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#18
11-04-2008, 05:20 PM
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Financially Responsible , We don`t allow solicitations. Especially from rip off companies like Swift Rock Financial or Topaz Financial who both have horrible reputations with the BBB. They are also affiliated with another rip off company called Clear Your Debt.
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#20
02-06-2009, 11:41 AM
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debt settlement was my blessing! I absolutely do not regret it a bit. I regret getting my self there in the first place but the fact that i need a company never. I have a list of 10 questions you should ask a company before signing on at my blog if your interested in that it may help you. Now as for your credit score during the process it will hurt, but it is easily repaired in about a year or 2 better than bankruptcy. So dont let that scare you.
__________________
my blog about saving money during a recession, And my personal story about Provanta's debt settlement program and how it worked for my family
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#21
02-06-2009, 11:48 AM
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sorry i wasnt finished! and as for the post above, I do agree to a point. many people join these programs or companies and after 4-5 months deside to quit because the feel they were a scam. Let me tell you, you are very lucky to have a settlement that early. The settlement process hasnt even begun to kick in till 6 months to a year. Why? First of all you need the funds to that you have a leg to stand on. Hey mister collector, I only have 1,000.00 take it or leave it im sure someone else will want it if you dont! this is how it works. it stinks that they call like they do(i used a company so my calls went way down, but still got a few every now and then) you have to have funds available because if you dont you have just wasted your time because when everyone agrees you have to pay them asap before they change thier minds. Dont get me wrong debt settlement was the best thing i could have done for myself but the first year sucked.
__________________
my blog about saving money during a recession, And my personal story about Provanta's debt settlement program and how it worked for my family
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#22
02-06-2009, 05:11 PM
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Kahluapig,
I mean Guitarkahlua, what's your status? how much are we dealing with, and which creditors? __________________
making the banks pay you
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#24
02-10-2009, 04:53 PM
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Educate yourselves
Everyone here is right...well a little. Although not 100%.
If you DIDN'T FILE BK, but agreed to a settlement (i.e. you worked with a Debt Settlement Company or Credit Consumer Co) in which they agree to reduce the amount of debt including the interest in exchange for a faster payoff) you SHOULD be expecting a 1099 and that you must include as income in your taxes. DEBT SETTLEMENT COMPANIES don't tell you this, though do they? And all that interest you saved? Ha...you pay it taxes on it at the end of the year through your income tax return. I found out the hard way. Hope this helps...
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#25
02-10-2009, 06:01 PM
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Loans2 thats not necessarily true. First, legit debt settlement companies that are members of TASC are required to disclose this. Its actually required to be part of the disclosures on their contract.
Second , Yes the IRS considers a forgiven debt as taxable income and they might expect you to pay taxes on it. However in most cases clients that are good candidates for debt settlement will be about to fill out a IRS ( Form 982 )that will exempt you from this tax.
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#26
02-12-2009, 07:58 PM
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charging large
http://charginglarge.blogspot.com
I am a debtor who also works in the debt settlement industry. My blog is an insider's perspective from both sides of the spectrum. I have personal experience with debt (especially going into collections) and behind the scenes of a settlement company. Let me know what you all think!
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#27
02-12-2009, 08:55 PM
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I certainly knew about receiving 1099's for the amount of the forgiven debt, because I had researched the settlement process before I started. It was also specifically brought up by my settlement company before I started the program, as something I needed to know. Explaining the consequences of settlements, including the 1099s, was even a part of my contract. If people don't understand that, and just blindly jump into a settlement program without doing their homework because they think it's a quick fix, it's no one's fault but their own when they get burned.
Fortunately, by the time many people are so far in debt they can't see their way out of it, they are insolvent anyway and do not have to pay the taxes.
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#28
02-16-2009, 03:42 AM
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I totally agree with you susieq, scince i have been visiting this forum, i realize that people really dont know anything about settlement until they are all ready involved and then they are not happy with the results. For example i saw a post were they were angry that the settlement company stopped paying on thier accounts. (duh, they dont make monthly payments they settle)
second was a complaint for no settlement in the first 6 months. you need time to build up accounts so you have money to negotiate. your very lucky to have a settlement in under 6 months. they dont research at all and then are angry about getting scammed, This site is wonderful for finding a good or bad company. If its a 50/50 chance, why would you chance your financials with a company like that? then come back and complain. thier angry thier credit tanked. gee, who would have thought of that happening during settlement? RESEARCH people! its very important. people are mistaken that settlement is a get out of debt quick and easy sceme. there is nothing easy about it if done properly. and there are consequences. Be sure you are prepared for those consequences or dont do settlement. And be sure what ever you decide you are in it for the long haul, the good the bad, and the ugly. Because its not always pleasant. __________________
my blog about saving money during a recession, And my personal story about Provanta's debt settlement program and how it worked for my family
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#29
02-25-2009, 10:19 PM
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just signed up!
and Im freakin out! I signed up with mesa rock financial, their parent company is swift rock fiancial.....and with hearing all this it really scares me to just loose my money, get a bad credit score and all for nothing......seriously......if anyone has had a great experience with them please let me know, or bad so I can try to avoid the same. How long once your credit goes down until it comes back up again? what does it say on your credit report? delinquent? thanks for your help. Feel free to email me at exclusivedelights@sbcglobal.net
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#30
02-26-2009, 06:19 AM
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i noticed my credit getting better after about a year. by 2 years i was getting to were i was happy again. I am now around 3 years but i havent checked my credit for awhile but i dont think it has changed much the last year scince my credit is probably going down again because of the recession all my cards lowered my available credit making my debt to credit line % higher. (scumbags).
but it doesnt take a long time to get back on track. as long as you are responsible and pay on time after the program is over __________________
my blog about saving money during a recession, And my personal story about Provanta's debt settlement program and how it worked for my family
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#31
02-26-2009, 08:51 AM
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So far, I've been with Swiftrock for 8 months, and they've done nothing for me except allow me to get sued by 2 cards that they are supposed to be negotiating, and I've been passed from person to person who "can definitely help!". Now I'm not only paying their fees, but I'm going to be paying back the credit cards at 100%. I can't seem to get out from under Swiftrock's "contract" either. They are taking money from a person who barely has enough to make ends meet. I'm trying to find a reasonably priced lawyer to help. I need my money back from Swiftrock because they are not helping me at all. If they have helped others, they should feel lucky. Maybe Swiftrock picks who they will and will not help.
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#32
02-26-2009, 09:54 AM
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"guest" im not saying you are wrong about swiftrock, they may or may not be a good company i dont know. But i do know this settlement takes time and from what i remember my settlements didnt start to come in till around 8 months to a year. by the end of my first year most of my accounts were settled. I remember having like 4 settlements all in one month right at the end of the year.
Im not saying that they are good, they maybe a scam i dont know but i know settlement takes time and patience. __________________
my blog about saving money during a recession, And my personal story about Provanta's debt settlement program and how it worked for my family
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