The 1 (Other) Way To Get Out of Debt With 6 Tips

Posted by ITPN Writer | Posted in Financial Advisement | Posted on 22-06-2016

Tagged Under : how can i settle my debt, sub prime credit store, what is "paid as agreed upon", what is debt settlement

Don’t Pay It, Then “Pay As Agreed Upon”

In a prior post, The 1 Way To Get Out Of Debt: Pay It Off says the only way to pay off debt is to pay it off and that’s true…expect there’s a loop hole, a worm hole…debt forgiveness.

Get That Monkey, Money Off Your Back, Throw It Off

This title is another way to say: settle your debt, but don’t do. not. call it that. And well, pay off some of it. This is GREAT news…that’s a whole chunk of change not pouring out of your future paychecks.

HOW TO/

The short and sweet is this: save a lump sum, and in a negotiation with collectors aim for 50% and barter.
Meanwhile…save. It’s easy to say and hard to do. Saving is less painful when it’s just a habit, but here’s the fine print:

If you were good at saving you probably wouldn’t be in debt.

Perhaps You Can Use Your Income Tax Return You Got Easily, Automatically Through The Income Tax Planning Network

SO-Let it default…by not paying it. It will be purchased by a collection agency. Not a secret: For much, much less…paid pennies for your debt. Not A Secret: Bills going into collections isn’t typically advisable. It knocks your credit score…Learn something useful here.

Once you complete these things…begin a process to get a large percentage of your debt forgiven…

negotiate with with lean holder for some reduction
then form a repayment plan for the rest
OR ask for a large reduction but pay off the remaining sum in one lump

In a prior article The 1 Way To Get Out Of Debt: Pay It Off is true…expect there’s a loop hole, a worm hole…you can bury the debt – with debt forgiveness.

Credit Cards in their hard lined plastic burning a hole in your wallet…The paperless paperwork about the interest rate, pages of fine print…gives an impression that these things are set in stone.

Read The Normal Print, Learn These 6 Tips!

There is a 6 tip process that Tiffany Alichi wrote for the Huffington Post in an article about debt settlement.

ONE/

Make sure the debt is yours by requesting a Debt Verification/Validation Letter. You can request one verbally or by faxing/mailing a letter to your creditor.Here is a template for you to use

TWO/

Armed with that letter confirm that the debt is not zombie debt. What is that? DO NOT agree to make a payment until you know that. A payment of any amount will “re-age”…that’s what they call it, but it returns the zombie to life…re-set! the credit card debt. No, thank you.

THREE /

It’s time to negotiate! Collectors have quotas to meet, and so far they are humans and not bots. Call towards the end of the month, because you’ll have a better shot at a better deal. 50% is the dream, but you’ll have more success if you start low, like 30% of what you owe, and pay the rest in a lump sum, called the-money-you-saved.

FOUR/

Get The Agreement In Writing. You want this dealio to be called “paid as agreed upon” – NOT settled. Do not call it “settled”. This is VERY important for your credit report. Own that fact in writing…that paper trail can help you if you have to prove otherwise.

FIVE/

Pay taxes on what you negotiated down! Good job. If you negotiate less than $600 settled debt then you do not have to pay taxes on it.

SIX/

Again, get the agreement in writing. Then once the dust settles, then repair your credit. Check your credit report for errors. Better yet, let someone else do it in a package deal where you get some services you may also need…meanwhile…repairing you credit. Here is a great place to do that (plus more) at the Sub Prime Credit Store.

You might see a major perk of paying off your debt! A rise in your credit score!

It Is KEY That You Make The Offer Attractive…Get Out Of That Debt

Use your savings. Use your income tax return to pay off a percentage of your debt in one sweep and the rest is forgiven. With a little planning…anything is possible. Join The Income Tax Planning Network.

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Life just happens, good or bad, for many families out there in the United States. There’s no denying it. Single mothers, even single fathers: low-income families have a burden on their shoulders where basic bookkeeping becomes a stress of mammoth proportions due to the fact that there’s never enough income generated to pay necessary bills just to make it day by day.

So what has to be in place? Simply put, government aid. It’s almost a necessity for low-income families. But whether you think it’s a crutch or not, and whether many simply seem to take advantage of the benefits offered by the government, one thing is clear — even the families that do work hard seem to only make it by the skin of their teeth, having to pull from their next paychecks to pay back someone who lent money, or robbing “Peter” to pay numerous “Pauls,” because the fact is this — government aid can only do so much in comparison to personal finances (and, yet, there’s so much going into those funds that it may shock you).

Here Are Five Facts That Just Might Blow You Away With Respect to Government Aid and Low-Income Families

Minimum Wage Jobs Don’t Often Guarantee Raises or Even Consistent Workweeks — Take it from many particular employees, most of them part-time, for certain fast-food chains. When the paychecks aren’t the same every other week, that makes budgeting all the more difficult for low-income families. Find out what those figures are right here.
Food Stamps, While Extensive, Can Fluctuate and Also Promote Bad Health — Think about it for a moment. There’s a lot of money already going into the fund, but the big problem is just what you can exactly buy with your food stamps. This is typically how it would work for a single mother with a low wage of $7.50/hour.
Yes, Low-Income Families Do Put Their Share Into Child Care Benefits — As much as they can possibly put into it, at least…. Given the kind of income they’re literally forced to bring in. Want to know just what they could be responsible for each week?
Additionally, Low-Income Families Do Put Their Share Into Rent and Housing Costs — Granted, there are no handouts. But the numbers might actually shock you when you put it into perspective like this.
Medicaid Will Only Provide for “so Much” to the Point That You’ll Just Want to Get By — It’s basic health insurance. But it’ll only cover certain procedures, prescriptions and other costs, plus there’s still some out-of-pocket concerns at such a low minimum wage that make Medicaid a bit laughable (not due to the government’s lack of assistance, though, and you’ll see why right here).

What Do These Facts Mean to You? That They Prove Benefits Don’t Benefit?

On the contrary…. They certainly make their mark. If it wasn’t for these programs, you’d have single parents on minimum wage or low-income families stuck in homeless shelters without any way to make the rent payment. That’s just a matter of fact….

But when you’ve got a certain fast-food chain making anywhere around $4.8BB in annual profits, it begs the question about employment — why not pay your workers what they earn with all the hours they put in, or want to put in, so they can get off of government aid and not have to pick and choose on their expenses?

Your average low-income worker will have just over $6K in annual income and about $11K in benefits for food, rent and child care. How’s that for a perspective on low-income families?

ITPN recognizes there’s a problem with the current system we have in place. So let’s fix it. Now.

So what has to be in place? Simply put, government aid. It’s almost a necessity. But whether you think it’s a crutch or not, and whether many simply seem to take advantage of the benefits offered by the government, one thing is clear — even the families that do work hard seem to only make it by the skin of their teeth, having to pull from their next paychecks to pay back someone who lent money, or robbing “Peter” to pay numerous “Pauls,” because the fact is this — government aid can only do so much in comparison to personal finances (and, yet, there’s so much going into those funds that it may shock you).

Here Are Five Facts That Just Might Blow You Away With Respect to Government Aid and Low-Income Families

Minimum Wage Jobs Don’t Often Guarantee Raises or Even Consistent Workweeks — Take it from many particular employees, most of them part-time, for certain fast-food chains. When the paychecks aren’t the same every other week, that makes budgeting all the more difficult for low-income families. Find out what those figures are right here.
Food Stamps, While Extensive, Can Fluctuate and Also Promote Bad Health — Think about it for a moment. There’s a lot of money already going into the fund, but the big problem is just what you can exactly buy with your food stamps. This is typically how it would work for a single mother with a low wage of $7.50/hour.
Yes, Low-Income Families Do Put Their Share Into Child Care Benefits — As much as they can possibly put into it, at least…. Given the kind of income they’re literally forced to bring in. Want to know just what they could be responsible for each week?
Additionally, Low-Income Families Do Put Their Share Into Rent and Housing Costs — Granted, there are no handouts. But the numbers might actually shock you when you put it into perspective like this.
Medicaid Will Only Provide for “so Much” to the Point That You’ll Just Want to Get By — It’s basic health insurance. But it’ll only cover certain procedures, prescriptions and other costs, plus there’s still some out-of-pocket concerns at such a low minimum wage that make Medicaid a bit laughable (not due to the government’s lack of assistance, though, and you’ll see why right here).

What Do These Facts Mean to You? That They Prove Benefits Don’t Benefit?

Your average low-income worker will have just over $6K in annual income and about $11K in benefits for food, rent and child care. How’s that for a perspective?

ITPN recognizes there’s a problem with the current system we have in place. So let’s fix it. Now.

Here Are Five Facts That Just Might Blow You Away With Respect to Government Aid and Low-Income Families

Minimum Wage Jobs Don’t Often Guarantee Raises or Even Consistent Workweeks — Take it from many particular employees, most of them part-time, for certain fast-food chains. When the paychecks aren’t the same every other week, that makes budgeting all the more difficult for low-income families. Find out what those figures are right here.
Food Stamps, While Extensive, Can Fluctuate and Also Promote Bad Health — Think about it for a moment. There’s a lot of money already going into the fund, but the big problem is just what you can exactly buy with your food stamps. This is typically how it would work for a single mother with a low wage of $7.50/hour.
Yes, Low-Income Families Do Put Their Share Into Child Care Benefits — As much as they can possibly put into it, at least…. Given the kind of income they’re literally forced to bring in. Want to know just what they could be responsible for each week?
Additionally, Low-Income Families Do Put Their Share Into Rent and Housing Costs — Granted, there are no handouts. But the numbers might actually shock you when you put it into perspective like this.
Medicaid Will Only Provide for “so Much” to the Point That You’ll Just Want to Get By — It’s basic health insurance. But it’ll only cover certain procedures, prescriptions and other costs, plus there’s still some out-of-pocket concerns at such a low minimum wage that make Medicaid a bit laughable (not due to the government’s lack of assistance, though, and you’ll see why right here).

What Do These Facts Mean to You? That They Prove Benefits Don’t Benefit?

Your average low-income worker will have just over $6K in annual income and about $11K in benefits for food, rent and child care. How’s that for a perspective on low-income families?

ITPN recognizes there’s a problem with the current system we have in place. So let’s fix it. Now.

Here Are Five Facts That Just Might Blow You Away With Respect to Government Aid and Low-Income Families

Minimum Wage Jobs Don’t Often Guarantee Raises or Even Consistent Workweeks — Take it from many particular employees, most of them part-time, for certain fast-food chains. When the paychecks aren’t the same every other week, that makes budgeting all the more difficult for low-income families. Find out what those figures are right here.
Food Stamps, While Extensive, Can Fluctuate and Also Promote Bad Health — Think about it for a moment. There’s a lot of money already going into the fund, but the big problem is just what you can exactly buy with your food stamps. This is typically how it would work for a single mother with a low wage of $7.50/hour.
Yes, Low-Income Families Do Put Their Share Into Child Care Benefits — As much as they can possibly put into it, at least…. Given the kind of income they’re literally forced to bring in. Want to know just what they could be responsible for each week?
Additionally, Low-Income Families Do Put Their Share Into Rent and Housing Costs — Granted, there are no handouts. But the numbers might actually shock you when you put it into perspective like this.
Medicaid Will Only Provide for “so Much” to the Point That You’ll Just Want to Get By — It’s basic health insurance. But it’ll only cover certain procedures, prescriptions and other costs, plus there’s still some out-of-pocket concerns at such a low minimum wage that make Medicaid a bit laughable (not due to the government’s lack of assistance, though, and you’ll see why right here).

What Do These Facts Mean to You? That They Prove Benefits Don’t Benefit?

Your average low-income worker will have just over $6K in annual income and about $11K in benefits for food, rent and child care. How’s that for a perspective on low-income families?

ITPN recognizes there’s a problem with the current system we have in place. So let’s fix it. Now.

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