I indicated to her that our goal was to pay the amount in full and asked if there was a workout program if we closed the account.After a two-hour back-and-forth, we settled at a 6 percent rate, closed out the card and agreed to a plan that would pay the full amount over the next five years.When I contacted the firm, their attorney explained that there was an upfront fee.The way you could get the credit card companies to negotiate with you was to miss six months of payments.Break out of high-interest-rate jail Last summer a longtime friend shared her experience about how she climbed out of her credit mess with the help of a credit attorney.
The shareholders generally recognize gain (or loss) in an amount equal to the difference between the fair market value (FMV) of the assets received (whether they are cash, other property, or both) and the adjusted basis of the stock surrendered.
If the stock is a capital asset in the shareholder’s hands, the transaction qualifies for capital gain or loss treatment.
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Their loan workout process starts with their service center in India. Although they claim to have multiple programs to help their customers, their only program (at least at the time we applied) was at 1 percent for three months, nine months at 9 percent, then back to your existing rate.
After talking to seven or eight different representatives, each with conflicting information about what their program was and what is required to get into it, I asked for a supervisor who could refer us back to someone in the U. In other words, don’t waste your time trying to negotiate with them.