received Ernst & Young awards for their accomplishment.
Recently, there was talk that the IRS was changing its rules so that debt relief experienced by persons who lost their homes to foreclosure would no longer be taxed. What's the status on this rule change?
Those debt relief agencies that help you get rid of debt fast tell you to stop paying your bills and instead you pay them. They then use the money you send them to negotiate lower payoffs to your lenders. What are the pros and cons of doing this and how long will it effect my credit score for? Any experience is extrememly welcomed!
If you are in a bind try contacting your creditors, many of them have hardship programs they can set you up on. Another option is CCCS, they will contact each of your creditors and submit a proposal which generally lowers your monthly payment and interest rate. I would not go to a Debt Settlement Company or Attorney. I work for a large global bank and we are done dealing with them. We've sent them letters advising them to stop taking on our Customers, and they continue to do so. They brainwash the Customer into thinking they will take care of everything. They tell these people not to answer their phone or open their bills. I know of three global banks that will not deal with them...Citi, GE Money, and Bank of America. Our company has taken a new stance...If we receive documentation from a debt settlement company along with a cease and desist we refer it to our attorney network to file the paperwork in your local court to try to obtain a judgement. So....I wouldn't suggest one of those companies. CCCS or contacting your creditors directly is your best bet.
I owe $50M in credit card debt. Can I negotiate a settlement myself just as well as the debt relief companies advertising all over the media?
Are they for real or just a scam?
Debt relief is a difficult issue many americans are now facing. Every legitamate debt relief service providers will give you advice for free. http://www.debtreliefreview.com Try visiting serveral debt relief services and inquire about your questions and listen to thier answers. You should be able to tell which ones are providing shady advice.
Hope everything works out.
I am about 8 grand in debt, and need to pull myself out asap. Anyone have any ideas? Do debt counselors or debt relief companies really help?
Don't use them, for one most of them are a scam, for two, if you go into consumer credit card counseling it reports on your credit, and some lenders think negatively of it.
First things first, you obviously need a budget, stick to it, pay off as much as you can off, I'm sure you're getting hit with huge interest rates, you can look into consolidation but, alot of credit card companies offer 0% for the first 12 months, but make sure you know what it is after the 12 months!!!
Other than that budget yourself according to your income and stick to it, most of those companies are scams so stay away if at all possible!
Is Freedom Debt Relief better than Credit Card Debt Counseling ? Benzinga
Freedom Debt Relief
Freedom Debt Relief also know as Credit Card Debt Consolidation or Credit Card Debt Settlement, is an aggressive approach to becoming debt free. It is appropriate for debtors with a serious amount of debt or who are considering credit counseling or bankruptcy. Freedom Debt Relief program's goal is to find the optimal solution to lower your debts, help you deal with your creditors, and get you on the road to financial freedom.
Freedom Debt Relief Steps Here is a step-by-step overview:
Step 1 : Call or e-mail us for a free consultation. We will assess your financial situation and determine your potential for debt reduction.
Step 2 : We will work with you to determine the appropriate monthly dollar amount that you plan to save towards a negotiated settlement. This amount is typically significantly less than your current minimum payments, and goes toward paying off your debt (not simply paying credit card interest charges). These funds will be saved every month in a new account that you set up and control.
How To Find The Best Debt Relief Loan Program
With the amount of debt that has been accumulated in recent years, trying to get out of debt with a debt relief loan program has become a popular way for a person to reduce or eliminate their debts. Many individuals in the United States use a debt relief loan program to get out from under massive amounts of debts that are generally accumulated by using credit cards or are the result of a costly medical illness or emergency. There are many different companies that will offer a loan program to the public and each of these loan programs are different in subtle ways. When trying to find the best debt relief loan program, there are a few important features of the loan programs that you should review.
Be Aware Of The Fees
One of the most important items to review before deciding whether to apply for a certain type of debt relief loan program is the fee that you will be charged for the program. The higher the fee, the more you will pay to try and get out of debt. It is not uncommon to see a loan program that charges hundreds of dollars to help a person get out of debt. The fee for the loan program is typically based on the amount of debt you are carrying and the higher the amount of debt is, the higher the fee for the debt relief loan program will be. Be sure to review the fee required by the debt relief loan program to be sure that you are getting the best deal. Some government agencies that focus on consumer debt relief will generally have the best fees or may not charge a fee at all.
Another item that should be reviewed prior to applying for a new debt relief loan program is whether you have to pay any additional fees to use the loan program. These fees may include fees for calling lenders on your behalf, fees for copying paperwork, and pretty much anything else that the creators of the loan program can think of. Very few reputable loan program operators have these additional fees so it is possible to find one of the programs that do not charge you for these additional items. The best debt relief loan program will have no additional fees, so be sure to look for these loan programs.
...News
Rs 65300 crore debt waiver and relief given to 3.6 crore farmers - Press Information Bureau (press release)Press Information Bureau (press release), India - Feb 16, 2009
fnbnews.comRs 65300 crore debt waiver and relief given to 3.6 crore farmers Under the Agricultural Debt Waiver and Debt Relief Scheme 2008, debt waiver and relief amounting to Rs 65300 crore covering 3.6 crore farmers has been given Govt waives Rs 4b in loans of small farmers Govt waives Rs 4 billion loans
Seattle Times, United States - Feb 15, 2009
Some what-ifs from the IRS A: Under the Mortgage Forgiveness Debt Relief Act of 2007, taxpayers generally can exclude income from the discharge of debt on their principal residence orAkron Beacon Journal, OH - Feb 16, 2009
NY1Your tax questions answered A: Under the Mortgage Forgiveness Debt Relief Act of 2007, taxpayers generally can exclude income from the discharge of debt on their principal residence or Major tax-law changes could affect filings Volunteers help in obtaining tax credits Some new relief as Americans file 2008 taxes
Radio World, VA - Feb 13, 2009
WKRG-TVMuzak Seeks Chapter 11 Debt Relief It said it filed for voluntary Chapter 11 debt relief, describing itself as a "solid business with an outstanding customer base," but "burdened with Muzak Files Voluntary Chapter 11 Petitions to Facilitate a Balance Crikey says Muzak files voluntary Chapter 11 petitions
AFP - Feb 16, 2009
Xinhua "The developed countries should assume their responsibilities and obligations, continue to deliver their aid, debt relief commitments, maintain and increase Chinese president pledges solidarity with Africa amid financial crisis China’s Hu Pledges to Boost Aid, Trade With African Nations
