Archive for the ‘negotiating credit card debt’ Category

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

I have close to 20k of unsecured credit card debt from different creditors. Some of them have been willing to cut the balance in half in order to settle the account. Should I attempt to individually settle with them? Or do I take out a consolidation loan for 20k?

We are trying to negociate 50,000 credit card down to 25,000. Is it true that you need to pay taxes on the amount settled to the IRS. See post below:

"Do you have the settlement amount in full? When you try to negotiate settlements, often times you need to have enough
funds to make large payments. Additionally, be aware that any "forgiven" debt by the OC is considered taxable income by the IRS"

I have thus far successfully negotiated and settled debt at no more than 40 cents on the dollar with 3 of my 8 creditors. However I am worried about the wording used by my creditors to report my settled accounts to the credit bureaus. Comments like "settled for less than amount owed". How long does it take for these derogitory comments to drop off my credit report? Someone suggested continually write letters to the credit bureaus. He said they have like 30 days to respond to my letters. If they don’t respond within 30 days, then I can have derrogitory removed. I HAVE NO IDEA WHAT HE WAS TALKING ABOUT. Does that make sense to anyone? Thanks

I was going to hire a debt settlement company at a cost to me of many thousands of dollars to me AND no guarantee that they would do what i am paying them to do. So i decided, what the heck, why not self-negotiate with my creditors?