October 2018 NEWSLETTER

Client Success Stories!
  • Judgement Relief - Our client owed Cavalry SPV I, LLC $57,402.84. This amount is quite high for a Cavalry debt since they are a debt buyer of smaller accounts. The reason for the elevated balance is that Cavalry obtained a judgment several years back while represented by the Winn Law Group. Once Winn Law Group obtained the judgment, it accrued interest of 10% per year. We negotiated with Winn Law Group and Cavalry and they agreed to accept a one-time lump sum settlement of $16,000.00 to fully satisfy this judgment. We saved our client $41,402.84 on this debt, a 72% savings on the amount due on this judgment.
  • Credit Card Debt Relief No debt is too small to handle! Our client owed debt buyer LVNV Funding $665.47 on a defaulted HSBC Bank credit card. LVNV sent the account out to collection agency Credit Control to see if they could collect. We offered a one-time lump sum payment of $266.19 (40% of the balance due) to settle. Credit Control accepted the offer, which our client has since paid (they even offered to let her pay this amount over 12 months @$22.16/month). This is a small debt for this client and there are several others to go. However, our record remains strong for settling debts for significant discounts, despite the low level balance due on this account. Sometimes every dollar counts and we are happy to get this settlement on such a small balance for this client.
  • Credit Card Debt Relief Our client owed Chase Bank in excess of $30,000.00 spread over 3 credit card accounts that defaulted in payment over 3 years ago. It has been our experience over the past several years that Chase has been laying low in collection efforts for defaulted credit card debt. True to form, we learned that Chase Bank decided to discharge this debt at 100%!  Rather than try to collect on this defaulted debt, they made the decision to write the debt off as uncollectable. Yes, our client will receive a 1099-C for the cancellation of debt, which subjects him to a potential tax liability for the amount forgiven. However, given the other debts owed and his lack of assets, it is highly doubtful that he will incur any tax liability for this forgiven debt. We always encourage our clients to seek the advice of a tax professional in the years that creditors issue 1099s for the amount of debt forgiven. With a knowledgeable professional, it is quite possible that our client will be able to exclude this forgiven debt as income on his 2018 tax returns.
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If you have been sued by National Collegiate Trust (NCT) and do not respond to the lawsuit, then there is a good chance a default judgment will be filed against you.  Meaning you lose before you even have a chance to fight.  A default judgement can result in wage garnishment, bank levies and a lien being placed on your property.  Even if a judgement has already been handed down in your case, there are opportunities to negotiate with the attorneys suing you. Don’t give up!  I will take you through how to win a National Collegiate Trust Lawsuit,

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The Gamez Law firm is committed to fighting creditors, reducing the total amount you owe and providing you with a life free of debt.

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