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how to pay off debt fast

how to pay off debt fast

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Published by johnolarola
Providing sound debt advice for all those experiencing tight money flow this time of year
Providing sound debt advice for all those experiencing tight money flow this time of year

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Categories:Types, Business/Law
Published by: johnolarola on Jan 03, 2012
Copyright:Attribution Non-commercial


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 ==== ====Hello, if you would like more help with your debt please visit the link belowwww.debtsettlementorder.com ==== ====Thank You for choosing to free yourself from your FINANCIAL SLAVERY! "HOW TO TAKE THE LEGS OUT FROM UNDER THE CREDIT CARD COMPANIES, AND SAVEYOUR FINANCIAL LIFE WITH THIS INFORMATIONAL STRATEGY" Reading this will have an immediate impact on you so please set aside time enough to read thisthoroughly and make a conscious decision to better your situation. With the information we are freely giving you can commit to proactively break the BONDS ofFINANCIAL SLAVERY that has held you for a very long time. The truth is...your financial house is easy to run. All you need to do is to understand how theCredit Card works and use them to earn FINANCIAL FREEDOM. It is not important how you got here. It is not important if you owe 10k or 1million in credit card debt. If you can't sleep at night, and wonder if you will ever be financially sound again, then you needthis information. If the stress of your debt is ruining your family, and your relationships, then you need thisinformation. If you thought you'd be better off financially, by now, then you need this information. If you're facing retirement, and can't possible see how you will be able to maintain your currentquality of life on social security, then you need this information. DEBT SETTLEMENT IN A NUTSHELL! If you decide to stop paying your creditors the way they want to be paid for the next 10-20-30years the original creditor will then sell your debt to a collection agency normally within 30-90 daysfrom the first missed payment. During this time the original creditor will call you for payment andtry and keep you as a client. If they get nothing from you they will sell your debt. The creditor sells your debt to a collection agency for 2 reasons: 1. They get .20 cents on the dollar from the collection agency.
2. They get an additional .50 cents on the dollar from the government in the form of a tax break. Therefore, the creditor gets .70 cents on the dollar, by selling your debt without you paying them adime. Let's say you owe Capital One $1,000. If you do not pay them then they will sell you to collectionsfor 20% of what you owe ($200). Then they turn around and get the tax break from thegovernment for 50% of what you owe ($500). So they have made $700 on your $1,000 debtwithout you paying them a dime. Once your debt has been sold to a collection agency for .20 cents on the dollar, send a Cease andDesist letter. By law they will no longer be allowed to contact you. They do not have the samerights as the creditor because they are a 3rd party who purchased the debt. Then tell the collection agency how you intend to pay them .40 cents on the dollar, giving them a100% profit, in exchange, they will report to the credit bureaus that your debt was paid or settled. Debt Settlement works by reducing the balance owed (principal) on your unsecured personal debtaccounts through the time-honored process of creditor negotiation. This is different from simplyreducing the interest rate as with Debt Consolidation and Credit Counseling, which do not affectthe total debt balance. By reducing the balance itself, Debt Settlement provides a much fastermeans of becoming debt-free. Most creditors are willing to accept 50%, 40%, sometimes as low as20% of the balance owed in order to close out an account rather than lose the entire amount in abankruptcy proceeding. As a consequence of this approach, money that was previously wasted on endless minimumpayments (most of which went toward interest charges) goes toward reducing the actual debtbalance. That's why Debt Settlement through negotiation is the fastest debt elimination methodshort of Chapter 7 bankruptcy. If you cannot bear the thought of losing your financial dignity and loss of control by going throughbankruptcy, then this approach is for you. While the debt settlement approach is not suitable for everyone, its flexible nature makes itapplicable to a wide range of financial circumstances. For individuals and families seeking analternative to bankruptcy, there is simply no better option to get out of debt. Here are a fewguidelines to help you determine whether or not debt settlement is something you should consider 1. Do you have a legitimate financial hardship condition? If you are over your head due to a hardship circumstance, and you'd prefer to work things out withyour creditors rather than declare bankruptcy, then debt settlement can provide an honest andethical debt relief alternative. 2. Are you committed to avoiding bankruptcy? Debt Settlement is best viewed as a bankruptcy alternative, one that allows you to keep controlover the process and maintain privacy while working through your financial difficulties. As with
most things in life, success is determined by your level of commitment to staying the course, evenwhen the road gets a little bumpy. If you are likely to give up at the first rough spot, then debtsettlement is probably not the best choice for you. But if you are determined to avoid bankruptcy,debt settlement will likely be the most attractive debt solution for you. 3. Do you owe more than $10,000 in unsecured debt? Debt Settlement is strong medicine, and it should be reserved for serious debt problems. Whileeveryone's budget is different, most people can work their way out of smaller debt obligations. In fact, it doesn't matter what mistakes you have made on your own, as it is NOT important at all.What matters now is HOW TO GET OUT FROM UNDER IT! SERIOUS QUESTIONS AND ANSWERS Q: What happens to my credit score? A. The effect of the debt settlement process on your credit score will partly depend on your currentcredit status before starting. Few people with debt troubles have perfect credit to begin with. Ingeneral, your credit score (usually called the FICO score) will decline during the process, and willbegin to improve again after you have become debt-free. There are several key points to bear inmind here. We recommend against applying for new credit while going through thedebt settlementprocess. It simply doesn't make sense to take on new debt while you're trying to tackle yourexisting debt problem. So the short-term decline in credit score is rarely a problem for clients. In addition, the credit scoreitself does not take into account your debt-to-income ratio, which is used by lenders (especially inthe mortgage industry) to determine whether you qualify for a home or auto loan. In other words,you can have a high credit score due to a clean payment history (even though it's killing youfinancially to keep up those payments) and still be denied a new loan because you already carrytoo much debt. By completing the debt settlement process, your debt-to-income ratio will improve dramatically!Any way you look at it, the effects of Debt Settlement on your credit will certainly be less damagingthan the 10-year derogatory mark made by bankruptcy. Staying current on mortgage and carpayments will help your score. Q: What are the tax consequences? A. Financial institutions are required to report canceled debts over $600 (the portion forgivenduring the settlement transactions) to the IRS, and the debtor is required to report that as incomeon their tax return. However, the IRS permits you to offset any "income" from canceled debts up tothe amount you were "insolvent" at the time the debts were canceled. You are "insolvent" if youowe more than you own, or in other words, if you have a negative net worth. If you're deep in debt, it's not likely that you have a positive net worth, so it's rare that a clientwould have to pay taxes on the forgiven debt balance. The exception might be an individual with ahigh level of home equity, which might make the overall net worth positive and thereby eliminate

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