Changing people's lives everyday through debt settlement. An alternative to credit counselling, debt consolidation or bankruptcy. We negotiate a one-time settlement that is less than what you owe.
K & G Debt And Credit Professionals
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I would like to be able to sit down with some one and basically say here are my pay stubs, here is my current debt (credit cards statements/ car payment) and have them devise a budget for me. Have them work with me and say okay here is the best scenerio and budget you need to stick to to work off your debt and save money.
Would I seek out a financail advisor (at the bank)? I appreciate any advise.
Since you would have to pay for financial advice, there is nothing cheaper than devising a budget for yourself. You can use software based systems, like Quicken, but I believe if you can spend a solid weekend on this, it should be enough to put in some elbow grease and get budgeting!
First, take a look at your paystubs. Are you putting any money into a 401(k)? This is the best and easiest way to save since many employers have a match (free money) and you are contributing pre-tax dollars, which also lowers your tax burden. Try to max your contributions if you can.
Then, after all is deducted from your paycheck, what do you take home after taxes and benefits?
Subtract monthly debts
Take a look at your historical spending. Do you eat out or cook, do you spend on entertainment, clothes or other things? What are your spending habits and where can you reduce? Just looking at your spending pattern will give you a lot of information on where the money goes and how you can curb it.
Then, whatever is left over should go towards paying off your debt. But, if there is enough to put away some money in an emergency cash fund (look at online savings funds – ING, HSBC, Emigrant), you should really be both saving and reducing debt simultaneously. You have to take advantage of compounding for your savings and reduce those debt payments to free up more cash flow.
GOOD LUCK!!!!
our struggling small business has a high line of credit debt that is increasingly difficult to pay off.with our severe decrease in sales revenues, what is a struggling family owned and operated business that employs 15 people to do? we have been in business for 20 years and take this business very serious, it is not a hobby business…..please advise!
Sadly, there is not federal relief or offer in compromise to help you with your business dilemma. However, relief is in sight. I’d like to suggest reading a free online book, which explains the virtues of a strong business bankruptcy alternative, just the right business debt settlement solution that you need due to your hardship and loss of business income. You can get the free download at Debtfreeleague .com.
Their debt settlement program the National Debt Relief Stimulus Plan can certainly assist you with the right type of business debt reduction. And this is not just credit card debt reduction on your high interest rates like credit counseling or a debt consolidation loan. their professionals are experts are reaching business debt settlements, which is essentially a compromise with your creditors whereby due to your financial condition, they will agree for you to pay off your debt for pennies on the dollar.
Unbelievably, they can also help you settle collection accounts and creditor lawsuits and judgments. Most of their clients repay about fifty cents on the dollar and are debt-free in less than 36 months. The organization can also help you with personal credit card debt reduction and medical debt reduction. You can reach them at800 213 9968.
I owe more than $20,000 in credit card debt and I am struggling to keep up with the payments. I dont knowhow much longer I can do it. If I stopped paying, would they be able to repo my car, house, or other property? Or even take money straight out of my bank account?
First, they have to sue you and obtain a judgment to do anything.
Once they have their judgment…depending on what state your in they can garnish your wages, levy your bank account, file a lien on your property, attach assets. Attaching assets includes your car but only if its paid off.
If it is not paid off than they can not because the car does not belong to you, at this time the lender is holding the pink slip.
However, a lien can be filed on your property either way.
As some people think that it is a reflex of a collection agent to tell you to pay the bill…it actually isnt. However, in this case it is my recommendation that if you have assets and in your state wage garnishments are legal…in order to keep yourself out of trouble you need to either continue paying the bill somehow or you need to transfer titles of your assets, pull your money from the bank and pray they dont find your job.
People will tell you to fight it, write this letter do this and do that. Sure you can do all of that and you do have rights. But these people are not professionals and dont know what they need to know to understand the other side because what these people fail to tell you is that creditors and collection agents or agencies also have rights. The law provides them with remedies of recourse.
If it were as easy as some people make it seem…nobody would ever pay their bills and they would just “dispute it” or “fight it ” it off.
Think about it. Its only logical.
If you have any questions, email me.
Good Luck
Educate yourself on your rights. Google the FDCPA which stands for Fair Debts Collection Practices Act.
I want to get out of credit card debt. I’m in college, but am working. I have several cards that are at their limits, and have used most of my savings trying to pay the interest each month. I probably have a total of $5000 in debt, and while I make around $8000-10000 a year, I do have other expenses to pay. What are my options?
Your Best Tool for Debt Reduction
If you want to get rid of the huge piles of credit card debts and dues, the first step is to look for the right debt consolidation program for credit card debt. It is always a great idea to ask for debt consolidation quotes from various companies offering debt help and choose the one you think is the best for you. When you choose to avail a free debt consolidation help, you also get the valuable services of professionals who are experts in offering credit card debt consolidation with a good program for becoming debt free and overall financial management.
The Credit card debt consolidation program also enables you to repay credit card debt in small, convenient and affordable monthly payments. You can even have an extended duration of up to six years to ease your financial burden. You can opt for debt management help in numerous fashions. It is not necessary to opt for an expensive process. Rather you can select a debt help plan that costs a little or even free. Bad credit debt consolidation is also becoming increasingly accepted today as a natural response to the high level of debt.
If you have developed a spendthrift nature by using your credit cards, in the end, you might get caught up with mounting debts and outstanding credit bills that could cause multiple problems including affecting your credit rating. This is where a Credit card debt consolidation program comes to your rescue. These debt elimination programs are good ways to eliminate credit card blues. Get all information about it at: http://www.credit-card-gallery.com/article/191,Credit_Card_Debt_Consolidation_Program_The_Safest_Way_To_Erase_All_Your_Debts
I have a friend that needs to clean up debt. Before charging off to be a hero and completely opening a can of worms on her poor soul by referring her to any joe shmo I wanted to ask. I need to ask because cleaning up credit debt that has lay dormant for years is a tricky situation. The debts have been sold off and as soon as you make contact with the collection agencies all of a sudden the clock starts again and all he// breaks loose.
So…we have BK lawyers, credit counselors, financial advisers,etc so which ones are going to truly assist credit debt payoff strategy and report cleanup with my friend’s best interest at heart?
Thanks for that…but I disagree. Clearly I am the person to help initially by researching who the best person to go to for advise would be – and then forwarding said information to friend for review. You appear more knowledgeable on the subject than me – great. But you still didn’t answer the question.
Certainly you are clearly not the one to help because you haven’t a clue with statements like “starts the clock over” without saying what you mean by the statement. Certainly if you agree to make a payment, in some states, that does start the collection SOL again but the reporting length with the Credit Bureaus is 7 years from deliquency.
There is nothing tricky at all, you pay the debt and then wait while the negative slowly fades away. You can try and make deals with the creditors to take less than face value of the debt and then that will hurt too.
work with the credit card companies to reduce the payments. i have been out of work for a year due to medical reasons and I am now employed again. I went over $40000 in debt with credit cards. I want to do the right thing but I can not afford the payments.
Before you decide to finally go for it alone, ask yourself a few questions. If two or more of these are you, then it could be the perfect time to seek the services of a bankruptcy professional. Are You: receiving harassing or ominous phone calls from people you owe? paying the minimum payment possible on your credit cards? taking out Payday Loans? soliciting for loans from friends and family? about to lose your occupation? behind in your taxes? receiving foreclosure notices? behind in child support or alimony? gambling to try and make ends meet? sick and unable to even go to work? If your answers indicate that you are in financial deep water, bankruptcy may be your best solution, but you will never know for sure until you get the advice of an attorney.
Hope this helps you.
I don’t think it was the credit card debt collector’s place or position to tell my former foster mom how much debt I owe. I’m a grown woman with a college degree, & the foster mom has nothing to do with my finances. & then she used it against me & threw it in my face & made me feel bad. I fell into debt as a result of Hurricane Katrina & had trouble getting out, ever since. & then, the foster mom tried to tell me I need to learn how to manage my money. I already do. I just have an unfortunate situation that I’m dealing with right now.
It is a violation of Federal Law for debt collection agency to discuss any aspect of a debt they are trying to collect with anyone other than the debtor or their spouse (and in many states they can’t even discuss it with a spouse). You may find that you will no longer have to pay the debt depending on the laws of your state.
Also, I know of professionals who can help you out of your situation since it is Katrina related credit issues. You may contact me if you want further information.
paying off the debt on the credit card. Let us say that there are $20,000. What are the ways to pay this off in a shortest time possible?
Reena almost has it right. The only part I don’t agree with is taking the highest balance. IF you take the highest balance, it will take much longer to free up the cashflow to get cracking on the next one. The best way to pay off debts is to free up as much cashflow as possible to pay off the debt.
Start with the smallest balance, and clear that one up first. This will not only give free’d up cashflow to put it on the next balance, but it will also give you a sense of accomplishment so it actually looks like you’re doing some good. The key is to continually keep your monthly payment total the same, you’re just shifting the payments from one to another as you pay each one off. And yes, once you’ve paid them all off it’s best to move those same monthly payments right into an investment of some kind. You’re used to making those payments anyways.
Starting with the smallest balance is what almost any professional I’ve ever talked to has suggested.
If it’s all on one card, free up as much cash as you can in your budget and pay as much as you can on it. That’s the only way to do it.
I am serious and devoted to eliminating my credit card debt. I am putting all bonuses, tax returns and left over money towards my 4 credit cards totaling about $12,000. Any tips, secrets or advice on how to get out of debt faster. I have tried to work with the banks to lower my interest rate and they will not (3 BofA and 1 chase) any other suggestions?
First get your scissors and cut your credit cards.
There are professionals who will help you unite your three accounts into one so you will only have a debt with the bank with the lowest interest rate.
live a humble life, no luxuries at all. keep it really simple.
sell everything you don´t use.
Good luck!
I would like to get a debt consolidation loan for my outstanding debt from closed credit cards, old utility bills, etc
I have student loans, but I would like to consolidate them separatley and not through another loan.
Also, I have an auto loan, would the loan be able to cover that as well?
Please, real answers, and no opinions/judgements.
Thank You.
You probably could however the interest rate may be high. I would start with your own bank as they know you the best. I work as a customer service agent with GMAC where I deal with people asking about refinancing all the time and I refer them to their own bank or credit union. They might be able to work out a deal because you have a “professional/personal” relationship with them.