Tag Archives: debt settlement

I Suggest Bankruptcy Too Often, So Say Some

I really do read all the comments, all the Twitter messages you send me and appreciate the feedback. Over time a common statement I get is about my recommendations is that people think I suggest bankruptcy too often. For more information on this topic, please see all the links in my free guide about how [...]

How Debt Settlement Employees Can Avoid Long Jail Time

Yesterday a U.S. Attorney announced criminal charges against debt settlement company owners and employees for fraudulently selling debt relief services to consumers in financial trouble. The Indictment laid out a pattern of activity that many inside debt settlement companies will recognize, if they swivel their chair around. Sadly, what has been assumed to be the [...]

Debt Collection Companies Still Think Debt Settlement Offers Are Too Low

A tipster (send in your tips here) pointed out to me an article in insideARM today that talks about why about half of debt collection companies do not yet work with debt settlement companies. “The second most interesting data point to emerge was only one of the top six reasons for not working with debt [...]

Debt Settlement Pros and Cons. My No BS Guide to Settling Your Debt.

I’m shocked. Apparently I’ve never written an article on the advantages and disadvantages of debt settlement and what to look for or watch for when you go to settle your debt. So here goes. The process of settling debt is age old. It goes back to the time credit was first extended. It’s nothing new. [...]

What Repaying Your Debt Will Cost You in Retirement – Calculator

This calculator demonstrates the future retirement financial loss you may experience when electing to repay your debt with an extended repayment program offered by creditors, credit counseling or debt settlement, rather than intervene on your debt with solutions like bankruptcy which terminate the debt quickly and allow you to resume saving again for retirement. Calculate [...]

Our Income Dropped. Is Debt Settlement The Way to Go? – Kim

“Dear Steve, Our financial situation has totally changed in the last 3 years. We are making 15-20K less a year and our expenses have increased. We currently have about 39k in credit card debt. We are no longer able to pay even our minimum payments as well as all other househould bills. We are thinking [...]

How Does Debt Settlement Work? – Seth

“Dear Steve, My parents really need to figure out some way to get out of Debt. I just heard of a debt settlement. How do debt settlements work? And do you advise using them? Or should they just go with a debt consolidation? They have good credit, but really need a solution. Seth” Don’t miss [...]

Is This Really Going to Be My Tax Liability When I Settle My Debt? – Joe

“Dear Steve, I understand that there may be tax liabilities on a Debt Settlement if you’re not Insolvent at the time. I know you’re not a Tax Man, but can you help me see if my assumptions are correct? $50,000 of Debt increases to $55,000 by settlement Settle at 40% = $22,000 Forgiven Debt Income [...]

I Want to Settle My Debt But Will My Credit Score Drop? – Mariam

“Dear Steve, My annual income is 22,000. a year, I have almost 12,000 in debt, i want to debt settlement, because its tooo much Ive been paying my minimum payments and i am current. I want debt relief, on my income I cant pay it back just tooo much, i want to know about how [...]

The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line

It’s probably a bad idea to start off with a negative but here it is, people in the debt relief industry are going to hate this article. Even friends of mine in the industry will be bummed. And why, because this article will tell you everything you need to look for when checking out a [...]

Debt Settlement Myth #6: It’s Safe To Take 36-48 Months To Settle My Debts

This is the sixth in a series of posts discussing the most common myths about do-it-yourself debt settlement. Most traditional debt settlement firms are still quoting program durations of 36-48 months, sometimes longer, and clients are led to believe that it’s safe to take that long. By “safe,” I mean a low risk of lawsuit [...]

The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, Bankruptcy, and Debt Consolidation Loans

This is a story that I’ve been working on for a few weeks. I’ve been asking people and groups for feedback and information to write this but what I’ve run into, is a wall. I have received some feedback from groups and people that don’t wish to be publicly identified to protect themselves but what [...]

Can I Include My Debt Settlement Company in My Bankruptcy? – Ken

“Dear Steve, i have 65000 in credit and installment debt we lost one third of our income in last year signed with debt settlement law firm in april initial fee 2895 they have settled 2 accts. which they receive 20% of money saved we have pd 7195 in 7 months . for one acct. they [...]

Wanna Know a Secret About the Debt Relief Industry?

As modern and clever as we might feel here on the bleeding edge of history there is one cold hard fact I can’t ignore, these are still the dark ages of the debt relief industry. Let’s just take a broad look at the current state of affairs: Nonprofit Credit Counselors: The credit counseling world is [...]

I’m Going to Get My Creditors to Settle the Debts or Accept Bankruptcy. – George

“Dear Steve, I have been separated from my wife nearly one year. According to my legal counsel, I have no responsibility for my wife’s credit card debt (100% of which is in her name alone) which she accumulated unilaterally without my consent after she separated from me. Her new credit card debt amount is $43,923 [...]