The video above is quite comprehensive but we realize some folks prefer to read rather than watch a video so we have the transcript below. Feel free to watch (or listen — the slides are not critical to understand the presentation) or read — whatever your preference is….
And I realize you may rather just pick up the phone and call us — feel free to do this by calling 205-879-2447 and we’ll be happy to chat with you. You… (Read more)
Maybe you received a collection letter in the mail, or maybe you got sued, and you settled by paying some money to the original creditor or the debt collector.
What are the tax consequences?
Let me give you the general guidelines.
There are exceptions to this, and some answers may have to be sought elsewhere, but with this information, you can at least have enough knowledge to ask the right questions.
Forgiven debt is taxable income to you
There’s… (Read more)
So you have been sued by a debt collector (or even an original creditor). You get the case dismissed with prejudice and then the collector (or creditor) is still collecting against you. Is this legal or illegal? What in the world does the expression “adjudication on the merits” mean for you (hint: its a good thing!).
Possibilities when you are sued by a collector in a collection lawsuit
Judgment for plaintiff (the one who sued you)
Judgment for defendant (you… (Read more)
Mental mindset when a debt collector calls you
Recently, I mentioned having the mindset that a debt collector is knocking on your door.
I wanted to elaborate on this idea some more and give you another way to think about it.
Instead of being scared when the debt collector calls you (which is what they want and expect), turn it into an opportunity.
My phone rings and I answer.
The debt collector confirms who I am, and then says, “This… (Read more)
After you answer a debt collection lawsuit what should your credit report show?
Once you’ve been sued by a debt buyer such as Midland Funding, Portfolio Recovery, or LVNV, and you’ve filed an answer, what should your credit report show?
It’s excellent that you’ve answered the lawsuit. Most people fail to respond, which can be detrimental to you.
So what should the credit report show about this debt buyer?
There are a few important things to look for when reviewing… (Read more)
What are debt buyers and what do they have to prove about ownership when they sue me?
We talk a lot about “debt buyers” in our posts.
Since we discuss debt buyers so frequently, I wanted to give you a definition and some examples to help you understand what a debt buyer is.
What are debt buyers?
A debt buyer is somebody who claims to buy debt.
These are companies like Midland Funding, Midland Credit Management, Portfolio Recovery, and LVNV. … (Read more)