Can I Offer A Settlement For A Defaulted Student Loan?
Q: I am at month 11 of a student loan rehabilitation program for a defaulted loan of about $80,000. I have made 10 on time monthly payments of $550. My parents will help me offer a lump sum payment to settle this debt. I am looking at offering $30,000 to $40,000. The collection agency wants […]
Can I Refinance My Student Loan Debt?
Q: I am a medical student. I have a total of around $300,000 in student loan debt taken out in both Stafford and Grad Plus Loans at around 6.5% and 7.5% respectively. I now have to complete a residency. Is student loan consolidation my best option? Also, where might I be able to refinance at […]
Will I Receive Form 1099-C If I Settle A Debt?
Q: Is it true that I will be given a 1099-c when I settle a debt for $600 or more off the amount that was due? If so exactly what does this mean? What is the tax percentage I will be charged? Is there a tax penalty fee for this? And will this increase my […]
Can A Collection Agency Remove A Negative Item From My Credit Report If I Settle The Debt
Q: I have a recent outstanding debt on my credit report. When I settle it, can the collection agency state as part of their negotiation that they will also remove it from my credit report? A: If you agree to a settlement with an original creditor or with a collection agency, they can do anything […]
Should You Pay Old Debts?
Q: I feel obligated to settle my old debts. If I settle a really old debt that has been deleted from my credit reports, does that reactivate the debt and put it back on my credit report? A: Depending on the type of debt in question and what the creditor or collection agency does with […]
I’m Scared To Open A New Credit Card Account. Help Me Money Coach!
Q: I have no credit card because I got into financial trouble a few years ago. I am starting to rebuild my credit and I am interested in applying for a credit card. I am scared of making that decision. I do get mailings from a card company asking me to sign up. I’m completing […]
I Am Living Paycheck to Paycheck. What’s the Best Way to Clear My Debt?
Q: I have $33,000 worth of unsecured credit card debt. I’m not late on any payments, but I am living paycheck to paycheck. What’s the best way to clear my debt? Should I refinance my house or consider a debt consolidation company. A: I don’t think going to a debt consolidation company is the best strategy. […]
How Can I Re-Establish Credit With Bad Credit? No One Will Give Me a Credit Card.
Q: How Can I Re-Establish Credit With Bad Credit? No One Will Give Me a Credit Card. A: To re-establish credit after you’ve had credit problems in the past, try these three strategies: 1. Open a Secured Card. With a secured card, you put up a certain amount of cash into an account – perhaps […]
What is the Best Way to Save Money and Get a Good Return on it?
Q: What is the best way to save money and get a good return on it? A: I recently wrote the following article that answers your question about saving money and getting a good return on it. Here is the article: Three Ways to Save More Money By Getting Paid to Save Everyone wants to […]
Should I Roll Over My IRA Account into a ROTH IRA?
Q: Should I roll over $30,000 in my traditional IRA account into a ROTH IRA? I am 50 years old. A: Although the earnings in both types of retirement accounts grow tax-deferred, for longer-term financial planning, I like the benefits of the ROTH IRA over the Traditional IRA. Additionally, recent changes governing IRAs make it more financially […]
Is It OK to Close My Secured Credit Card Since I Can Get a New Credit Card from Capital One?
A subscriber to Ask The Money Coach.com wants to know if it is okay to close a secured credit card account he recently opened since he can get a new, regular card from Capital One. Click now to hear Lynnette’s answer.
I Debticate Myself To Being Debt Free Worksheet
Many of you have asked for a copy of the “I Debticate Myself to Being Debt Free Worksheet” which first appeared in the first edition of Zero Debt: The Ultimate Guide to Financial Freedom. Here is a copy that you can download to your computer, along with a few of the other forms that are […]
Is Debt Settlement Right For You?
A subscriber wants to know if they should consider Debt Settlement as an option?
How To Become A Super Saver
Most people know that it’s a great idea to have money automatically transferred from their paycheck into their savings account each month. But unfortunately, not everyone does it. In fact, about 1 out of 4 Americans employed full or part time have failed to take this basic step, which can make saving more money each month easy and hassle-free.
My Car Was Repossessed but the Collection Agency Still Wants More Money — What Should I Do?
Car Repossessed Collection Agency: If your car was repossessed—even voluntarily—you might assume your financial obligation ends there. Unfortunately, that’s not always the case. Often, the lender sells the car at auction for less than what you owed, and a collection agency may then come after you for the difference, also known as a “deficiency balance.” […]