Debt Reduction Tips

debt reduction information

How do you report on your taxes a debt reduction 1099-c?
This was a reduction of credit card debt and was for 928.00

Does a debt reduction increase or decrease your tax refund?
I received a 1099 debt reduction for the first time, and i truly don't know what to make of it. Is it going to hurt my federal tax refund or help it. Could someone please explain it so I can understand why I am receiving this and what it means. Thanks a lot

I need a reputable debt reduction company?
Does anybody know one?

Has anyone gone through Emilio N. Francisco's debt reduction program?
I am looking for feedback. What was your experience? Was it good or bad? What kind of a program would you like to see out there, if different from Emilio's program? Thank you for your time.This is a law firm not just a debt reduction company.

Credit card debt reduction-help!?
have 20k in card debt, how do i negociate it down to half or less? owe 320k on a home that could sell for 550k so can't do bankruptcy and don't wont lose my home. support myself on very low salary and drowning in debt help

Why do people assume that all debt reduction companies are bad?
I know some of them ARE scams. In fact, I have experienced a couple of those in the past. However, I have recently signed up with a company that is helping me pay down my credit cards, and I have been very happy with them so far. But I have heard from people that ALL those companies are bad news. Why do people just assume that?Yes, McThyme,I see what you are saying but there is a difference. One credit card I had was charging me so much for the minimum payment that I ended up not being able to pay it for a couple of months. So they raised the minimum payment to $1,000.00 a month. I tried to get them to lower it, but they refused. However, they were willing to work with the debt reduction company. So now, my monthly payment which includes payments for TWO cards, plus a monthly fee is actually lower than my monhly payment was just for the ONE card. That kind of situation is usually the reason people go thorough these companies.Beth, I'm sorry about what happened to your mom and I know that happens alot. I just got lucky, I guess that I found a good one. They did charge me a fee upfromt, but it was only 25 dollars. And like I said, I am actually paying less now than I was with payng the cards upfront, even with the monthly fee.doctor deth, you are missing my point.Others this company I am working with has been very clear on how much of my monthly payment goes to them for fees, and my monthly fee is less than 5 % of the total bill the rest goes to the creditors. The creditors have already agreed to work with them. And they will still get the full amount they are due.

Is there any way that "locked" retirement savings can be used towards debt reduction ?

In debt because of a bad debt reduction company?
My wife and I joined a program for debt settlement WITH HOPES OF PAYING OUR CREDIT CARD DEBTS OFF which were around $17,000 total ,nothing,was done, were told not to answer phone calls, not to pay any card payments and let these bills go into collection and then GHS from Global Client Solutions would work with them to reduce the payments for us and then they would pay them off with the total of $ 2,600 taken out of our checking account automatically by there bank called Rocky mountain bank & trust so we sent to them our payments in total for 11 months until finally I received a summons from a collection lawyer and they GHS told us let their arbitrator talk to the lawyer, and we did and their arbitrator lady whom I couldn't understand a word of English did nothing that I couldn't do, after I had to go the the courts and get paperwork to file the claim , I went home and called and negotiated a settlement with the lawyer myself ,then when I pulled up the payments and transactions on line for our account I could not believe they, Rocky mountain bank and GHS were taking out $125.00 from our $220.00 payments,so were so upset and disgusted with GHS we canceled out the program with them ,we lost all that time and money that we could have been paying off the credit card debts ourselves.Never again will I go into debt resolutions or settlement . here is a copy of the statements, and the payment statements to our creditors that they paid nothing in 11 months.where did all these payments and fees go to? What do we do now ? 08 28 2009 08 28 2009 08 28 2009 Cleared $9.00 Customer Fee Monthly Fee 08 28 09 08 28 2009 02 46 PM 08 28 2009 03 43 PM SYS.Post.Fees.F F 08 28 2009 08 28 2009 08 28 2009 Cleared $116.94 Customer Fee Retainer Fee 08 28 09 08 28 2009 02 46 PM 08 28 2009 03 43 PM SYS.Post.Fees.F F 08 17 2009 08 18 2009 08 20 2009 Cleared $220.00 Deposit Debit 08 18 09 08 17 2009 02 53 PM 08 20 2009 03 03 PM SYS.Post.Drafts D 07 28 2009 07 28 2009 07 28 2009 Cleared $9.00 Customer Fee Monthly Fee 07 28 09 07 28 2009 02 47 PM 07 28 2009 03 54 PM SYS.Post.Fees.F F 07 28 2009 07 28 2009 07 28 2009 Cleared $116.94 Customer Fee Retainer Fee 07 28 09 07 28 2009 02 46 PM 07 28 2009 03 54 PM SYS.Post.Fees.F F 07 17 2009 07 18 2009 07 22 2009 Cleared $220.00 Deposit Debit 07 18 09 07 17 2009 02 37 PM 07 22 2009 03 01 PM SYS.Post.Drafts D 06 30 2009 06 29 2009 06 30 2009 Cleared $9.00 Customer Fee Monthly Fee 06 29 09 06 30 2009 02 28 PM 06 30 2009 04 03 PM SYS.Post.Fees.F F 06 30 2009 06 29 2009 06 30 2009 Cleared $116.94 Customer Fee Retainer Fee 06 29 09 06 30 2009 02 28 PM 06 30 2009 04 03 PM SYS.Post.Fees.F F 06 17 2009 06 18 2009 06 22 2009 Cleared $220.00 Deposit Debit 06 18 09 06 17 2009 02 24 PM 06 22 2009 03 01 PM SYS.Post.Drafts D 05 28 2009 05 28 2009 05 28 2009 Cleared $9.00 Customer Fee Monthly Fee 05 28 09 05 28 2009 02 30 PM 05 28 2009 03 58 PM SYS.Post.Fees.F F 05 28 2009 05 28 2009 05 28 2009 Cleared $116.94 Customer Fee Retainer Fee 05 28 09 05 28 2009 02 30 PM 05 28 2009 03 58 PM SYS.Post.Fees.F F 05 15 2009 05 18 2009 05 20 2009 Cleared $220.00 Deposit Debit 05 18 09 05 15 2009 02 56 PM 05 20 2009 03 03 PM SYS.Post.Drafts D 04 28 2009 04 28 2009 04 28 2009 Cleared $116.94 Customer Fee Retainer Fee 04 28 09 04 28 2009 02 42 PM 04 28 2009 03 57 PM SYS.Post.Fees.F F 04 28 2009 04 28 2009 04 28 2009 Cleared $9.00 Customer Fee Monthly Fee 04 28 09 04 28 2009 02 41 PM 04 28 2009 03 57 PM SYS.Post.Fees.F F 04 17 2009 04 18 2009 04 22 2009 Cleared $220.00 Deposit Debit 04 18 09 04 17 2009 02 49 PM 04 22 2009 03 01 PM SYS.Post.Drafts D 03 30 2009 03 30 2009 03 30 2009 Cleared $9.00 Customer Fee Monthly Fee 03 30 09 03 30 2009 02 34 PM 03 30 2009 03 53 PM SYS.Post.Fees.F F 03 30 2009 03 30 2009 03 30 2009 Cleared $116.94 Customer Fee Retainer Fee 03 30 09 03 30 2009 02 34 PM 03 30 2009 03 53 PM SYS.Post.Fees.F F 03 17 2009 03 18 2009 03 20 2009 Cleared $220.00 Deposit Debit 03 18 09 03 17 2009 02 26 PM 03 20 2009 03 02 PM SYS.Post.Drafts D 03 02 2009 03 02 2009 03 02 2009 Cleared $9.00 Customer Fee Monthly Fee 03 02 09 03 02 2009 02 50 PM 03 02 2009 05 58 PM SYS.Post.Fees.F F 03 02 2009 03 02 2009 03 02 2009 Cleared $116.94 Customer Fee Retainer Fee 03 02 09 03 02 2009 02 50 PM 03 02 2009 05 58 PM SYS.Post.Fees.F F 02 17 2009 02 18 2009 02 20 2009 Cleared $220.00 Deposit Debit 02 18 09 02 17 2009 02 37 PM 02 20 2009 03 01 PM SYS.Post.Drafts D 01 28 2009 01 28 2009 01 28 2009 Cleared $9.00 Customer Fee Monthly Fee 01 28 09 01 28 2009 02 45 PM 01 28 2009 03 55 PM SYS.Post.Fees.F F 01 28 2009 01 28 2009 01 28 2009 Cleared $233.88 Customer Fee Setup Fee 01 28 09 01 28 2009 02 45 PM 01 28 2009 03 55 PM SYS.Post.Fees.F F 01 20 2009 01 18 2009 01 23 2009 Cleared $242.88 Deposit Debit 01 18 09 01 20 2009 02 23 PM 01 23 2009 03 00 PM PostDeposi

What happens to your credit report or score if you use a debt reduction service or counseling service?

Bankruptcy, consolidation, or debt reduction?
I'm looking at an uncomfortable situation. My family has a considerable amount of debt. We're talking around $30,000. We are currently able to manage payment on our cards, but we're not able to get anywhere. We're at a point of near desperation. So I was wondering what was best? Should we file for bankruptcy, try to get a loan for debt consolidation, or try one of the debt reduction programs out there?I'm really not sure what would be best. Consolidation would be ethically best in my opinion, but from the couple of places we've tried, no one will give us a loan. Any advice or personal stories would be appreciated.

Paying PMI on mortgage and doing snowball debt reduction?
My husband and I are following the Dave Ramsey " Total Money Makeover" , but instead of paying off lowest balances we are paying off highest interest rate first. Dave suggests that you pay off all your consumer debt, fund your savings account, make sure you are funding your retirement account 15 % and then pay off the mortgage.With all of this said we will be completely debt free including the mortgage and have a funded savings account by August 2017.The question we have is the without adding any money to our mortgage payment, we are paying PMI until we get to 85 % Loan to Value of $90.67 per month until December 2016. And then the PMI gets reduced to $22.67 per month until June 2020. We will be able to start 'snowballing' onto our mortgage in January 2015, which of course will get rid of the PMI ahead of schedule. But since we are getting no equity on the PMI payments, should we add a monthly mortgage principle only payment now to help get rid of the PMI sooner while mainly focusing on the other debt first?

Which debt reduction method has worked for you?
Biggest interest or smallest balance first? I am using the smallest balance method first and the rewards of eliminating one card at a time is more encouraging. Your thoughts

Debt Reduction company refuses to terminate my agreement.?
I decided to cancel a recently signed " electronic" agreement with a debt reduction company. I had a bad feeling in my gutt about them after doing some research. The 1st payment was scheduled to happen tomorrow. I sent them 2 weeks notice to Terminate me. My ckg. acct has been closed so I am not worried about them getting any money from me. But now they are " threatening" me that I am still an Active Client and this isn't just going to " go away" and that it's " not over" . Basically, they refused to let me out of the program. The manager started off speaking to me very pleasant, but changed his tune after I told him that in the end the debt is my responsibilty and I can not risk the possibiltiy of being sued even though that was stated in the contract which has to viewed for the first time online while they wait for you to electronically sign it . This just confirms the bad feeling I had in my gutt about them. Any thoughts?

Debt reduction vs job creation?
i need help with my thesis statement for this topic.Should the United States prioritize job creation over debt reduction?and my thesis is...The United States would benefit drastically from a focus of job creation over debt reduction. Job creation is what leads to debt reduction, which means stimulating and boosting our economy, lowering the unemployment rate, controlling our deficit and the creating more jobs from President Obama s American Job s Act.we are allowed two sentences for the thesis. I'm just curious on how I can make this a stronger thesis.