If you do get a settlement I would use it to get - sm
Posted By: XXX on 2008-07-01
In Reply to: Need to vent sm - MT
two things, a fence for your yard, and therapy for your daughter as she obviously needs it. If you are not taking her as yet, get her to a therapist pronto. Any left over money you put into her college fund. Good luck.
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- Need to vent sm - MT
- If you do get a settlement I would use it to get - sm - XXX
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Settlement offers - beware
Just be aware that if they do a settlement offer of $3500 on the $7000 then you will have to include any portion that they write off as "income" on your taxes and they will send you a 1099 C that will show the amount that they cancelled and will report it to the IRS. If they already have a judgment against you, why are they taking you to court? I thought that once a judgment was placed that was it, of course if the judgment was placed prior to you making payments and then you began making payments again, that might require another judgment. And of course that begins the start of the cycle of the 7 years before they will write off the entire amount and with the new laws that could also generate a 1099 C requiring you to report that as income. Of course the amount of taxes you pay on the "income" is a lot less than the amount of the debt but it is still something to think about. Good luck.
Anyone ever use a debt settlement company - sm
like DebtAmerica or something like that, one that eliminates 30% or more of your balance owed, consolidates it and gets each cc to settle on an agreed amount, etc. I am thinking of going that route instead of CCCS company which is just a DMP (consolidates it but you still pay back every penny and interest). Either way you have a big black mark on your credit. I owe a substantial amount and this way I can probably be debt-free in 3-4 years instead of 8 years. I know they charge a fee, and you have to pay taxes on the settled amount but it will be a lot cheaper for me in the long run and I can afford it a lot better. So if anyone has gone this route, please give me your input and who you used and if you were happy with their service, etc. TIA! 
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