Your Questions About Lower Debt Review

Jenny asks…

Can I negotiate with the IRS to lower the debt? I file for bankruptcy chp7.?

I owe $7000 in taxes for 2009. Two months ago I received the bankruptcy discharge. I sent a letter to the IRS explaining my situation and to negotiate — lower the taxes I owe. IRS is reviewing my case, meanwhile I have to pay $600 a month… do I have a chance to lower the taxes I owe??

richmama answers:

Pay your taxes and stop whining about it. The dead beets and illegals need it more than you do.

No really you should pay all of it even if it dose go for the above. It is the right thing to do. We are all in this together and have to give our share in order to keep the crooks in office. The only reason they have taxes now is to insure that they have a life time pay check even though they no longer work.

Yes. I do not like any of them.

Voting for the lesser of two evils is still evil.

Susan asks…

the best way to lower credit card payments?

Here a question. My wife and I have about $10,000 in credit cards. they are all 0% interest and I am current with all my payments (I pay minimally 50% over the minimum.)

I dream of being out of debt but it seems I never will be. We want to buy a house and when reviewing our finances i see what could be a good chunckof a mortage payment going to credit cards.

Is there a smarter way of repayment?

richmama answers:

Actually, you’re doing very well. The more you pay, the sooner the debt disappears.

First, get rid of the CC debt ASAP.
Next, take what you were paying on the CC, and put it a savings account.
Then, talk to a realtor about what you can realistically afford.

When you buy a house, the mortgage payment isn’t your only bill. Utilities, maintenance, etc.

The point is, save WAY more than you think you need. With the exception of new constructions, houses have things that break.

Good luck

Donna asks…

I paid some charged off debt as requested by a mortgage lender, will this increase ny credit score?

In applying for a mortgage the lender requested that I pay some specific debt. One an installment loan and a few other small ones. I have done that, will my credit score increase? I also have some charged off credit card debt listed but it is also listed with a collection agency. In reviewing my application, are they NOT looking at that and should I contact the ORIGINAL creditor that charged off and negociate the ORIGINAL amount which is considerably lower because interest has accrued with the collection agency. Doing so would that increase my credit score and can I have the debt collection reporting removed if I do contact the original creditor?

richmama answers:

No one should advise you to remove negative items if they are correct, especially someone claiming to be in the business.

Disputing items on your credit report you know is accurate is illegal and can be considered a crime in some states. Any business that advises you to dispute correct items just because they are negative should not be in business.

Paul asks…

Can an active duty military member force a child support review after a PCS?

My husband’s last review was in 2008 right before we left Washington State. We now live in Missouri where the income is much lower, but they are still taking out the same amount of child support which is too much. We aren’t due for another review until 2011, but since we PCS’d to another state is there any way we can force a review to fix the child support payment? He’s constantly in debt with it because of this which affects his credit score.

The two boys live in N. Carolina with their mother and we were told if we wanted to force a review, he would have to take her to court and pay for it. I don’t think that’s fair or right to him since he had to move due to his job. Can anybody help me with this?

richmama answers:

Unless there has been a significant change in income, usually in the thousands of dollars, no judge is going to force an early review. Even then, you will still have to pay court costs to get that decision.

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