This category is for questions readers have asked our experts directly for advice and guidance on how to deal with their debt situation.
If you would like to ask for free help, you can do so here.
Question: Dear Steve, I attended the Los Angeles Film School, a for-profit trade school for aspiring creatives who want to get into the entertainment business. Unfortunately, before going to school, I was lured in by the same predatory practices that enticed me when I was 19. 11 years later, I am still in debt with … Read more
Question: Dear Steve, I read an article authored by Steve Rhode on February 4, 2021. The article was entitled “How to deal with a new 1099-c issued on old debt using a little-known IRS form 4598. I searched the IRS site for the form but I could not find it. Any suggestions? Ira Answer: Dear … Read more
Question: Dear Steve, I have a former leasing company and a dentist taking me to court to seek garnishments. I cannot file bankruptcy right now but want to fight the garnishment. I am trying to find a local attorney. Most do bankruptcies but won’t talk to me about this. I found one but he costs … Read more
Question: Dear Steve, I’m retired Air Force and went back to school after I retired. I didn’t have the GI Bill, so I had to finance my schooling through loans. The worst part is I went to the Art Institute in 2006 or so and then made the mistake of attending that school again and … Read more
Question: Dear Steve, Two years ago, My credit report was horrible; all kinds of things in collections. My credit score was 519, my wife was 430, and she had no credit when she did have only collections. In 2 years, I cleaned everything up except for like three things with a total of less than … Read more
Question: Dear Steve, I’m trying to decide if I should use a debt settlement company for a consolidation loan. If you have an excellent payment history and now you’re deciding to settle those debts, would it be better to consolidate them and pay them off in full or get a settlement company to settle them? … Read more
Q: Does a credit union have to provide a member in writing the amount of interest paid on a loan for tax purposes? A: Depends on what kind of loan it is. Reporting would be voluntary or required by IRS on certain types of loans. Q: How can a financial company put a charge off … Read more
Q: Is it legal for a mortgage company to all of a sudden demand a deferment balance from 10 years ago now, or will they foreclose on the home I am one month behind on the monthly payment? A: That sounds a lot like a balloon mortgage (a mortgage in which a large portion of … Read more
Sometimes I get reader questions that don’t have enough information for a big answer. So here are some rapid-fire questions and answers. Q: Can a collection agency take money out of an account that is not the debtors? A: If the debtor is not a signer on the account and the account is in the … Read more
Question: Dear Steve, My partners and I became very upside down when we did an investment property. One of the partners has had to file bankruptcy. The other put some of the debt on his home and still has some outstanding accounts. We are just deciding what the next steps are to take to get … Read more
Question: Dear Steve, I have worked with Damon Day for a year, and he finally got me a solution with Navient for my student loans. It was unbelievable, too good to be true. I have given 5,000 as a down payment tomorrow to Navient, and I’m terrified. But Damon Day is for real, isn’t he? … Read more
Question: Dear Steve, I just got separated from active duty, but I gambled through the funds I earned through that time (April 2021-August 2021), so I basically have nothing $8,000 in owed on Credit Card Nearly $8,000 for an auto loan Can’t afford car insurance Personal loans ( 2) both in the amount of $2,000 … Read more
Question: Dear Steve, Early June 2021, my car was repossessed due to my inability to make my car payments for many months. I contacted a local attorney, and he helped me get my car returned to me by initiating a Chapter 13 bankruptcy. He did tell me that if the car hadn’t been repossessed, a … Read more
Question: Dear Steve, I read your article/review of Global Legal Resolution, Inc from many years ago and this is definitely a scam. The two con-men are Robert C. Hughes III and partners. He is not an attorney as declared in the advertisement you referenced, as a matter of fact there were 6 complaints against him … Read more
Question: Dear Steve, I’ve gone bankrupt two times, which is not on my credit report and not an option this time. I have too many revolving credit accounts with balances that I have not paid for four years. FICO scores are 510 and below. With four in collections and four judgments. I have been to … Read more