Have you ever wondered what it takes to settle your debts for pennies on the dollar? Recently I interviewed Kenny Golde, a self employed filmmaker who found himself almost a quarter of a million dollars in debt when when a business deal fell victim to the economic downturn. Using negotiation techniques he developed (and has subsequently written about in a book), Kenny has managed to eliminate more than half of this debt through negotiation. Here is part six of our conversation – it lasts about 4 minutes. This is the last segment of this interview – parts 1 through 5 may be found in the five posts immediately preceding this one. In this segment, Kenny and I talk about the tax consequences of debt forgiveness and the insolvency rule that eliminates tax liability for most people.
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Have you ever wondered what it takes to settle your debts for pennies on the dollar? Recently I interviewed Kenny Golde, a self employed filmmaker who found himself almost a quarter of a million dollars in debt when when a business deal fell victim to the economic downturn. Using negotiation techniques he developed (and has subsequently written about in a book), Kenny has managed to eliminate more than half of this debt through negotiation. Here is part five of our conversation – it lasts about 7 minutes. In this segment, Kenny notes that most lenders will not consider negotiation with you until you are 90 days late. He also talks about credit scores – and why this number is less important than most people think. Part 6 – the final segment – will be posted tomorrow.
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Have you ever wondered what it takes to settle your debts for pennies on the dollar? Recently I interviewed Kenny Golde, who found himself with $250,000 of credit card debt and no way to pay it all back. However, with tenacity and focus, Kenny has managed to eliminate more than half of this debt through negotiation. Here is part four of our conversation – it lasts about 8 minutes. We discuss the procedure for entering into a written settlement agreement with your creditor and the steps you must take to ensure that your settlement is honored by the creditor or collection agency. Part 5 will be posted tomorrow.
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Have you ever wondered what it takes to settle your debts for pennies on the dollar? Recently I interviewed someone who started with $250,000 of credit card debt and with tenacity and focus, has managed to eliminate more than half of this debt through negotiation. Here is part three of my conversation – it lasts about 8 minutes. Kenny points out that there is nothing morally wrong with settling debt. He explains that the term "charged off debt" means nothing – it usually just means that the creditor has sold its debt to a debt buyer. He points out that many collection agencies buy debt for 5 to 10 cents on the dollar, which is why they would be willing to settle for 50 cents on the dollar or less. Finally Kenny notes that any debt settlement should be in writing and that you should never send any money without a written agreement. Part 4 will be posted tomorrow.
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Have you ever wondered what it takes to settle your debts for pennies on the dollar? Recently I interviewed someone who started with $250,000 of credit card debt and with tenacity and focus, has managed to eliminate more than half of this debt through negotiation. Here is part two of my conversation – it lasts about 8 minutes. Kenny and I discuss the psychology of debt collection and the importance of seeing debt negotiation as a business transaction free of emotions or guilt. "You are the CEO of your own corporation," Kenny advises. Part 3 will be posted tomorrow.
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Have you ever wondered what it takes to settle your debts for pennies on the dollar? Recently I interviewed someone who started with $250,000 of credit card debt and with tenacity and focus, has managed to eliminate more than half of this debt through negotiation. Here is part one of my conversation with author and filmmaker Kenny Golde, who discusses with me his remarkable story about how he ended up with hundreds of thousands of dollars of debt and how he came to realize that debt negotiation is a business strategy and that the guilt and emotional efforts of debt collectors are merely tactics. This first segment lasts about 8 minutes. Parts 2 will appear tomorrow on this blog, with subsequent installments appearing every day through the February 4th post.
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Jonathan Ginsberg
