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Bronze Conversationalist
Posts: 21
Registered: ‎08-03-2008

Re: Getting out of debt

Message 41 of 52 (176 Views)

Unfortunately this the only one that I can find about money:

 

https://www.youtube.com/watch?v=QKeirXHmP4M

Richard I. Pigott
Bronze Conversationalist
Posts: 21
Registered: ‎08-03-2008

Re: Getting out of debt

Message 42 of 52 (179 Views)

My former posting is not me!

Richard I. Pigott
Bronze Conversationalist
Posts: 21
Registered: ‎08-03-2008

Re: Getting out of debt

Message 43 of 52 (165 Views)

Many thanks for the kudos.  Whatever your decision is dont use the following attorneys:

 

https://www.youtube.com/watch?v=E33qzW4Qvr8

Richard I. Pigott
Conversationalist
Posts: 7
Registered: ‎04-24-2009

Re: Getting out of debt

Message 44 of 52 (133 Views)
If you have a home, consider taking in one or two lodgers. Just be sure you're compatible and emphsize during the interview that rent MUST be paid on time, without fail. Check references, especially job security.
If you don't have a home, consider BEING a lodger in someone else's home. Utilities are usually included in the monthly rent and can save you quite a bit. Try to be flexible, clean up after yourself, watch volume on TV, etc. Pay rent ontime, without fail.
Conversationalist
Posts: 7
Registered: ‎04-24-2009

Re: Getting out of debt

Message 45 of 52 (132 Views)
Contact Consumer Credit Counseling. They will interview you, shred your credit cards, arrive at a manageable lump sum you pay them monthly, and they negotiate with your creditors to accept the smaller amount, waive (or at least reduce) interest charges, etc. They charge about $30/month for their service. Worth it, I think. You also have the option to exclude any account/s that you don't want to be part of your plan.
Bronze Conversationalist
Posts: 21
Registered: ‎08-03-2008

Re: Getting out of debt

Message 46 of 52 (118 Views)

If you do rent out rooms then be sure to consult with the IRS.  Unless Im mistaken, while you may have to declare the rental of rooms, you might be able to deduct household expenses.  For further information please look at the following:

 

https://www.irs.gov/publications/p527

Richard I. Pigott
Bronze Conversationalist
Posts: 21
Registered: ‎08-03-2008

Re: Getting out of debt

Message 47 of 52 (114 Views)

I contacted the respected creditors.  Banks are usually the issuers.  American Express is a separate entity. They all made settlement offers for amounts lot less than the total owed.  They are still making money in the form of paying lower income taxes.  I spoke about it earlier about mortgages.  The offer is a pay one time payment meaning that it must be paid in the full.  The remaining amount is accounted for as a bad debt expense which is in turn deducted from their gross income giving them their taxable income which means that are paying lower income taxes.

Richard I. Pigott
Trusted Social Butterfly
Posts: 7,094
Registered: ‎02-14-2008

Re: Getting out of debt

Message 48 of 52 (102 Views)

"....If you have a home, consider taking in one or two lodgers. Just be sure you're compatible and emphsize during the interview that rent MUST be paid on time, without fail. Check references, especially job security....".

 

One may 'consider it', but it's not that simple. You need to check local ordinances and codes. You need to be sure you are covered if your tenant steals from you, really trashes the places, or causes a fire. You need a clear, concise, legal contract.

   You can 'emphasize' paying rent on time all you want, but a common scam these days is for someone to come in, pay the security deposit, pay rent a couple of months, then stop. You then have to go through legal means to get them out through a legal process. That's your time and money, legal expenses for a lawyer, and those tenants often staying there, for 6 months, on your dime.    


Just think. The world was built by the lowest bidder.
Conversationalist
Posts: 7
Registered: ‎04-24-2009

Re: Getting out of debt

Message 49 of 52 (97 Views)
Thx so much for your wisdom. I've rented to lodgers for 17 years and only had one failure, but he moved as soon as I told him. I guess I've been lucky, or I've been thorough in checking references, or I'm an astute judge of character, who knows?
Respected Social Butterfly
Posts: 35,603
Registered: ‎02-27-2008

Re: Getting out of debt

[ Edited ]
Message 50 of 52 (84 Views)

retiredtraveler wrote:

"....If you have a home, consider taking in one or two lodgers. Just be sure you're compatible and emphsize during the interview that rent MUST be paid on time, without fail.

 

 @retiredtraveler

Pacific Heights.   A great movie about lodgers you cannot get rid of!Pacific Heights. A great movie about lodgers you cannot get rid of!

 


 

 

Life's a Journey, not a Destination" Aerosmith