An IVA stands for Individual Voluntary Arrangement, which is a legally binding on you and your creditors. People opt for IVA when they have no real option of paying off their debts. To get an IVA you need to get a licensed insolvency practitioner who helps you to work out what you can afford to pay off and the time it will take you to pay off your debts.Thus, an IVA is a legally binding between you and your creditors. It helps those who are...more
Free Debt Advice Companies – Know How To Find Legitimate Debt Help You may fall into deep debt if you loose your job or your business is not doing well. In such cases, you should not worry, as there are many debt advice companies in the market, which can give you good advice to come out of your debt. These debt advice companies are very easy to find since they are available in plenty on the Internet.These companies can offer you debt...more
Debt Settlement Tax Avoidance - How Will Debt Settlement Affect Taxes If I settle my credit card debt, how will these significant savings affect my taxes?This is an interesting question when considering how to get out of debt.In general, the IRS considers $600 or more of debt which is forgiven or discharged as income. This mean if you owe $50,000 in credit card debt and settle it for $20,000, then the $30,000 difference (savings) is taxable as income since it is not repaid. Although it doesn't always happen, the forgiving creditor must provide the taxpayer with a 1099-C tax form.However, the IRS will often waive this tax liability if you can show you were insolvent during the time in which your debt settlement took place. To take advantage of this exemption from tax liability due to the discharge (settlement) of debt, file Form 982 with your taxes for the years in which you settle your debts. You can find this form online at irs.gov.It is highly recommended that you make a quick call to your accountant or tax professional for further discussion. You may be relieved with what they have to say.What Does "Insolvent" Mean?Being insolvent means the amount of your debts are...more
Debt Settlement – What Type of a Debt Is Typically Accepted in a Settlement? This is a great question, and it's important to set the right expectation when considering debt settlement. Many of the fly-by-night companies who have started up in recent years who have no real track record settling large volumes of credit card debt often dupe...more
The Truth about Good Debt And Bad Debt Is debt actually something that is part and parcel of our economic existence? Let's take a look at what debt really is. It's defined as one owing something to another or the condition of owing. Why do we get into a condition that we owe someone else money? It is terrifyingly simple.We spent more than we...more
Debt Settlement Secrets – How To Stop Collection Calls This only applies to people in a legitimate debt settlement program, such as the debt settlement programs I endorse. If you are not yet enrolled into a debt settlement program, be sure to read this Debt Settlement WARNING before talking to any of the bazillion new debt consultants off the street.Please note, I do not provide legal or tax advice, and nothing in this post should be construed as such.Onward.First, let's review your options for dealing with these calls and the rules of thumb for each.When I was a child in school, everyone used to sing a song. It went something like this, "First is the worst, second is the best, third is the…. (insert bad words)!"This little elementary rhyme also applies to these three options:1) Talk To Creditors / Debt CollectorsIt does nothing to help and will only make things worse.Here's the rule of thumb: The more you talk outside of the script, the more calls you will get.So avoid all conversation with creditors during your debt settlement program.This is because creditors know that IF they deal with you, they'll get A LOT more money than if they must deal with a professional...more
Debt free: Ask for help to solve your financial issues The debt free program is another quick and efficient alternate for debt solution which comes to you for your experience. Most of these programs are built up to fit into any type of debt...more
Being stuck in debt can be a really stressful and difficult situation especially when you need to handle a number of different creditors. Some people are fortunate to have their family members or friends help out by lending them the money they need...more
Debt Reduction Plans - How Legitimate Debt Payment Plans Work Debt reduction plans are very common in the US and in the UK. These well established arrangements are also known as debt management plans or debt payment programs and the process of...more
What You Should Know About Tumbler Dryers Before Purchase If you're shopping for tumble dryers, whether online or at your local stores, you'll find that there are many different kinds to choose from. The first thing you have to do is to figure...more
Debt Settlement Companies – Fact Vs. Fiction With the economy failing, consumers are finding their unsecured debt rising, coupled with limited resources to pay. What options do you have as a consumer to save your credit and avoid...more
Free Money To Pay Off Debt – A Smarter Way To Pay Back Debt Being in debt can be a highly stressful experience, not least because it is often impossible to see any way out of it. When your debts build to a certain point it is easy to feel...more