Sell my 2002 Lincoln LS to reduce debt?
I'm about to sell my 2002 Lincoln LS SE for $12,515 although I owe $17,017.71 on it to eliminate monthly payments of $339.32. I'll have to pay the $5000 difference out of our home equity account at 8.25%, or $34.38 per month, unamortized. My wife and I can share, with some difficulty, a 2002 Chevy Malibu and an unreliable 1983 Cadillac Seville, both paid for. I was emotionally tied to keeping a lovely car, but now I have to take hard look at whether paying that $5000 up front is worth the elimination of $339.31 monthly for 46 more months or $16,988.43. Should a sell my Lincoln LS that depreciated so rapidly?
yes i would sell that or if you have enough in your HELOC account to roll that loan into that for about 100 a month. in 1 year that car maybe selling at 9k and you owe 15500 there goes another 1500 bucks. cars are a pain for that, i was dumb 7 years ago and had to buy a new mustang GT the value dropped and drooped, spent 27k and now worth 10k. still have it but pd off and have a 95 wind-star for the winter. but no car payment and love it.
best of luck on whatever the direction you go with.
Does anyone know how I could become a Consumer Credit Counselor in Indiana?
I want to be able to help people with their financial problems. Budgeting, debt reduction and elimination, basic estate planning and such. I would like to work for one of the non-profit organizations. Not one of those "debt relief" places that take your money and ruin your credit.
I used Green Path, they have reasonable rates and they are really good at what they do…www.greenpath.com
credit elimination advice?
I have a credit problem. does anyone know about credit elimination or debt consolidation? thanks
most people want to GET credit, not eliminate it ?
IRS TAX FORM 1099-C After credit card debt settlement?
if i have settled a $1500 credit card debt directly with the bank for only $454.79, what is the purpose of having me fill out a IRS tax form 1099-c? and how will this negatively or positively affect my taxes and/or credit?
(i owed $1500, they said i could pay $454.79 and i will be forgiven the ramining balance of $1050.. so of course i payed the 454.79 to get out of debt lol..i didnt use a debt elimination company, i got the voucher directly from the bank.)
also, any tips or recommendations you can further give me on this issue? i plan to settle with a few other credit card companies in the same way.
Just remember settling debt rather than paying off in full will still reflect poorly on your credit report. Also the 1099-C is needed because you have to claim the remaining balance of the debt $1050 as income on your tax return.
Has anyone had any dealings with "debt validation " companies?
I am so ashamed that I have gotten myself so deeply in debt with two of my credit cards. I am keeping up with the payments and am managing to make more than the minimum payment each month. But, I'm fearful that I will not be able to keep it up much longer. I've not used these two cards in about a year.
I am familiar with the Dave Ramsey "Financial Peace University" method of getting out of debt and thought about trying that. But, it seems that I will be paying for several years in that situation.
Is there a better way to go about getting out of debt?
I've heard of:
Debt Management
Debt Elimination
Debt Settlement
Debt Validation.
Can anyone explain "debt validation" and tell me if it is any better than "settlement", "management", "elimination"?
I don't think I want to go the bankruptcy route. Has anyone gone that way and let me know if they recommend it?
Below is an explanation of debt validation.
I've been through bk twice. Once as a repayment plan which is what most people now have to do, and once under chapter 7 which is what the Bush administration did away with for most of the honest hard working people this country.
I only recommend it if you have learned your lesson about being responsible for incurring debt. I was driven to this as I was taken to court by my ex over child custody. I ran up $25,000 in attorney fees and other fees for defending my kids against a crazed mother. She was institutionalized 3 times, but that is another story.
If your debt problems were not of your own making, then I would recommend that you find a good bk attorney. A fresh start can occur at any age. I was 51 when I declared my chapter 7.
Good luck.
How to get rid of debts?
I need to figure out the greatest debt elimination ways to get rid of them at once. Can I eliminate my debts in a short period of time!
You probably can not get rid of all of your debts all at once, but you may be able to do it in a short period of time. Of course that depends on the amount of debt and your income.You can jump start your payoff by having a garage sale and selling anything that you no longer use and you should consider getting a temporary part time job until you get everything paid off. Here is a plan that will help you. If you work the plan, the plan will work for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an “emergency fund” category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don’t even have to worry about it. You must cut your spending and live on less than you make.
2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.
3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:
To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment
Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment
Debt #1: paid off
Debt #2: paid off
Debt #3:Mimimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.
That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.
4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.
5a. When you have your emergency fund in place, add a category for “fun” to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.
5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.
5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.
How much would you be willing to pay for the following services on a monthly basis?
Talk to a Primary Care Physician anytime 24 hours a day 7 days a week with unlimited access?
Identity Theft protection that guarantees their service to you?
Debt elimination system that helps you save up to 50% or more of the cost of your Mortgage, Car Loans, Credit Cards, etc.
First one, maybe a small addition to my medical insurance but not as a separate plan.
The second, Nothing, you can do this yourself for free.
The third, Wouldn't use it so nothing.
anyone know about Ron Comoda? (sp.?) Advertises debt elimination on KCBS Radio?
KCBS has been running his spots for a while now, "pay off your mortgage in 3 yrs, 5 yrs, etc. NO WEBSITE! Only an 800 number. I wonder if its another MMA type scam.
http://tdiw.com John Cummuta. I have sold this product at a telemarkeing firm. I never looked into it….but thats the website
debt elimination quickly?
doable tips?
BANKRUPTCY or win the lottery
Does anybody know anything about debt elimination, not consolidation or reduction. I'm afraid it's a scam.
If you do not check a company before entering into a transaction,
you could lose your money, time and credibility. Some widely used resources are the Better Business Bureau (www.bbb.org) and the national fraud center ( www.fraud.org) These days, you can easily find out more about a company using the internet in a few minutes. From a company's website, you can get details about its ownership how old the company really is and feedback from the company's customers. You can find more,detailed information about a company at http://tinyurl.com/gtb89
