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No talk to your (a good ) tax accountant. Not liable
if you are insovlent..then the IRS “should’nt” go after you.
Thank you so much Richard! I just settled on my only credit card I had. I owed 11,000 and they settled for 3,000!!! Thank you so much for your info, you were a huge help!
great job man, same thing happened to me and i paid the original outstanding balance without the interest… plus, hey, this will also help to fight the corrupt bankers as it cuts into their profits…u know( the NWO scum thats trying to detroy america)
Thanks for the video Richard! I am way far in debt and I have stopped paying all my credit cards (which are beyond just maxed out) and I have been getting annoying messages from credit card companies trying to get me to make a payment. Some of my cards have already been charged off. I am glad to know that I may be able to settle for as low as 10 cents on the dollar some time in the future when I may be able to do that. Thanks again for your helpful information on your video!
Well said.
@poondoc1 File IRS for 982 and it is written off..
Great Info Richard!!!
Kristine
Does this only work in the US or do Credit Card lenders do this in other countries too?
My husband lives in a seperate town due to working situation. My name is not on some of the credit cards, but I’m going to start attempting to settle the debts ourselves soon. Will they deal with me even though I’m not on some of the accounts?
Washington Mutual slapped on an additional $600 worth of bullshit charges on my $4000 CC account when I refuse to pay them. After harassing me for 5 years, they filed a lawsuit against me. When I sent them a Debt Verification Letter forcing them to PROVE that I owe them, Instead of facing me in court, the criminals scam artists at Portfolio Recovery Associates LLC dropped their lawsuit against me!!! $4660 debt GONE! Haha Resistance Is victory!!
Whatever you do, DON’T use a dept settlement company. I was almost scammed into one of those but canceled the contract within 3 days. I owed aprox 70k across 4 cards.2 companies offered me a settlement with no action on my part other than talking and saying the same thing over and over for a period of 6 months.I was layed off last May 2010 and had to stop all payments in favor of paying essientials. I’m trying to wait out the other 2 and they are being persistant. Good Luck All – It’s tough
Great information. i am now trying to settle my debts and you have given me great information to make that happen.
Thanks
Rickey
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Great info. Shared this on my Facebook for you. Your helping a lot of people.
Love your videos!
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My medical provider reported my $4200.00 debt to a collection agency. I’m unemployed.I cannot paid the money right now. I need some advice as to how to settle this debt with the collection agency which by the way is claiming the debt as 5100. Any help greatly appreciated…
@bastardo323 Contact the original doctors/hospitals and ask if you qualify for charity care. Based off of your income, they typically take care of part or all of your balance based off of hardship and need. Good luck!
The MAJOR glitch with debt settlement is to have to STOP paying… and you are going to pay into an escrow fund with the settlement company for up to 3 years??! Name a creditor that will wait 3 years of non payment for a settlement. They are going to SUE you first.Remember the saying “If its too good to be true it probably is” If it really worked I would be the first in line. They never disclose that you have to pay taxes on forgiven amounts either. Wake up people.. Use your brain.
Thank you so much for your advice.
thank you you put my mind at ease
Thanks Richard! I didn’t buy your credit card relief formula, but I did buy the loan modification webinars for $200. Everything you have said is true! Much appreciated. I have modified both of my multi-unit rental properties and have settled my credit cards for 25% of their balances or 30% of the original balances. You are the real deal. I even settled one for 10%. I am so grateful. Now I am saving.
listenspeakthink: so thrilled to hear of your success. This is the reason I love what I do, because of great outcomes from folks like you.
courtdiz25: there are times when you are sued. But that can be part of the settlement process. And there are tax ramifications but take a look at IRS “insolvency” rules. There is a good chance you may owe little or nothing in “cancellation of debt” income tax. Ask a good CPA, you may be surprised AND debt free without tax liability.
Very helpful, gracias