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When you fail to repay credit card balances you owe, those unpaid debts are eventually sold to third-party debt collection agencies. This means you no longer owe the credit card company for the ...
If the process of settling debt with multiple creditors or debt collection agencies sounds overwhelming, you might consider hiring a debt relief company (also called a debt settlement company) to ...
2. Know your debt collection rights. Educate yourself about your rights under the Fair Debt Collection Practices Act (FDCPA). This federal law regulates how creditors and debt collectors can ...
A good debt settlement company will handle calls from the credit card companies, nor the collection agencies. Calls will slow down as the settlement company makes contact with the creditors. Good settlement companies will arrange monthly update calls, establish a plan where the debtor can miss a payment or two, or finish the plan six months ...
Working with a debt management company can result in less debt or a faster payoff — but there are often hefty fees, often up to 25 percent of the debt enrolled, attached to the services. Working ...
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income.According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1]
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