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Debt Settlement For Online Pay Day Advances – 3 Essential Tips

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When it comes to debt settlement for online pay day advances, there are several things that you need to take into your careful consideration. Settlement of payday debts requires you to

go through a negotiation process with your pay day lenders. You have to convince them that you are going through a deep financial crisis and that you are unable to pay off your debts with the kind of low monthly income you have. Your lenders will review your claims and if they find it genuine, they may allow you to settle your entire debt by paying a lesser amount of money than the actual outstanding debt that you owe to them. They agree to write off a certain percentage of the outstanding debt balance.

It does not mean that they bear a loss. Since the cost of online pay day advances is so high that over 80% of the outstanding balance is accumulated because of the interest rates and penalty charges only. The actual principal amount is always very low. This way, even if they write off 50% of total outstanding balance, they still end up making a good profit. The only thing is that debt settlement is not as easy a process in practical as it is in theory. That is the reason why it is advisable to work with

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an expert debt settlement attorney or a firm that offers such services. But, before you go for that, you must keep in mind the following three essential tips.

Do not consider bankruptcy prematurely

A vast majority of people who borrow multiple online pay day advances over a number of months often get so terrified watching the rapidly growing debt balances that they start thinking about filing for bankruptcy protection without giving a thought for a better possible alternative. This is how many people file for bankruptcy prematurely and face the harsh consequences of getting bankrupt. Bankruptcy might help you to get rid of most of your unsecured debts, but it also costs you a lot. For example, if you file for bankruptcy under chapter 7, it will liquidate most

of your assets and properties and your lenders will be paid of using the proceeds thus received. In case of chapter 13 bankruptcy, wage garnishment is a big possibility, as per which, your lenders will be paid directly by your employer (who will pay it from your salary). Both types of bankruptcy damage your credit score to the extent that it is impossible to repair it within a mater of just a few months. The negative entries caused by bankruptcy stay on your credit reports for around seven to ten years, which eventually makes your future financial life very difficult. Therefore, you must think about a better alternative first; debt settlement is one of them.

Statute Of Limitations

Before you sign up for a debt settlement plan for online pay day advances, you must check the statue of limitations applicable on such loans. As per the US laws for debts, lenders must collect their debts within a specific frame of time, which is legally teemed as statue of limitations. For all types of payday loans, the statute of limitations usually ranges from one year to four years. If that much time period has already passed, you no longer owe anything to your lenders. They are

legally prohibited to ask payments from you for those debts. But, it is very important for you to keep in mind that the statute of limitations is calculated from the date when you made your last payment, not from the day when the loan was initially issued to you.

Reporting Of Income From Debt Settlement In Your Income Tax Filing

Last, but at all, the least, you must also look into the tax consequences of using a debt settlement program to pay off debts accumulated by online pay day advances. It is very important for you to understand that the money that lenders agree to write off as part of a debt settlement plan is treated as income by the IRS. You must report this income while you are filing your tax returns. For example, herbal viagra tablets if you pay $1600 to your creditors to settle a total debt of $3600, you must report $2000 as income in your tax filing. Now, if you are under 15% tax-bracket, you will have to pay $300 in taxes. It means your actual saving is not $2000, but $1700.

Last, but not the least, you must not pay anything upfront to a debt settlement company. The first consultation must be provided to you free of cost. While you are attending this first consultation, you must enquire in detail about the statue of limitations on your debts and how much you will be able to save on your online pay day advances.

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