My Debt
Date: Mon, 07/05/2010 - 12:24
Dear Nelly, I'm begging you to please give some advise. There are far too many rip- off companies and I want to avoid them. I'm just a simple person who just wants to do the right thing. Is it true that with debt consolidation, I will be given a 1099c, which will require me to pay taxes on the interest saved? Can you please recommend a honest company? I'm in such dire need and would greatly appreciate any help. thank you, richie
You get a 1099c with Debt settlement. Debt consolidation pays b
You get a 1099c with Debt settlement. Debt consolidation pays back the entire amount of the debt so there is no tax on any money saved. With debt settlement, you have to pay taxes on the amount of debt your creditors forgive.
In debt consolidation you are required to pay back the whole deb
In debt consolidation you are required to pay back the whole debt amount. Only the monthly payments, and the interest rates are lowered. Thus, the question of getting a 1099 c does not arise.
