Mr. Foster holds a B.A. in Political Science, a B.A. in Legal Studies and a J.D. in Law. Mr. Foster is a member of The Florida Bar and practices primarily in the areas of criminal defense, credit card debt relief,IRS settlements, loan modifications,breach of contract actions,family law. He is also a Reiki Master. He maybe reached at 561-616-8700 7 days a week. Feel free to visit his blog at http://floridaduidefense.blogspot.com and his websites www.duilawyerofpalmbeach.com and www.expungemyfloridaarrest.com.
Forget, at least for the moment, the million man march. What we need is a million men and women who will burn their credit cards. Yes, that is what I advocate!
For to long now the middle class has been at the mercy of the banks and other lenders who issue credit cards. Think for a moment about all the years you have made that damn payment, yet, the balance is never at 0 and you have to make a payment every month. Now is the time, once and for all, to walk away from the plastic. Actually, I would suggest keeping a debit card only. That way it is linked to what you have in your bank account. This would probably make you much more aware of how much you actually spend. If you do your banking on-line, you can check on the balance daily if you wish.
But I digress you need to talk to your friends, neighbors, post a message on craigs list or any other public website. I am serious, get out the barbecue grills and the starter fluid and invite everyone over. Dare one another to burn their cards. I guarantee that after the first one throws their cards into the fire others will follow. In case you are wondering I actually cut my up many months ago!
When the credit card statement comes the following month. Don't pay it. When the calls come simply telll them you do not have the money. If they try to record you object that it is against Federal law to record someone without their consent. It is probably illegal in your state as well. Just so you understand DO NOT spend the money that you usually paid on the card. Put it in savings. When the next month rolls around, don't pay. Same story as before. After the third or fourth month of not receiving any money from you make the bank an offer. Tell them you will give them .10 or .20 on the dollar. They will probably counter. Some banks will not even transfer your call to their settlement department as representatives can now extend offers themselves.
The bank may want .40 on the dollar. They may even agree that you can make the settlement payment over three months or so. Just make sure you get the offer in writing with the correct account number on the letter as well as the settlement amount that clearly states that it is a settlement in full on such and such account number.
Now, there will be a tax consequence. The lender will send you a 1099 for the tax year. So you will owe taxes on the difference. BUT that amount will be less than what you owed on the credit card AND you will be out from under that particular debt.
Please feel free to contact me if you wish to talk about life and the universe.
Copyright 2009, All Rights Reserved, Timothy C. Foster
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