A big question most people ask before joining a debt settlement program is “What are the tax consequences of this program?”.
The answer is that financial institutions are required to report any canceled debt over $600 to the Internal Revenue Service. That means that if you save over $600 on an account during [...]
A charge-off occurs when a bank or financial institution writes off an account as bad debt. This process usually occurs after six months of non-payment. Many creditors will try to tell you that a charge off will ruin your credit score. While charge-offs should certainly be avoided, if you are unable to [...]
When you are shopping for a debt settlement program, here are ten questions you should be asking.
#1
Q: Are you a member of TASC (The Association of Settlement Companies)?
TASC is a regulatory body in the settlement industry. TASC member companies are required to disclose all fees and program terms to clients. Make sure you [...]