Q. I settled a debt in 2007 for less than owed, paying $15,000 on a $22,000 debt. I just today received a $7000 1099c for tax year 2007 from the creditor in the mail. Does this actually mean that I have to amend my tax return for 2007?
A. A 1099c is a […]

Popularity: 5% [?]

[Read more →]

No, these settlemensts weren’t made with the collection agency, but with the credit card companies themselves.
Just talked to a client today about his debt settlement techniques. He had a few cards to go, but did really well working with MBNA and Chase bank. He settled with Chase for 25% and MBNA for […]

Popularity: 8% [?]

[Read more →]

Very interesting reading….goes into the inner workings of debt settlement companies, which I advice people under no circumstances to enter. Some disturbing excerpts:
There were clients at my company whose income was only $900 a month, who were being asked to save $400 a month, and then put $200 a month towards the program’s fee. […]

Popularity: 4% [?]

[Read more →]