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You have more debt than what your income is and you need some advice on what to do?
The first step is to know exactly what expeditures are necessary and which can be eliminated. For instance, a cable tv or a satellite dish is nice to have but not comparable to food and shelter. Cell phones are convenient only if you can afford them, and so forth. The person might choose to contact creditors and try to negotiate more affordable payment arrangements. There are nonprofit credit counseling agencies who can give assistance in learning how to manage debt. Be wary of debt consolidation agencies, and "friendly lenders" they could be more of a detriment than an asset. Bankruptcy is always an option, but it should be the VERY LAST option.
What else can I help you with?
Can a debt consolidation loan be taxed as income?
No. Loans are never income. You are worth no more, and no less, before or after a loan. Your liabilities went up by the same amount as an asset...generally cash).(In fact, perhaps you need to really understand that...borrowing or debt is NEVER income...do not treat it as such).Improved:However, if any of your creditors are settling with you / forgiving a part of your debt as part of the process, the amount that is forgiven CAN be reported as imputed income and taxed.
Is there a website offering Free debt advice that you do not need to enter private information in?
"No, for specific debt advice they would require you too give you their information. But you should also be confident in giving it, because they will not hurt you."
Is An individual who is not personally liable for a debt does not have ordinary income from the cancellation of the debt unless?
An individual who is not personally liable for a debt does not have ordinary income from the cancellation of the debt unless the cancellation occurs in a situation where the debt was secured by property that has declined in value or if the individual is in bankruptcy. Additionally, if the individual is solvent after the cancellation, they may need to report the cancellation as income. Exceptions also apply for certain types of student loan forgiveness and insolvency scenarios.
How can one apply for a Chase home equity loan?
You need a good credit score of 700 or more, a good credit history and report, proof of employment and income source and a reasonable loan to value and debt to income value.
What are the income requirements for obtaining a credit card?
The income requirements for obtaining a credit card vary depending on the issuer, but generally, you need to have a steady income that allows you to repay the credit card debt. Some issuers may require a minimum income level, while others may consider factors like credit history and debt-to-income ratio.
What kind of advice does iva advice give?
Iva advice gives excellent advice on how to get yourself out of debt. They have trained specialists that can help you understand what you need to understand and what measures to take to eliminate your problem. You can visit their website for more information.
Is the national debtline confidential?
Yes. The Natonal Debtline of the UK is a free and confidential hotline for advice seekers who need information and advice about debt relief and strategies for becoming debt-free.
Can a debt consolidation loan be taxed as income?
No. Loans are never income. You are worth no more, and no less, before or after a loan. Your liabilities went up by the same amount as an asset...generally cash).(In fact, perhaps you need to really understand that...borrowing or debt is NEVER income...do not treat it as such).Improved:However, if any of your creditors are settling with you / forgiving a part of your debt as part of the process, the amount that is forgiven CAN be reported as imputed income and taxed.
Is there a website offering Free debt advice that you do not need to enter private information in?
"No, for specific debt advice they would require you too give you their information. But you should also be confident in giving it, because they will not hurt you."
Pay ex debt off before divorce?
No, You NEED to talk to an attorney (solicitor) to get advice.
When would you need the services of insolvency practitioners?
If you have more debt than income you may need to seek such an individual . You may need assistance if your business needs some help resolve certain financial issues.
Can your new husband be held financially responsible for debt created while you were single if his name is no where on the debt?
You need to talk with a" Clerk of the Court," or a "Solicitor" and get the right advice.
How can one apply for a Chase home equity loan?
You need a good credit score of 700 or more, a good credit history and report, proof of employment and income source and a reasonable loan to value and debt to income value.
Where can one get debt advice from the government?
StepChange Debt offers free government advice for people who need help with their debts. They can help you look over your finances, show you how to pay off your debt quickly and advise you on which debts to pay off first, if you can only afford to pay a few at a time.
What are the income requirements for obtaining a credit card?
The income requirements for obtaining a credit card vary depending on the issuer, but generally, you need to have a steady income that allows you to repay the credit card debt. Some issuers may require a minimum income level, while others may consider factors like credit history and debt-to-income ratio.
What do I need to get approved for a loan?
To get approved for a loan, you typically need a good credit score, stable income, and a low debt-to-income ratio. Lenders also consider your employment history and the purpose of the loan.
How much income do I need to buy a home?
It depends on your recurring monthly debt (minimum monthly payments). This number divided by your gross monthly income give you your debt-to-income ratio. This ratio can be no higher that 57 (but in most instances 45) with the proposed new mortgage payment in order to qualify.
