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What kind of people would receive a collection letter?
The kind of people who would receive a collection letter are the people who are currently in debt. Many people get these letters because many people are in debt.
Is Debt Settlement easier than bankruptcy?
It depends on the amount you in your debt. If your debt is a large sum and figure, the best and most ideal thing would be to declare bankruptcy. If not debt settlement would be much easier.
How does one go about a debt settlement?
If you need to get a debt settlement it would be best to speak with a trusted debt counselor. Sometimes a debt will need to be quite big to be settled. A low debt would get dismissed and you'd have to pay the whole amount.
What steps should I take if I receive a letter from a collection agency regarding my outstanding debt?
If you receive a letter from a collection agency about your debt, the first step is to review the letter carefully and verify the debt is yours. Contact the collection agency to discuss payment options or negotiate a settlement. Make sure to keep records of all communication and payments made. It's important to address the debt promptly to avoid further consequences like damage to your credit score.
Where can one go for debt counseling?
In order to receive debt counseling, one can go to the Debt Settlement website. The website has tools that allow people to manage their debt more effectively.
What are the advantages of a debt settlement program?
The advantages of a debt settlement program are that one can potentially get their debt load reduced and pay off the balance sooner. Usually one would have to negotiate with the creditors in order to come up with an agreement for the debt settlement.
What does a letter of deletion do?
A letter of deletion will notify a debt collector that you would like for them to delete their record from your credit reports. It usually includes an offer to repay the debt in full, or to pay a negotiated amount that would otherwise be reported as a settlement. A letter of deletion is commonly referred to as a pay for deletion agreement.
Do you have to declare what you save to the IRS if you go through debt settlement?
Yes, you have to declare what you save to the IRS if you go through debt settlement. You can read more information at www.debtfreedestiny.com/debt-settlement/debt-settlement-and-income-taxes
How is date of last activity defined for a settled credit card debt?
The date of last activity for a settled credit card debt is the date that the settlement check cleared your financial institution and was posted to that credit card account. As the account was settled, there would be no more activity on that account. I hope that you have a letter from the agency offering the settlement. Without a letter stating the amount of the settlement, you may have just made a big payment on the debt and someone else will be hounding you for the balance.
Debt Settlement Company is increasing in numbers which debt settlement company should one trust with?
Off course, many debt settlement companies are increased in numbers but, one can compare the debt settlement company's policy before taking any debt settlement program. For further details, visit http://debtsolutionsgrp.com
Is settlement good or bad on credit report?
Debt settlement is good for your credit rating. Just settle the debt and move on. Do not use a debt settlement company, ever.
Where can one find reviews on debt settlement companies?
Reviews on debt settlement companies can be found on Top Ten Reviews, Debt Settlement Reviews, My Money Coach, No More Debt and For the Love of Money.
