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Message from discussion negotiated settlement
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Ken Long  
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 More options Mar 27 2007, 3:14 pm
From: "Ken Long" <kennethwl...@gmail.com>
Date: Tue, 27 Mar 2007 12:14:57 -0700
Local: Tues, Mar 27 2007 3:14 pm
Subject: Re: negotiated settlement
That could work if you are approved. You may wish to meet with a
credit counselor to see if they have additional information to help
you determine your options. Here is info on credit counseling (http://
www.pfni.net/how_it_works.htm).

If you are looking to settle, then just make sure that you know what
the consequences could include. Saving 50% on the balances sounds
great, but the IRS generally considers such "forgiven debt" as a form
of income. You could find out that you owe considerable taxes.
Creditors are required to automatically report any "forgiven debt" of
$600 or greater to the IRS on Form 1099-C.

Here is info on debt settlement: http://www.stopccdebt.com/Debt_Settlement.htm

On Jan 28, 11:49 pm, "aristotle65" <aristotl...@hotmail.com> wrote:

> Owe $100,000 on credit cards.  Can borrow $50,000 from  private source
> if I use money to get out of debt.  Is it possible to negotiate a 50%
> settlement with card companies and obtain their promise to show my
> card paid in full and satisfactorily.  What steps should I take.  I
> would want a letter of agreement from each card company first before I
> paid them off.


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