Income Report for Debt Relief Enrollment

An income statement provides income information about for a certain period of time. It will adjust gross income down to net income and then to expendable income.
 
For the purpose of debt relief or a forgiveness program, an income report is used to prove the case that you cannot afford your current payments. You will fill out an income report no matter whether you're applying for credit card relief or private student loan debt relief.
 
It will ask you to list all living expenses like: utilities, car payment, house or rent payment, childcare, groceries, membership fees, etc. Also, you will want to include and credit card or private student loan payments. All of this income and expense information will be used to show that you are financially up-side-down. This will show the creditor that in order for them to recover some of what they owe you, they need to come to an agreed settlement. Otherwise, you will be forced to file for bankruptcy or they will have to file a judgement against you in hopes of getting a garnishments against your wages.
 
The chances that they will be granted a garnishment is not as likely if your income report shows you are financially up-side-down to the point that you need real relief.


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Not all debts are eligible for enrollment due to our underwriting guidelines. Clients who make all their monthly program payments pay approximately 38% of their enrolled debt balance before fees or 67% to 71% including fees, over a term of 1 to 59 months. Our service fee is approximately 18% to 21% of the enrolled debt amount enrolled and approximately 25% to 31% of the amount our clients pay back. Not all clients complete our debt relief program for various reasons, including their ability to save sufficient funds while in our program. Estimates based on prior results, which will vary based on specific circumstances.
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We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of debt settlement. Please read and understand all program materials prior to enrollment, including potential adverse impact on credit rating.