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Top Adding - The Truth About Debt Negotiation (Settlement)
LOWER YOUR PAYMENT BY 50% - You've seen the ads. They certainly are enticing especially when you are buried under a mound of debt. But should you do it? What’s this all about?
Chances are they are talking about debt negotiation or debt settlement. Is debt negotiation right for you? What are the pros and cons of debt settlement?
Many readers have commented about debt negotiation. The following, therefore is from numerous contributors and by permission. The content is intention
Chances are they are talking about debt negotiation or debt settlement. Is debt negotiation right for you? What are the pros and cons of debt settlement?
Many readers have commented about debt negotiation. The following, therefore is from numerous contributors and by permission. The content is intention
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ally both pro and con as the nature of these comments is based upon offering pointers for negotiation and settlement from those who have already experienced debt settlement.
CAUTION But before offering comments from those who have been there I feel compelled to offer warnings about debt negotiation or debt settlement . A recent ad touts the excited relief of a young lady who is sooooooo at peace because her agency eliminated 60% of her credit card debt. I am not a credit card indus
CAUTION But before offering comments from those who have been there I feel compelled to offer warnings about debt negotiation or debt settlement . A recent ad touts the excited relief of a young lady who is sooooooo at peace because her agency eliminated 60% of her credit card debt. I am not a credit card indus
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
try fan but a few issues are painfully absent from the ad.
First, consider yourself as the creditor. What would entice you to accept less than the full amount of the original debt. The only enticement I can think of is if the creditor believes he/she will not get anything more. The only way to make that strong argument is to stop making payment for a few months. In other words, the debtor's credit history is trashed.
Secondly, you may owe income tax on the debt forgiven. Any write
First, consider yourself as the creditor. What would entice you to accept less than the full amount of the original debt. The only enticement I can think of is if the creditor believes he/she will not get anything more. The only way to make that strong argument is to stop making payment for a few months. In other words, the debtor's credit history is trashed.
Secondly, you may owe income tax on the debt forgiven. Any write
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
off of $600 or more is considered income to you, the consumer. The creditor will send you and the IRS a Form 1099-C at the end of the tax year and the amount forgiven will be considered added income by the IRS.
Third, there is no guarantee that any forgiven debt will not come back to haunt you in later years. It is possible full payment could still be expected in the future.
Finally, unless agreed to by the creditor, any negative comment placed on your credit report will remain f
Third, there is no guarantee that any forgiven debt will not come back to haunt you in later years. It is possible full payment could still be expected in the future.
Finally, unless agreed to by the creditor, any negative comment placed on your credit report will remain f
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
or 7 plus years.
COMMENTS FROM OTHERS
Sound advice for anyone contemplating the use of any debt management services Anyone who plans on using a 3rd party to handle their finances, should check them out with the BBB and State Attorney General's Office of Consumer Protection services have mislead people about the impact the service would have on their credit rating, the fees involved, and the possibility of legal action from the creditors. On a debt management program, it's import
COMMENTS FROM OTHERS
Sound advice for anyone contemplating the use of any debt management services Anyone who plans on using a 3rd party to handle their finances, should check them out with the BBB and State Attorney General's Office of Consumer Protection services have mislead people about the impact the service would have on their credit rating, the fees involved, and the possibility of legal action from the creditors. On a debt management program, it's import
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ant for people to know that their credit will be impacted- negatively for some lenders.... It's important to know the fees. Is there: a monthly charge... a set up charge... a penalty for leaving the program? Are these fees mandatory? Genuine non-profits should not have mandatory fees.
The last thing to emphasize is that the creditors can take legal action against debtors even if they are using a debt management service...."
Settlement not the same as Chapter 13. "... However, th
The last thing to emphasize is that the creditors can take legal action against debtors even if they are using a debt management service...."
Settlement not the same as Chapter 13. "... However, th
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ere are real differences: First, settlement is not a public record. Your credit record is not public. There is no record in the judicial court to show that you have settled the accounts. However, bankruptcy record is a public record. Second, if you settle, you answer "No" to the question, "Have you ever filed bankruptcy?"
You really do have to be quite delinquent on your payments. "Not every call went the same. Some would accept my 50% offer. Some needed some prodding. Some, I
You really do have to be quite delinquent on your payments. "Not every call went the same. Some would accept my 50% offer. Some needed some prodding. Some, I
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
hinted at bankruptcy. Some wanted to know the reason behind my situation. I wasn't always honest with them, they never seemed to double check anything I said.
"I would seriously suggest though that you be close to 6 months delinquent. Keep in mind though, that if your credit is good now, it won't be after these types of lates. In my personal situation, my score was so low, that it shot up just by virtue of getting thousands of dollars off my debt.
"Be prepared to do a little haggl
"I would seriously suggest though that you be close to 6 months delinquent. Keep in mind though, that if your credit is good now, it won't be after these types of lates. In my personal situation, my score was so low, that it shot up just by virtue of getting thousands of dollars off my debt.
"Be prepared to do a little haggl
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ing. Always offer less than your actual goal. Be prepared to pay over the phone. But also refuse to do anything until you see an offer in writing. Remember, they have to believe that 50% of your money is better than 0% of your money.
"All in all, it was an extremely easy process. Certainly I would always recommend someone do it himself or herself. You can pay someone hundreds, or thousands, of dollars to make phone calls you can make yourself.
"Also, keep in mind there are tax impl
"All in all, it was an extremely easy process. Certainly I would always recommend someone do it himself or herself. You can pay someone hundreds, or thousands, of dollars to make phone calls you can make yourself.
"Also, keep in mind there are tax impl
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ications for settling. "
Stages of Settlement "... Also in the early stage, the offer of settlement (if at all) is usually around 70-75%. [XYZ Company] offered me settlement in that range when my account is 30 days past due. I think only in late stage of delinquency, you will get an offer like 50% settlement.
"But if you do a calculation, a 50% settlement after 6 months delinquency is not necessarily cheaper than a 70-75% settlement after 1 month delinquency. The bank will sti
Stages of Settlement "... Also in the early stage, the offer of settlement (if at all) is usually around 70-75%. [XYZ Company] offered me settlement in that range when my account is 30 days past due. I think only in late stage of delinquency, you will get an offer like 50% settlement.
"But if you do a calculation, a 50% settlement after 6 months delinquency is not necessarily cheaper than a 70-75% settlement after 1 month delinquency. The bank will sti
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ll charge you interests, late payment penalty, or even over limit fee (if applies) while your account is in delinquency."
Settlements are not a good route "... Settlements are reported to the bureau as 'paid '. This is not 'paid as agreed' as you would want, but instead showing that you had to settle instead of paying off the full balance. This stays on your credit report for 7-10 years and lowers your overall credit score dramatically. If at all possible, I would try to work o
Settlements are not a good route "... Settlements are reported to the bureau as 'paid '. This is not 'paid as agreed' as you would want, but instead showing that you had to settle instead of paying off the full balance. This stays on your credit report for 7-10 years and lowers your overall credit score dramatically. If at all possible, I would try to work o
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ut a repayment plan to get out of debt. If the interest rate is too high and you cannot reasonably get out of debt in the next 5 years, you might want to look into credit counseling. Again, this is a short-term pain long-term gain philosophy. "
55% is pretty good!
"... 55% is a pretty good offer. They always want you too settle on the spot. I never agreed to anything without something in writing. I even went so far as to hold on the phone for 15 minutes while they typed up an a
55% is pretty good!
"... 55% is a pretty good offer. They always want you too settle on the spot. I never agreed to anything without something in writing. I even went so far as to hold on the phone for 15 minutes while they typed up an a
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
greement and faxed it to me, making small talk to the guy the whole time. I then gave them my information and did a check over the phone.
"I am pretty passionate on this issue. Those that give you gloom and doom scenarios for settlements make me a tad heated. My opinion is that suffering under large sums of debt is complete and total financial suicide. These are debts that you will carry on your back for years and years and years making the minimum payments, all the while having cha
"I am pretty passionate on this issue. Those that give you gloom and doom scenarios for settlements make me a tad heated. My opinion is that suffering under large sums of debt is complete and total financial suicide. These are debts that you will carry on your back for years and years and years making the minimum payments, all the while having cha
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
rges added to your accounts. Accounts never ever seem to get smaller.
Get out of debt any way you can! "GET OUT OF DEBT ANY WAY YOU CAN! My score was in the bottom 1% of scores. A year after settling all my accounts (about 50k of debt) my score is way up, as is my wife's, and we just bought a house with a no-money-down loan.
"Had we followed the advice of those that tout credit score over everything, we would still be killing ourselves making the monthly payments, hoping 10 ye
Get out of debt any way you can! "GET OUT OF DEBT ANY WAY YOU CAN! My score was in the bottom 1% of scores. A year after settling all my accounts (about 50k of debt) my score is way up, as is my wife's, and we just bought a house with a no-money-down loan.
"Had we followed the advice of those that tout credit score over everything, we would still be killing ourselves making the monthly payments, hoping 10 ye
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ars from now to have some relief. Now all of our debts are paid off, we have only mortgage, and monthly utilities, and we're able to save almost $1,000 a month. Now THAT is something my family could have never done had we been scrapping for the next eternity, trying to pay off thousands of dollars of debt $20 at a time.
"What in the world good does a great credit score do when you can't even pay your bills each month? Get out of debt first, then start worrying about buying a house,
"What in the world good does a great credit score do when you can't even pay your bills each month? Get out of debt first, then start worrying about buying a house,
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
or a new car, etc. Claiming a high credit score, while wasting hundreds of dollars every month on 21% interest is lunacy, in my opinion."
Negotiating company can do NO BETTER than you can do yourself "I'm convinced after doing all my own negotiating myself, if an account has not had legal action taken against it, a negotiating company can do NO BETTER than you can do yourself.
"I negotiated about 50k in debt and paid it at about .50 cents on the dollar. One account charged-off a
Negotiating company can do NO BETTER than you can do yourself "I'm convinced after doing all my own negotiating myself, if an account has not had legal action taken against it, a negotiating company can do NO BETTER than you can do yourself.
"I negotiated about 50k in debt and paid it at about .50 cents on the dollar. One account charged-off a
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
nd they wouldn't talk to me. So after a suit had been filed I hired a 'law-firm' (debt negotiator) to represent me. The account was about $5,500, but they had added court costs of about $1,200. Finally negotiated these terms. Court costs dismissed, and $175/month, 10% interest on a balance of $5,700.
Attorney Robin Leonard Attorney Robin Leonard in his book Money Troubles from Nolo Press offers the following debt negotiation tips.
Be honest but paint the bleakest picture of your
Attorney Robin Leonard Attorney Robin Leonard in his book Money Troubles from Nolo Press offers the following debt negotiation tips.
Be honest but paint the bleakest picture of your
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
finances. Elaborate on any illness, layoff, accidents, repossessions, back taxes, etc.
If considering bankruptcy, say so. But do not incur any other debt after saying so. If you do you may not be able to discharge them in bankruptcy.
Never disclose where you work or bank. If you are later sued by this same person and get a judgement against you, you have just made their job that much easier. Simply answer the question, "No comment".
Rather than sending a check from your b
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ank, get a money order or cashier's check so as to protect the name of your bank.
If considering a lawyer, remember that though a lawyer carries clout and can do a good job, they cost money. Don't hire one unless you owe a great deal and have a reasonable chance of a very good deal. If you have to pay a lawyer, sometimes what you save in settlement you lose.
If contacted by more than one creditor for the same debt, it probably means the debt was sold a second time and you have
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
avoided the first collector superbly well. In other words you are very difficult to get hold of and it is a very old debt. Many secondary and tertiary collectors at this stage might be willing to accept 33-50 cents on the dollar and possibly even less.
If the collector agrees to settle for less, be sure it is also agreed to indicate "satisfied in full" in your credit report.
If the collector agrees to far less than the original amount, make sure the deal makes financial sense.
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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