Posted on
September 9, 2009
at
12:59 am
I heard that debt settlement companies can reduce the consumer's debts to up to 70% - but why would creditors agree with them? What usually happens in debt settlement and is it legal?
Posted on
September 9, 2009
at
1:01 am
Is debt settlement legal?Yes it is although it is still a relatively new industry.
Posted on
September 9, 2009
at
1:18 am
Is debt settlement legal? Yes and how is it legal? Via a contract or a written agreement between the creditors and consumers facilitated by licensed, experienced arbitrators.
Posted on
September 9, 2009
at
1:38 am
Debt settlement is legal in the sense that it produces a paper trail.What's agreed upon is legal and binding. The settlement company usually requires a consumer's account to be past due or for it to be six months delinquent - because the creditors would not negotiate otherwise.
Posted on
September 9, 2009
at
1:59 am
Is debt settlement legal? I think when creditors agree to forgive a part of the consumer's debt and reports it to the credit reporting bureaus it means that they are releasing the consumer from (legally) owing any amount from them.
Posted on
September 9, 2009
at
2:05 am
Just to add to what everybody has said, with regards to the question, is debt settlement legal ?-- if the IRS actually considers it taxable, then perhaps it is.
