Debt Settlement Details

You have decided to take a further look into debt settlement, and you want to find the best debt settlement company you can find. How do you know who is the best? What qualities or features [...]

Debt settlement is going to negatively affect your credit. That being said, whether it’s really going to get worse – and by how much – will depend on what your credit rating looks like today. [...]

In a debt settlement program, creditors are not paid until a settlement is reached, and there are some risks associated with that. The primary risk is that being in a debt settlement program does [...]

A debt settlement program will not prevent you from getting credit in the future. Certainly it will damage your credit in the short run, but in approximately 18 months after you are you are out [...]

In my experience, once an individual completes a debt settlement program and is debt-free, it generally takes about 18 months or so for the person’s credit to bounce back to the level it was at [...]

A debt settlement notation will remain on your credit report for seven years from the date of the settlement. However, as a practical matter, once all your debts are settled and you’re debt-free, [...]

When you settle a debt, it will appear on your credit report as “paid as agreed” or “settled,” both of which are negative notations. It will come off your credit report seven years from the date [...]

Cancellation of debt is not always taxable, although when your debt is cancelled and you save more than $600, the creditor is required to send you what’s called a 1099-C form. This form reports [...]

Cancellation of debt is an IRS term. When you settle a debt, the creditor will issue you a 1099-C (“Cancellation of Debt”) form reflecting the amount of the debt cancelled through the settlement, [...]

If you’re going to go through the debt settlement process, you’ll have to decide whether to accumulate the funds on your own or give them to your attorney to keep in his trust account. I think [...]