16 July 2009 at 12:46 pmThere is only one way I know of to have all your debts on your credit report satisfied. It is through a private association.
The congress gave this to us and made it happen until September 30th 2009. Most people know nothing about it
. Here are the FAQ’s. Call me after you have read them.
Q1 – What is the Tax Credit Process (TCP)?
A1 – The TCP is performed by a service provider (SP) with 20 + years of experience working inside the IRS. The SP is an enrolled agent with 7 + years of experience filing personal and business tax returns for their customers. It is a family business. They do things by the book and they follow the law. They will not risk their livelihood to pay off any debt. I cannot tell you exactly how they are working with tax credits to pay off debt.
The SP has been interrupted by uninvited guests and they’ve chosen to use the association as a filter to receive files and communicate with new customers.
Q2 – What can the SP do for people/business owners with debt?
A2 – The unique process may be used by anybody who has debt including but not limited to mortgages, auto loans, credit cards, lines of credit, student loans, collections, charge offs and child support. We’re clarifying whether or not judgments will be accepted by the SP. Business debt may be included in the process if it is personally guaranteed (the company owners used their social security numbers to secure the loans). All debts must appear on either a personal tri-merge or a 3 bureau credit report. Business credit reports do not show trade lines and or account numbers so please supply us with your statements from your personally guaranteed business accounts. A separate TCP submission sheet will be done for the personal guarantees. TCP cannot be used to rescue houses from debt that have already been sold at auction. (in other words you must still be on title and you must still have possession of the home if you wish to include the mortgage accounts in the TCP). We will provide you enough documentation and consultation to possibly give you 3 (or possibly more depending on the state and the situation) months in the home with no mortgage payments being made (while your file is being processed by the SP)
. Also, if a participant has any outstanding debt with the IRS there must be a payment plan in place with the IRS. In other words it cannot be a dormant lien with no activity. All debt gets relieved and is reflected as zero balance on the credit report.
You may keep all of the accounts open after the process is complete. FICO scores are not used in TCP and is available for people with good or bad credit or payment history. There is no income, asset, equity, or credit qualification required to become a participant. Married couples are eligible to pay one up front fee and the standard success fee.
Q3 – What other rules apply to participants (and their debt type) who wish to begin the TCP?
A3 – This process is available for all US residents. The debt amount
for each account to be included in the process must be at least $600. The debt must be institutional - meaning from banks, credit unions, credit card issuers, etc. – NOT your relatives, friends etc. Currently, Countrywide is only accepting 60%-80% of the loan amount. We hope that they will accept 100% payoffs soon. Bank of America has purchased Countrywide. They may implement B of A’s rules. Each participant must have filed 1040 tax returns for the last 3 years (2006, 2007, & 2008 or an agreed to extension for 2008).
Q4 – Why haven’t I heard of this before?
A4 – The TCP was developed and implemented in 2008. There is no advertising, no website and the SP wants it to remain low key in order to keep it by referral only
. The association will only accept business savvy people. The service provider is extremely loyal to the association and will only accept new customers who have been filtered through to them by the association. Nobody will have direct contact with the SP
. This will ensure that we’ll be able to control the TCP flow of new business and make it available as long as the tax laws remain the same.
Q5 – How long does it take to see results?
A5 – Once your package is processed by the SP you should have all of your accounts paid in full in 60 days or less.
When you have everything on the checklist you can forward the complete file to one of the processing centers. An ORIGINAL Form 100 and an ORIGINAL Hold Harmless agreement is required. Scanning all of your submission will speed up the process. The SP requires a hard copy of the submission as well as the interactive submission sheet for accounting adjustments. When the SP reviews the file and approves it for debt relief, the participant will be required to sign another document for the SP.
Q6 – How many people do you know who have made it successfully through the process?
A6 – We have some friends of friends who have provided testimonials and we should have our first association members on the call sharing their success stories by the end of June or sometime in July.
Q7 – What are the fees & how may I pay them?
A7 – The fees are $2,500 – $5,000 to begin processing a file 1% of the outstanding debt. (please ask the person who invited you to the call for more information on the fee breakdown). If for any reason the SP cannot complete the TCP for a participant, all of the money will be refunded other than a $125 processing fee. The $125 is a hard cost incurred by the SP and it cannot be refunded because it goes towards paying the SP staff. You may pay this fee by any and all means necessary including with a credit card, by Pay Pal, etc. Also, there is a 20% success charge which will be due after the TCP is complete. This may be paid in a variety of ways including:
A – all at once by the sale of a home or property (recommended for unemployed people and available for anyone else)
B – over 5 years (paid monthly) at 0% interest C – new loans may be easy to secure once the participant is debt free
(they should be flooded with offers from many creditors)
D – we may work out a separate agreement depending on the circumstances Q8- How does one become a referral source and what is the compensation?
A8 – Please ask the people who invited you to the call. We recently formed our association and we’re in the final stages of creating our rules, compensation structure, etc.
We will fairly compensate everyone involved in referring people to us. It will be a small portion of the application fee and a small portion of the success fee too. It will certainly be a nice income to supplement and or replace most people’s income sources. We will start conducting specific conference calls soon for those people who are interested in the referral source opportunity.
Q9 – What does the SP require to start the TCP?
A9 – A) Become a member of the association by submitting an application (form 100 form – will be given to you). This document must be signed in blue ink by all participants (husband and wife). B) Provide an image of SS Card (for all dependents) and driver’s license or other government issued form of ID such as a passport or ID card at 150% zoom with a diagonal line through the image and “void copy” written in red ink 3 times across or on the side without interfering with the image/photo – if married couple, both driver’s licenses must be submitted. C) 2006, 2007, & 2008 tax returns (only the first two pages with the signature page included) D) Provide a 3 in 1 (all 3 credit bureaus – Transunion, Equifax and Experian) (we need one that displays all of your account numbers for payoff purposes) you may obtain a free credit report from http://www.annualcredit.com
– you will need to provide a WORD (customer checklist will be provided for you) document with the full account numbers. You may need to cut and paste the details directly from the internet onto another document for us. Some reports will not be provided to you in WORD or PDF format so please make sure that you give us the report in WORD or PDF form. All image documents should be converted to PDF, jpeg, efax, tif files easily convert when opened with Adobe Acrobat. E) Application fee to be made payable to one of our trustees and it must be in the form of a cashiers check, money order, or it can be processed through PayPal for a
2.9% fee (added to the initial fee). F) Complete the TCP Submission Checklist – From your credit report, please type in the account numbers and names of the creditors on a word document as well as the current balance. While we discourage using any credit cards during the process, if absolutely necessary, please scan current statements if different from the TCP submission and forward those to the processing center. G) The entire package must be reviewed by the trustee with the applicant (please e-mail it in PDF form) before it is sent by priority mail with tracking to the trustee’s address. This will ensure that it is complete and there will be no loss of time due to incomplete packages. If you’re in a 911 situation with your home we will need your: AA – mortgage note BB – deed of trust CC – notice of default DD – notice of trustee’s sale AA – DD from your first mortgage lender to begin stalling the foreclosure. If your first mortgage was funded in the last 3 years we may require some additional documentation to strengthen your case against the lender. These documents would include your: AAA – Federal Truth in Lending BBB – Hud-1 or Settlement Statement CCC – ?
Q10 – What if the SP cannot process a potential participant’s file for any reason?
A10 – We have other avenues to provide debt relief. We would be happy to discuss those with people on a one on one call. Please ask the person who invited you to the call to schedule that separate call with Kirby.
Q11 – Can I get just credit card debt eliminated?
A11 – Yes. However, you must pay all of the fees including the 20% at the time of application and acceptance. Q12 – May I advertise to generate leads/customers?
A12 – We prefer that you use your warm circle of influence.
We want to keep it small now and we’ll be ramping up with sophisticated software tracking systems and staff soon. You may wish to acquire lists of people who have resetting (pay option) loans. Ask Kirby for more details on pricing and customization of those lists specific to zip code, loan amount, etc.
Q13 – May I start out with some of my debt and add more after I see some results?
A13 – A participant cannot select which accounts they want paid off (pick and choose) by adding some later in a certain year. Furthermore, if the laws change and this process is not available in 2010, a potential participant could be very disappointed. It makes good economic sense to have as much debt paid off as possible while the opportunity exists.
Q14 – How will this affect my credit rating?
A14 – Your FICO score will improve because your debt will be paid off and show a zero balance on your credit report
(see info below to learn more about your FICO score). FIVE FACTORS Payment History = 35% Debt Ratio: Balance/Limits = 30% Length of Credit History = 15% Types of Credit = 10% Number of Inquires = 10% FIVE SOLUTIONS Remove the “Bad Credit” “Rapid Rescore” your existing credit Add a “Seasoned Trade line” Add different “Types of Credit” Remove “Inquires”
Q15 – Can I use my credit cards or accounts after starting the process?
A15 – Please refrain from using them during the 60 days that you’re in the process.
If an emergency occurs and you need to make a charge, please let us know which account you used and how much you charged.
Q16 – How will this process affect my ability to get a loan or re-finance?
A16 – The TCP will greatly enhance your ability to secure various lines of credit for many reasons. Please see A14 and set up a time to speak with a trustee for more details.
Thanks for reviewing the details of this unique process. Our goal is to provide these solutions to as many people as possible and as fast as possible while keeping the integrity of the service provider and while maintaining the high level of service that is required to deliver the solutions in a timely and an efficient manner. The association is built on integrity, it’s by referral only, and membership is reserved for business savvy people and or those who are willing to learn the basic truths of the monetary system (that aren’t taught in school).
Q17 – Do I need an appraisal of the property to do this process?
A17 – No, the value that is the appreciation and success fee is based upon the total amount of the debt relieved through the application of the tax credits.
Q18 – If someone has a leased vehicle can it be included?
A18 – The payoff on an auto lease will depend on the amount reflected as the original financed amount. If only the “financed” amount is shown on the credit report and or the most recent statement, the payoff will only be for the lease period and the car will have to be returned at the end of the lease period. However, if the balance of the car’s full price is listed, then it will be paid off in full. The worst case would be to have only the lease price paid off and then at the end of the lease period, refinance and include the price in next TCP.
Q19 -What will happen when the service provider (SP) has approved my file?
A19 – You will receive a document from the SP in the mail. Please sign it in blue ink, keep a copy of it and return it the SP by private courier with a tracking number (Fed Ex or UPS). Please do not use USPS and please do not request a signature for the delivery of the letter as this could cause unnecessary delays.
Q20 – How do I know if my debt is being paid off (if I’m experiencing success)?
A20 – You may:
A – call the toll free number on your account statements
B – monitor credit reports from reporting services
C – wait for statements from the creditors to arrive
Q21 – How do I protect my identity?
A21 – Identity theft is major concern for many people. Please contact your insurance company to learn more about plans to make you feel more comfortable and you may wish to use http://www.lifelock.com/
Please pull your credit report before you subscribe to an identity protection service.
Please review this list of what we will NOT (tolerate) be discussing on the call: 1 – politics 2 – 1099 OID (ZYA) 3 – any negative comments (please keep those to yourself and discuss any of those with the people who invited you to the call – we’re always open to improving the TCP and we welcome your constructive criticism, just not on the introduction call) 4 – any other topic that has nothing to do with this process
Thank you for your time. We appreciate your interest in the TCP and we’re looking forward to initiating a long lasting business relationship with you and we’re looking forward to establishing a long lasting friendship with you too. Best, The Association – REVISED 6-22-09
I would like to invite you on to the call Sat 12:00 PM PDT or Tues 6:00 PM PDT.
Hope this helps the people that are attracting financial freedom!
Keep up the goood work! ! !