Comments on: Why Debt Settlement and Loan Consolidation Don’t Work. http://simpledebtfreefinance.com/why-debt-settlement-and-loan-consolidation-dont-work/ A Simple Approach to Getting Out of Debt and Into Wealth Thu, 24 May 2012 03:12:56 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Simple Debt-Free Finance » Blog Archive 3 Ways To Negotiate a Credit Card Debt Settlement Yourself. http://simpledebtfreefinance.com/why-debt-settlement-and-loan-consolidation-dont-work/#comment-408837 Simple Debt-Free Finance » Blog Archive 3 Ways To Negotiate a Credit Card Debt Settlement Yourself. Thu, 19 Apr 2012 00:17:50 +0000 http://simpledebtfreefinance.com/?p=1457#comment-408837 [...] is what many <a href="http://simpledebtfreefinance.com/tag/debt/">debt</a> settlement companies do for you, or at least it’s what they say they will do for you. In many cases, [...] [...] is what many debt settlement companies do for you, or at least it’s what they say they will do for you. In many cases, [...]

]]> By: Frank at debtsettlement.com http://simpledebtfreefinance.com/why-debt-settlement-and-loan-consolidation-dont-work/#comment-97099 Frank at debtsettlement.com Fri, 20 May 2011 01:17:01 +0000 http://simpledebtfreefinance.com/?p=1457#comment-97099 The cost of <a href="http://simpledebtfreefinance.com/tag/debt/">debt</a> settlement depends on who does it. If you choose a costly company, then yes, it wouldn't make sense. If you choose a more affordable one you can definitely save some money. And then if you do it yourself, then we'd be talking! You still would need to pay <a href="http://simpledebtfreefinance.com/tag/taxes/">taxes</a> on the forgiven part of your debts. That is, unless you can prove that you were insolvent (which is often why people choose a settlement in the first place) at the time of settling your debts. In this case you wouldn't pay any tax. So... if you are insolvent and do it yourself, guess what? You'd save a pretty penny! It is important to not though, that not every creditor will accept a settlement... The cost of debt settlement depends on who does it. If you choose a costly company, then yes, it wouldn’t make sense. If you choose a more affordable one you can definitely save some money. And then if you do it yourself, then we’d be talking!
You still would need to pay taxes on the forgiven part of your debts. That is, unless you can prove that you were insolvent (which is often why people choose a settlement in the first place) at the time of settling your debts. In this case you wouldn’t pay any tax.

So… if you are insolvent and do it yourself, guess what? You’d save a pretty penny! It is important to not though, that not every creditor will accept a settlement…

]]> By: Joe http://simpledebtfreefinance.com/why-debt-settlement-and-loan-consolidation-dont-work/#comment-17456 Joe Wed, 19 May 2010 01:30:31 +0000 http://simpledebtfreefinance.com/?p=1457#comment-17456 I hear what you're saying bondage, but it can work provided that you pay down the <a href="http://simpledebtfreefinance.com/tag/debt/">debt</a> after you've shuffled it around. The problem most people make is to get caught in the consolidation shuffle and just keep moving it around... until they run out of offers. Of course, they also usually keep spending and piling even more debt on top in the process... but it can be a useful tactic, if done right. I hear what you’re saying bondage, but it can work provided that you pay down the debt after you’ve shuffled it around. The problem most people make is to get caught in the consolidation shuffle and just keep moving it around… until they run out of offers. Of course, they also usually keep spending and piling even more debt on top in the process… but it can be a useful tactic, if done right.

]]> By: Financialbondage.org http://simpledebtfreefinance.com/why-debt-settlement-and-loan-consolidation-dont-work/#comment-17040 Financialbondage.org Thu, 13 May 2010 20:28:32 +0000 http://simpledebtfreefinance.com/?p=1457#comment-17040 Consolidation don't work because you're not paying off the <a href="http://simpledebtfreefinance.com/tag/debt/">debt</a>. You're just renaming it and moving it around. The debt is still there. Consolidation don’t work because you’re not paying off the debt. You’re just renaming it and moving it around. The debt is still there.

]]> By: 2009, year in review. http://simpledebtfreefinance.com/why-debt-settlement-and-loan-consolidation-dont-work/#comment-9861 2009, year in review. Thu, 31 Dec 2009 03:27:46 +0000 http://simpledebtfreefinance.com/?p=1457#comment-9861 [...] is a good idea, and why <a href="http://simpledebtfreefinance.com/tag/debt/">debt</a> consolidation is (sometimes) a scam. When it’s not a scam, debt settlement and loan consolidation just doesn’t work, and you’re much better off taking a DIY approach to debt [...] [...] is a good idea, and why debt consolidation is (sometimes) a scam. When it’s not a scam, debt settlement and loan consolidation just doesn’t work, and you’re much better off taking a DIY approach to debt [...]

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