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Discussion in 'Business Tips and Taxes' started by Xpediter, Jun 1, 2011.

  1. cranis

    cranis Expert Expediter Driver

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    Pay lowest amount first.(pay minmum on others)
    Or if you want pay the one with the highest interest.

    I like this guy he was in debt losst everthing then become rich by using cash only. He is on the radio daily.

    Dave Ramsey Homepage - daveramsey.com
     
  2. copdsux

    copdsux Veteran Expediter Charter Member

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    Xiggi is right. Consumer Credit Counseling, under the United Way umbrella, is the way we went in order to stave off banruptcy, when I first got sober(Dec. '86). They were great! It took 7 yrs. to "repair" our credit, since I managed to screw up credit for both of us, but well worth the effort. We both now enjoy credit scores above 800.

    Mike
     
    • LisaLouHoo

      LisaLouHoo Expert Expediter

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      It seems that credit counseling of 25 years ago is different from that of today. One of my coworkers in the 80's used one and they did wonders for her. They taught her how to manage and pay off bills, budget, and save. They worked as a mediator with her creditors. Not once did they have her slough a responsibility, they had her own up to all her debt.

      Now it seems there are frequent news reports of the questionable counseling, be it astronomical fees charged for something one can do themselves or committing fiducial fraud. So many have an angle, and it appears they prey on the desperate in this time of economic downturn.

      Side note: Congratulations on 25 years sobriety. Someone very close to me is coming up on 22 years. My brother, unfortunately, was never able to overcome his dependency, so I know how MAJOR maintaining sobriety really is.

      "Bruises fade and bones will mend-but a psyche can be ruined FOREVER" : LisaLouHoo, c. 2008
       
    • jansiemoo

      jansiemoo Seasoned Expediter

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      The difference is not time, but the proliferation of for-profit credit counseling companies.
      The ONLY service ANYONE should use is the NON-PROFIT CCCS affiliated with United Way.
      Any other service is practically guaranteed to rip you off. They may get the work done, they may not, but you will pay out the nose for it and not learn how to avoid getting yourself into the same situation again.
       
    • zorry

      zorry Veteran Expediter

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      Dave Ramsey's book is a wedding gift to every wedding we go to. If I read his book earlier in life I'd be retired now.
       
    • LisaLouHoo

      LisaLouHoo Expert Expediter

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      I didn't read his book and I retired at 42...all I did was pay bills on time in full, never put on plastic what couldn't be paid off when the bill came in and some, like the mortgage, ahead of schedule. I know I am not unique to this, but people like us aren't often discussed.

      We didn't make ourselves "house poor", nor did we jump on the bandwagon of the ARM with the intent of selling in 2 years and making a killing. So many were doing that, we could see the market would be flooded with sellers and few buyers.

      The book is a good idea as a wedding gift. That and making a basic personal financial management class with at least a 'C' grade a requisite for graduation from high school. I see that as a viable option because I am just plain mean...and sick of my tax dollars bailing out that faction of society who got themselves into avoidable financial trouble.

      What I am about to say applies ONLY to those who have had a choice in their situation:

      Sacrifice. The hardest part of it when there is a choice. No one NEEDS atvs, motorcycles, pets, designer clothes, kids, restaurants. We lived in a 2 bedroom mobile home for 13 years, it allowed us to become financially sound. It was a good home, very affordable. When the time came we were ready to buy site built, we had a large down payment and credit score of over 800; then we did not over buy. We were preapproved for a six figure mortgage...but we did not NEED that. We found what we wanted, five figure mortgage, secured a low interest, no points, no penalty 15 year mortgage. Paid it off in 7 years.

      Sacrifice. Going without what you want for what you need. Common sense. You know you have bills coming every month and when they will be due, so don't cry into your shot of $70/fifth bourbon because you are short on your electric bill payment that month.

      My best teacher for finances? My parents. My father was the son of a sharecropper, and he grew up less than poor; he vowed as an adult he would never be poor again. My mother, who like many girls of the 50s, didn't graduate high school, but she is chock full of common sense, a knack for handling money and made sure dad got his wish for financial security.

      It is sometimes difficult to stay on the path of financial security. After time, it becomes a way of life, a habit.

      Now today, I am glad we were able to say no to certain luxuries. Because we handled things the way we did, when my husband died I did not have to sell the house or use his life insurances to pay off the mortgage. I was able to keep my home and maintain the financial lifestyle I had become accustomed to which is by no means lavish. News flash: people die. Many times without warning, so as morbid as it sounds, financial security allows for that also. Sacrifice: it will pay off in the long run.

      "Bruises fade and bones will mend-but a psyche can be ruined FOREVER" : LisaLouHoo, c. 2008
       
    • blizzard2014

      blizzard2014 Veteran Expediter Driver

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      Dave Ramsey's advice is excellent for expediter's "act your wage!"
       
    • Fkatz
      Angelic

      Fkatz Veteran Expediter Charter Member

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      The only person who can repair his credit is to get a copy of your Credit Report which is available once a year by going to
      www.annualcreditreport.com, or www.freeannualcreditreports.org
      Always read over carefully and check items under each credit card, or open balances that you have.

      It will also give you a list of unfavorable reports which are in collection, or written off by the companies., but make sure you have these open balances. if you don't know anything about them there is a form form you to fill out questioning the validability of each reporter,

      IF there is a negative on your current report and is over 7 years (STATUE OF LIMITATIONS) old, and if the last report was prior to 2004, then it should not show on that report, if it is still on there you can not be threatened by collection due to the Statute of Limitations at that time.But there going to tell you other years, like 2006 or 2007. You would have to call those companies, not the collection agency, and make a settlement with them of 50% or less of the balance owed and they should comply with you.

      IF they are that old, they will take just about anything thing they can get to settle the account, Most companies already have written off the account ( it will show that way on the report) and you could of received Federal Tax Form 1099-C Cancellation of Debt, which is totaly taxable on your Federal Tax Return as Income.
      This is for credit card, loans, or any other outstanding balances except mortgages.

      You also if your home went into Forclosure, or you abandoned your home you also could of received Federal Form 1099-A. This form at time of forclosure or abandonement would be based by the "FAIR MARKET VALUE AT THE TIME OF FORCLOSURE.

      If the FMV is more than the balance owed, then you will be taxed on the difference on your Federal Return.
      If the FMV is less than the balance owed, on tax would be owed. but it would have to be calculated within the return to show it. There are worksheets.

      In 2005 it became 10 years (STATUTE OF LIMITATIONS)
      and Bankruptcy stays on for 14 years.

      If the company is out of business, and was not bought out then no settlement payments would be required to be made.

      Remember, make sure you get your annual free credit report every year so you can check to see if any other item show up. OR, if you apply for credit any other time during the year and refused, you can request a free credit report again. and not be charged for it. but you must be refused the credit.



      The credit Report is broken down into a number of catorgories

      1. Legal action, Court garnishies, etc.
      2 Favorable Credit
      3 Negatory Credit
      4 Inquires ( goes against your credit worthyness Points deducted for each inquiry. or existing creditors updating there information.
      and
      5 Lisitng of your creditors
      6 plus additonal information of report appeals showing items.

      Thanks all and if you have any question please do not hesitate to ask

      Franklin Katz, ATP, PA, PB,
      Frank’s Tax and Business Service
      120 York Rd
      Kings Mountain, NC 28086-3151
      (704) 739-4039 Fax: (704) 739-3934
      e-mail: frankstaxservice@bellsouth.net
      Web Site: File Your Return Online

      Providing Professional Accounting Services and Income Tax Preparation

      Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
       
      Last edited: Jul 6, 2011
    • LisaLouHoo

      LisaLouHoo Expert Expediter

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      Awesome. Absolutely true.

      "Bruises fade and bones will mend-but a psyche can be ruined FOREVER" : LisaLouHoo, c. 2008
       
    • usafk9

      usafk9 Veteran Expediter

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      "IF there is a negative on your current report and is over 7 years (STATUE OF LIMITATIONS) old, and if the last report was prior to 2004, then it should not show on that report, if it is still on there you can not be threatened by collection due to the Statute of Limitations at that time.But there going to tell you other years, like 2006 or 2007. You would have to call those companies, not the collection agency, and make a settlement with them of 50% or less of the balance owed and they should comply with you."-FKatz

      SOL on collection varies by state, Frank. For example, in Michigan, it is 6 years. "Should comply" does not mean that the original creditor is required to. Better chance than not, that creditor has already written it off as a P&L writeoff, but conveniently forgotten to report that to the borrower's bureaus.
       
    • BillChaffey

      BillChaffey Veteran Expediter Owner/Operator US Navy

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      Mr. Katz must have read Saint Ramsey's book. He gives the same Advise in his third paragraph.:p
       
    • Fkatz
      Angelic

      Fkatz Veteran Expediter Charter Member

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      I HAVE NEVER READ DAVE RAMSEY'S BOOK SO I DO NOT WHAT YOU ARE TALKING ABOUT.

      I DO KNOW THAT THE FEDERAL STATUE OF LIMITATIONS ON ANY DEBT IS 7 YEARS FROM THE DATE THE DEBR IS ORIGINALLY REPORTED TO THE CREDIT BUREAU.

      iF YOU KEEP UP YEARLY WITH GETTING YOUR FREE CREDIT REPORT, YOU THEN CAN STATE THAT THE OUTSTANDING DEBT IS AND ALREADY WRITTEN OFF BY YOUR CREDITORS, BUT THEY STILL CAN GIVE YOU WHAT IS CALLED A 1099-C FOR THE CANCELLATION OF THAT DEBT, AND IT IS NOT DEDUCTIBLE ON YOUR TAXES AND CONSIDERED INCOME

      iF YOUR HOUSE IS FORCLOSED, AND SOLD FOR LESS THAT THE OUTSTANDING BALANCE (NORMALLY WILL BE)
      YOU WILL HAVE TO GET A COURT RECORD TO FIND OUT EXACTLY WHAT IS SOLD FOR ON THE BLOCK.
      tHE HOUSING LENDER MUST SEND YOU A 1099c FOR THE DIFFERENCE OF WHAT IT SOLD FOR MINUS THE FMV, BUT MOST DO NOT, THEY SEND IT FOR THE FULL AMOUNT. EVEN THOUGH SOMEONE PURCHASED IT.

      iF YOUR HOUSE IS WORTH MORE THAT (FAIR MARKET VALUE AT THE TIME OF FORCLOSURE YOU MUST ENTER ON THE WORKSHEET IN REFERENCE TO THE 1099 A ( ABANDONMENT OF PROPERTY & 1099 C CANCELLATION THE DEBT, THERE WILL BE NO TAX TO BE PAID ON THAT CANCELLATION.

      FRANK
       
    • BillChaffey

      BillChaffey Veteran Expediter Owner/Operator US Navy

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      No offence Mr. Katz, I haven't read his book either. You stated

      "You would have to call those companies, not the collection agency, and make a settlement offer with them of 50% or less of the balance owed and they should comply with you"

      I haven't listened to Mr. Ramsey in quite awhile. But this is the same advice he would give daily.

      In which case how about you loaning me 10-15 grand and in a few years I'll offer 5-7 grand back.:rolleyes:
       
      Last edited: Aug 5, 2011
    • Truckr
      Alone

      Truckr New Recruit Owner/Operator

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      I learned how to fix my own credit! Its really not as hard as you think! But having time is certainly a factor but I know the ends and outs! I just raised my score over 86 points and my score is still rising just by taking the right actions! there are a lot of credit repair companies that are not in the game to help you but there are a few that will help you fix your scores so you can get better rates on loans etc.... So i will lay it out there, if you have issues with credit and need help i will guide you through the process but you have to be willing to spend money to fix it! not to me but there are certain things that will need to be done on a monthly basis and will take several months to fix it all !
       
    • BigStickJr

      BigStickJr Veteran Expediter Retired Expediter

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      Steve's friend ?
       
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