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After several years of hardship I'm finally capable of paying off or settling debt. What is my best option for doing so?
Wiki User
∙ 9y ago
You should call each individual creditor and see if they will lower the amount you owe them in exchange for you giving them one lump sum. Most creditors will work with you and you won't have to pay the total amount you owe.
Wiki User
∙ 9y ago
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Where can you get a sample of a hardship letter to lenders?
A lot of people ask for examples of hardship letters or "samples" of hardship letters. The problem with using examples is that most of them are terrible, and if you don't understand the psychology of writing the letter in the first place, following a sample will not help you write a good letter.In any case, there are several posts out here about "how" to write the letter rather than relying on a sample.AnswerIt depends on the type of hardship letter. If you require a letter to credit card companies, etc... they usually don't require one. However, if you are looking for a hardship letter to address a potential Real Estate Short Sale there are several sites that have examples.
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There are several options: The best option is to contact the IRS and make a repayment arrangement. The second is to file an Offer in Compromise which entails qualification as a hardship case (assets less than the tax debt). Finally, you can borrow the money from a relative/friend and give them a note against your property. E.C. Albertson, CSMS http://www.wowifixedmycredit.com/
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The word settlement is considered negative on your credit report. With a settlement, you are settling for less then the total amount due. Like bankruptcy, settlements will remain on your credit report for several years.
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Where can you get a sample of a hardship letter to lenders?
A lot of people ask for examples of hardship letters or "samples" of hardship letters. The problem with using examples is that most of them are terrible, and if you don't understand the psychology of writing the letter in the first place, following a sample will not help you write a good letter.In any case, there are several posts out here about "how" to write the letter rather than relying on a sample.AnswerIt depends on the type of hardship letter. If you require a letter to credit card companies, etc... they usually don't require one. However, if you are looking for a hardship letter to address a potential Real Estate Short Sale there are several sites that have examples.
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What are the options for resolving a tax lien?
There are several options: The best option is to contact the IRS and make a repayment arrangement. The second is to file an Offer in Compromise which entails qualification as a hardship case (assets less than the tax debt). Finally, you can borrow the money from a relative/friend and give them a note against your property. E.C. Albertson, CSMS http://www.wowifixedmycredit.com/
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