Debt Reduction- Advice On Credit Card Debt Reduction, Debt Reduction Services, And Debt Reduction Plans

Joe P asked:


Hello,

Without assigning blame for the past, here is where my spouse and I are at, and here is the situation.

Current Credit Score 710 -Trans Union

In December 2006 We enrolled in Credit Card Counseling:
December 2006 Credit Card Debt = $69,257
Current Credit Card Debt = $35,318
PMT = $1530 per month
Average Interest Rate = 9%

Mortgage = $169,483.56
interest= 7.55%
PMT =$1222 without Escrow $1457 with Escrow
Value = Estimated at $130 in this market.

Situation

Contract at work changed = Various decreases over 2009 growing to a negative $1400 per month reduction by year end.

Unplanned third child coming in July = $550 estimated monthly cost increase.

Second Job obtained = $777 per month increase

Total Net income monthly deficit by year end = $1,173.

We have approached both the Credit Card Counseling Company and the Mortgage Company and provided them all of the details, tax returns, w2′s ect. I have provided them documentation of the details of my forecast.

What do you think I might be able to renegotiate with the House and the Credit Card companies. We have never missed either payment. We are alright at the moment, just saving money bracing for the summer and fall. Our goal is to be in a position to remain current, keep the house and pay down the debts.

Bong Schmertz

heatherw asked:


Executive Summary We design and deliver the systems, software and services that drive next-generation communications networks. Backed by Bell Labs research and development, we use our strengths in mobility, optical, access, data and voice networking technologies, as well as services, to create new revenue-generating opportunities for our customers, while enabling them to quickly deploy and better manage their networks. Our customer base includes communications service providers, governments and enterprises worldwide. We have three segments organized around the products and services we sell. The reportable segments are Integrated Network Solutions (“INS”), Mobility Solutions (“Mobility”) and Lucent Worldwide Services (“Services”). INS provides a broad range of software and wireline equipment related to voice networking (primarily consisting of switching products, which we sometimes refer to as convergence solutions, and voice messaging products), data and network management (primarily consisting of access and related data networking equipment and operating support software) and optical networking. Mobility provides software and wireless equipment to support radio access and core networks. Services provides deployment, maintenance, professional and managed services in support of both our product offerings as well as multi-vendor networks. Beginning in fiscal 2001, the global telecommunications market deteriorated, resulting from a decrease in the competitive local exchange carrier market and a significant reduction in capital spending by established service providers.This trend intensified during fiscal 2002 and continued into fiscal 2003. Reasons for the market deterioration included general economic slowdown, network overcapacity, customer bankruptcies, network build-out delays and limited availability of capital. We believe that the market for telecommunications equipment has stabilized and is starting to grow in certain areas. The growing demands of enterprises and consumers for additional services tailored to their needs is creating the need for a new convergence of networks, technologies and applications. Required 1. Using the Consolidated Balance Sheets for Lucent Technologies for September 30, 2004 and 2003, prepare a common-size balance sheet. 2. Evaluate the asset, debt, and equity structure of Lucent Technologies, as well as trends and changes found on the common-size balance sheet. 3. What concerns would investors and creditors have based on only this information? 4. What additional financial and nonfinancial information would investors and creditors need to make investing and lending decisions for Lucent Technologies? LUCENT TECHNOLOGIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in Millions, Except per Share Amounts) September 30, September 30, 2004 2003 Assets Cash and cash equivalents $ 3,379 $ 3,821 Marketable securities 858 686 Receivables 1,359 1,511 Inventories 822 632 Other current assets 1,813 1,213 Total current assets 8,231 7,863 Marketable securities 636 — Property, plant, and equipment, net 1,376 1,593 Prepaid pension costs 5,358 4,659 Goodwill and other acquired intangibles, net 434 188 Other assets 928 1,608 Total assets $ 16,963 $ 15,911 Liabilities Accounts payable $ 872 $ 1,072 Payroll and benefit-related liabilities 1,232 1,080 Debt maturing within one year 1 389 Other current liabilities 2,361 2,393 Total current liabilities 4,466 4,934 Postretirement and postemployment benefit liabilities 4,881 4,669 Pension liabilities 1,874 2,494 Long-term debt 4,837 4,439 Liability to subsidiary trust issuing preferred securities 1,152 1,152 Other liabilities 1,132 1,594 Total liabilities 18,342 19,282 Commitments and contingencies 8.00% redeemable convertible preferred stock — 868 Shareowners’ Deficit Preferred stock—par value $1.00 per share; authorized shares: 250; issued and outstanding: none — — Common stock—par value $.01 per share;Authorized shares: 10,000; 4,396 issued and 4,395 outstanding shares as of September 30, 2004,and 4,170 issued and 4,169 outstanding shares as of September 30, 2003 44 42 Additional paid-in capital 23,005 22,252 Accumulated deficit (20,793) (22,795) Accumulated other comprehensive loss (3,635) (3,738) Total shareowners’ deficit (1,379) (4,239) Total liabilities, redeemable convertible preferred stock and shareowners’ deficit $ 16,963 $ 15911

Mireya Martinsons

Keith O asked:


MY 12 STEP PROGRAM FOR AMERICA!
1. Add a sales tax on luxury items and revise the tax code exempting people making less than $200,000.
2. Double the size of the Small Business Administration. Create regional small business centers that give start ups 6 months of no operating costs.
3. Create a free national service college for veterans and people who plan to enter needed fields.
4. Create a federal insurance agency to investigate insurance abuse and regulate insurance operations.
5. Close all non-essential bases and missions over seas.
6. Stop all foreign borrowing and cut all outstand bonds to 0% interest!
7. End all imports of steel, plastic, and oil.
8. Begin to explore the 15 trillion barrels of oil off shore.
9. Build 120 nuclear power plants and sell power to all of North America.
10. Build a space based missile shield to end the threat of nuclear war and start arms reduction.
11. Create a new division of the Department of Labor to help place people in work.
12. Create 10 year tax amnesty program for foreign investors in America to allow trillions in new capital.

___________________Results__________
1. No taxes on low and middle income tax payers.
2. Allow anyone to start a business with no cost for 6 months creating millions of jobs.
3. Insure we our heroes get free education and provide all needed professionals.
4. End to all insurance abuse and fraud.
5. Stop playing Army for countries that have no gratitude.
6. Putting a stop to all new debt and reduce the payments by two thirds.
7. Bring back more than 50 million jobs!
8. Be producing our own oil in 6 months the same Valenzuela did, and export enough oil bankrupt OPEC.
9. Drop energy costs by 400% and export power to all of the America’s.
10. Force the world to stop the threat of force and instead use a common ideal.
11. Centralize all employment reducing decrimination and reducing unemployment by 2%.
12. Make America a international business tax shelter creating millions of jobs!

Over all a 0.5% unemployment rate, 24% GDP growth, house hold income increase of 20%, and a 40% cost of living reduction!

Taylor Pernod

girlem asked:


LUCENT TECHNOLOGIES

The following is an excerpt from Lucent Technologies’ Management’s Discussion and Analysis of Financial Condition and Results
of Operations: Executive Summary. We design and deliver the systems, software, and services that drive next-generation communications networks. Backed by Bell Labs research and development, we use our strengths in mobility, optical, access, data and voice networking technologies, as well as services, to create new revenue-generating opportunities for our customers, while enabling them to quickly deploy and better manage their networks. Our customer base includes communications service providers,
governments and enterprises worldwide. We have three segments organized around the products and services we sell. The reportable segments are Integrated Network Solutions (“INS”), Mobility Solutions
(“Mobility”) and Lucent Worldwide Services (“Services”). INS provides a broad range of software and wireline equipment related
to voice networking (primarily consisting of switching products, which we sometimes refer to as convergence solutions, and voice
messaging products), data and network management (primarily consisting of access and related data networking equipment
and operating support software) and optical networking. Mobility provides software and wireless equipment to support radio access
and core networks. Services provides deployment, maintenance, professional and managed services in support of both our product
offerings as well as multi-vendor networks. Beginning in fiscal 2001, the global telecommunications market deteriorated, resulting from a decrease in the competitivelocal exchange carrier market and a significant reduction in capital spending by established service providers.This trend intensified during fiscal 2002 and continued into fiscal 2003. Reasons for the market deterioration included general economic slowdown, network overcapacity, customer bankruptcies,
network build-out delays and limited availability of capital. We believe that the market for telecommunications equipment has stabilized and is starting to grow in certain areas. The growing demands of enterprises and consumers for additional services tailored to their needs is creating the need for a new convergence of networks, technologies and applications.

LUCENT TECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in Millions, Except per Share Amounts)
September 30, September 30,
2004 2003
Assets
Cash and cash equivalents $ 3,379 $ 3,821
Marketable securities 858 686
Receivables 1,359 1,511
Inventories 822 632
Other current assets 1,813 1,213
Total current assets 8,231 7,863
Marketable securities 636 —
Property, plant, and equipment, net 1,376 1,593
Prepaid pension costs 5,358 4,659
Goodwill, net 434 188
Other assets 928 1,608
Total assets $ 16,963 $ 15,911

Liabilities
Accounts payable $ 872 $ 1,072
Payroll and benefit-related liabilities 1,232 1,080
Debt maturing within one year 1 389
Other current liabilities 2,361 2,393
Total current liabilities 4,466 4,934
Postretirement/employment
benefit liabilities 4,881 4,669
Pension liabilities 1,874 2,494
Long-term debt 4,837 4,439
Liability to subsidiary trust issuing
preferred securities 1,152 1,152
Other liabilities 1,132 1,594
Total liabilities 18,342 19,282
Commitments and contingencies
8.00% redeemable convertible
preferred stock — 868
Shareowners’ Deficit
Preferred stock—par value $1.00 per
share; authorized shares:
250; issued and outstanding: none — —
Common stock—par value $.01 per
share;Authorized shares:10,000;
4,396 issued and 4,395 outstanding
shares as of September 30, 2004,
and 4,170 issued and 4,

Tula Godshall

HarmlessLie asked:


in Southeast Asia to the need to..?

A) prove to the world that the United States was willing and able to make good on its commitments
B) prove to the world that the United States continued to have at its disposal the most powerful military force in the world
C) demonstrate that the war was being fought on moral and ethical grounds
D) justify to American taxpayers that their money was being well spent on the other side of the world

President Reagan’s initial strategy to fix the lagging u.s economy involved:

A) lowering interest rates
B) a reduction in the federal budget deficit
C) lower interest payments on the national debt
D) all of the above

I’m stuck on these.

Duane

Joe P asked:


Hello,

Without assigning blame for the past, here is where my spouse and I are at, and here is the situation.

Current Credit Score 710 -Trans Union

In December 2006 We enrolled in Credit Card Counseling:
December 2006 Credit Card Debt = $69,257
Current Credit Card Debt = $35,318
PMT = $1530 per month
Average Interest Rate = 9%

Mortgage = $169,483.56
interest= 7.55%
PMT =$1222 without Escrow $1457 with Escrow
Value = Estimated at $130 in this market.

Situation

Contract at work changed = Various decreases over 2009 growing to a negative $1400 per month reduction by year end.

Unplanned third child coming in July = $550 estimated monthly cost increase.

Second Job obtained = $777 per month increase

Total Net income monthly deficit by year end = $1,173.

We have approached both the Credit Card Counseling Company and the Mortgage Company and provided them all of the details, tax returns, w2′s ect. I have provided them documentation of the details of my forecast.

What do you think I might be able to renegotiate with the House and the Credit Card companies. We have never missed either payment. We are alright at the moment, just saving money bracing for the summer and fall. Our goal is to be in a position to remain current, keep the house and pay down the debts.
Judy, you did not answer the question?

Neal Tecklenburg

owaowa asked:


Hello,

I have a huge problem with my ex and our house that we share. To sum up the story, we were never married just engaged when we bought the house in 2006. We broke up 1.5 year ago and I moved out since he wanted to stay and make payments. We had a huge fight when we broke up. He tried to have me sign the deed of our house over to him and still keep my name on the mortgage. In addition to closing and taking our savings that we had. This was all after, I agreed to take half of his credit card debt (all in his name) since it was our debt technicaly and I felt quilty of him just paying back for it. This was all before the deed scenario.

We sort of had a falling out and things just remianded where he stayed there and was making payments. Now, he started to email me again regarding the house, I received 20 emails in about a week from him. I’m just scared that he will take advantage of me, he is foreclosure/real estate attorney and I’m having a hard time believing him especially after the break up. He’s deceived me so many times in the 6 years we were together in every way possible.

He is telling me the new options that are available and that we could finally resloved this situation. Here is a snap shot of the email that I got from him

“1. Prevent damage to either of our credits.
2. Ideally, get rid of the house either via short sale, deed in lieu (which
means give the house directly back to the bank), or principle reduction and
then sell. I don’t need a 3bd house at $2k/mo. This depends on what the
bank will agree to. It’s not in my control, but I will pursue and argue for
this as much as possible.
3. If getting rid of the house is not possible and we are stuck with it for
now, then I would at least like to reduce the payment via an interest rate
deduction.”

This was all after he told me how he was doing very well with his law firm in the inital email and that his accounting (he’s a cpa as well) contact expired and he can be considered unemployed giving us a golden ticket out of this mess. I just don’t know what to think, he wants me to send my documents to our mortgage bank so they can look at the options. I told him I would do this monday after he kept emailing me non stop. Do you guys this I need to get a lawyer and if so what kind rela estate/family. I’m so scarred of him and I don’t know what to do nor do I have any $ to do anything. I work and go to school and I’cant afford any extra attorney expenses. Can someone please give me any sort of advise, I have no family/friends to turn to. I’m scarred for my life and I don’t want to have anxiety attacks like I used to.

To emails that he sent were vague and he initially wanted to do a modification option but now he is saying he’s ok financially but wants the option #1 in the email. He is always vague and always has a alternative motive with everything. To make things weirder, he emails this to me after he breaks of with his gf (who’s company is moving into my office bulding, on the same floor on monday). He sent me an email the next day after they break off. I also know some people at his gf compnay since my ex used to work there (he got her a job there) and I’m freaking out even more.

I don’t know what to do. I feel so scarred and I was on medication for a year due to our break up and the aftermath that occured. All of ‘our friends’ stopped talking to me since I met them through him (incuding the one’s that are moving in next door), At one point I even tried to kill myself by overdosing on my medication. I thought I was ok since I’ve been seing a therapist but him emailing me has brought everything back.

Sorry for the long question. Any advise would be appreciated. Thanks

I also tried to call the free government number they have available, but they don’t seem helfpul.

Ivory Boyle

Legandivori asked:


Ex wife is poor and cannot get him to pay for needed operations: both children need immediate surgery. Both life threatenening conditions. How to force him to pay, how to charge him with extreme child abuse. Conn. laws seem to favor rich in courts. She has already had reduction in her alimony payments due to his influence in court and lawyer’s arguments. She left and divorced him because he had become religiouly abusive over the years, following world wide trends. He lives in a mansion, she a small apartment. He is a foreigner, she American. He is sheltering his money all over the place by paying cash and receiving cash..
Ideas on how to get him into jail and assets seized so that children get necessary medical attention, and to help move ex wife out of debt and poverty while getting hik jailed?

They have joint custody, but she can harly pay her rent. THis action against his kids is in retaliation for her having divrced him some years back.

Sirena Celenza

Keith O asked:


MY 12 STEP PROGRAM FOR AMERICA!
1. Add a sales tax on luxury items and revise the tax code exempting people making less than $200,000.
2. Double the size of the Small Business Administration. Create regional small business centers that give start ups 6 months of no operating costs.
3. Create a free national service college for veterans and people who plan to enter needed fields.
4. Create a federal insurance agency to investigate insurance abuse and regulate insurance operations.
5. Close all non-essential bases and missions over seas.
6. Stop all foreign borrowing and cut all outstand bonds to 0% interest! 7. End all imports of steel, plastic, and oil.
8. Begin to explore the 15 trillion barrels of oil off shore.
9. Build 120 nuclear power plants and sell power to all of North America.
10. Build a space based missile shield to end the threat of nuclear war and start arms reduction.
11. Create a new division of the Department of Labor to help place people in work.
12. Create 10 year tax amnesty program for foreign investors in America to allow trillions in new capital.

Results
1. No taxes on low and middle income tax payers.
2. Allow anyone to start a business with no cost for 6 months creating millions of jobs.
3. Insure we our heroes get free education and provide all needed professionals.
4. End to all insurance abuse and fraud.
5. Stop playing Army for countries that have no gratitude.
6. Putting a stop to all new debt and reduce the payments by two thirds.
7. Bring back more than 50 million jobs!
8. Be producing our own oil in 6 months the same Valenzuela did, and export enough oil bankrupt OPEC.
9. Drop energy costs by 400% and export power to all of the America’s.
10. Force the world to stop the threat of force and instead use a common ideal.
11. Centralize all employment reducing discrimination and reducing unemployment by 2%.
12. Make America a international business tax shelter creating millions of jobs!

Over all a 0.5% unemployment rate, 24% GDP growth, house hold income increase of 20%, and a 40% cost of living reduction!

Lorenzo Stapels

daddio asked:


i think i’ve been fairly smart. every penny of reduction, i’ve saved. of course, there’s a pre-payment penalty. i have about 10 months left on the penalty term, but i’m getting offers from everywhere, to refinance.

my wife and i have excellent credit, and no other debt. (seriously-ZERO)

so my question is this—–all the offers i’m getting waive the penalty. do i jump on one now, or hold out and hope the “deal gets sweeter”?

NO INCUMBENTS ’08!!!
i went to the “sub-prime” because it lowered my payment 400.00/month. i have banked almost ALL of it. the offers are coming from mortgage brokers who deal with my lender. pretty straightforward, really. they want 500.00 to do the deal, i’m sure this covers paperwork or whatever. there are no other closing costs.

Osvaldo Klimaszewski