debt, credit, collection agencies, bills, harass
By Debt Prison on January 29, 2010
I’ve found a website which compares rates and specials for various cabins in Gatlinburg Tennessee. The name of the site is Gatlinburg Cabins 4U. Here’s a listing of articles I pulled from the site.
Galinburg Cabins Close to Town
Private and Secluded Gatlinburg Cabins
Most Luxurious Gatlinburg Cabins
Best Gatlinburg Cabins on the River
Gatlinburg Cabins with Amazing Mountain Views
Handicap Accessible Gatlinburg Cabins
Large Multi-Family Group Cabins
Pet Friendly Gatlinburg Cabins
By Debt Prison on December 19, 2009
Christmas has become a profit field day for corporate entities who’ve managed to convince consumers that happiness is just one more credit-card-swipe away. Just another purchase, we are assured, and we’ll find ourselves robustly thrilled with pleasantry knowing our neighbor’s children can’t boast louder than our own. As a society on a perpetual path of narcissistic self-worship, is it perhaps time to stop our debt-based consumption and look inward? What really matters in your life? Is your happiness really based on the ability to purchase goods and services beyond a measure which you can afford? Of course it isn’t.
The rich man is not he who obtains the most but he who requires the least.
Teaching ourselves and our children that life is not measured by material possessions is an arduous task in modern America. However, if we are blessed with good health, a roof over our heads, and a full stomach… then we have absolutely nothing of which to complain. Think of all the struggle and pain exerted by our forefathers in providing us with such a nation.
What would they, our fore bearers who sacrificed so much, think about our obsession with the latest gadget? Somehow I doubt my grandfather would be pleased. For it was only a few short decades ago that he share-cropped to put food on the table. He slaughtered a pig each fall and shared it with neighbors in the community. He drew water from a well and light came from a lighted wick. Folks got physically ill and they died. Such was life in America just a few short years ago.
We must not get so caught up with material possessions that we ignore the true beauty and gifts of life itself. This beauty and these gifts are all about us in their splendor. All we have to do is stop, recognize them, and attempt to comprehend just how privileged we are to simply be sitting here breathing in life.
It is for these reasons that we should not bow down to the pressure of a consumption driven society. Life is simply too short to exist within it… while simultaneously ignoring its magnificence. And when we become focused on consumption, and take on debt to satisfy that consumption, we drive the magical quality of our very existence beneath our feet.
Avoid debt this Christmas of 2009. How blessed we are to exist and live in the land of plenty! Don’t destroy the blessings of life attempting to satisfy the forces around you. These tormenting forces will come and go, but the beauty of life is always about us. May we learn to embrace it.
By Debt Prison on May 25, 2009
I’ve wrote before about finding good deals at Hudson’s Salvage Center in Hattiesburg. Well this weekend was no exception. Remember the key to finding great deals at salvage stores is to go shopping at these stores often (weekly if possible) even if you don’t buy anything. I say weekly because you never know when they’ll have new merchandise arriving and on the floor for purchase. Since the products they sell are ever changing, checking out their merchandise weekly is the only way to know when they’ve got the things you want.
Anyway so this week at Hudsons they had mens suits and sport coats for 90% off. I bought five sport jackets, one suit, and long sleeve button ups. My wife and I also bought sport coats for other members of our family. Altogether the merchandise was valued at $800 and with the 90% off sale we paid $80. That’s the kind of deals that make living near a Hudson’s Salvage worthwhile.
It’s nice having a camera phone so I can snap these great shots.
By Debt Prison on February 3, 2009
Sporting 1.5 million souls (70% of which are randy men) the United Arab Emirates, or UAE, is home to one of the earth’s most popular regions for debtor’s prisons. If you’re a man, you’ll need a lot of debt, to buy junk with so you can outmaneuver and outrun those other young bucks, who are competing with you for the handful of beautif women not ‘married-off’ already in some sort of a family arrangement. The other women, the immigrant workers, are probably indebted to their employers and you’ll have to buy them off…. just for a date in your new Escalade, which you signed away your life for. What a bargain… just kidding. Defaulted debt in the UAE won’t die until the debtor does. There is no debt settlement or bankruptcy. I was originally going to write this article about just the debtor’s prison in the UAE, but after a little research I realized that I needed to include more information regarding their issuance of credit.
This website does not administer legal or financial advice. The contents of this website are my opinions on collection agencies and how to deal with them. Nothing on this website should be interpreted as legal advice or council. No opinions on this website should be used to replace the advice of your financial advisor or your legal council.
Your word is credit
The UAE doesn’t have credit reporting agencies like Equifax (yet) because they still try and manage the country’s affairs pretending as though they live in a desert wilderness, void of any skyscrapers or pocketbook hustlers. The credit industry, if you want to call it that, doesn’t believe it’s their business to hover over your credit report. These reporting agencies are impersonal and are not part of a legitimate business contract between two human beings… hence they do not exist. You can literally get personal loans for up to $68,000 with nothing more than your word and a blank check.
The rising personal wealth, real estate boom, and bubbling petroleum brooks, will often lead average consumers in the UAE to bite off more debt than they can chew. In the UAE, like much of the Arab world, you are expected to honor your word. Who they hell do these Arabs think they are? We certainly don’t need any of that type of attitude floating around here in the U.S.. Yes you are expected to honor your word, and with it, you can have access to much more credit than you should logically have. In this regard, the United States and the UAE are similar.
Their system of personal checks
In the UAE, if your check bounces they will put you in jail. Credit is extended to you in a series of IOU’s. For example, if I want to buy a car for $10,000 and make payments for two years then I will have to write 24 checks – in advance! I will give the creditor 24 checks in the amount of $416.66 and dated in advance for each month I would be making payments. The bank then deposits each check in the month for which it was written.
It is illegal to write a blank check in the UAE… or at least to have such a blank check, signed by you to be cashed. Therefore when taking out large personal loans, the bank will require you to hand them a signed check with a blank amount. Their logic is simple enough: fail to pay them and they cash the check – which leads to your arrest and imprisonment. They may simply make you serve 3 months for the charge of writing a blank check. But if you cannot pay the loan, or find someone to pay it for you, the prison may become your new home. In fact, as I write this article 30-40% of those imprisoned in Dubai’s central jail, are there for not having paid their debt.
A good portion of the law enforcement’s time is wrapped up chasing defaulting debtors. In the UAE there is no such thing as filing for bankruptcy.
Here’s how the imprisonment would play out
You’re new in town, and hoping to impress the only three single (of age) female immigrants left in Dubai. You borrow $50,000 for some new duds and a used BMW. You’ve got a good-paying job building skyscrapers which provides a much needed shadow for those baking in the sun over at the debtor’s prison. Well times get tight because you blew too much money impressing the one remaining single female (the other two were deported because they had hepatitis) and your boss, who frequently abuses foreign infidel workers (like you), drops your pay so he can afford a new vacation to America… where he’ll cheat on his four wives.
The creditors begin calling you - and since you don’t have the money to make your monthly payments you ignore their calls. Finally the creditor, tired of trying to convince you to pay the debt, files suit against you. You ignore the court summons because you are broke, so the court puts out a warrant for your arrest. The debtor is arrested and sits in jail until the debt is paid. The debtor could also have ended up in jail, if the tired bill collector, submitted your blank check to the bank. Either way you are arrested and sitting in jail until the debt is paid. You cannot get out of jail so you can work and repay the debt. You will remain in jail until a relative, charity group, wealthy businessman or even a member of the ruling family pays the debt. It’s a good thing you built that skyscraper for the shade is oh so cool.
Planning on leaving the UAE with defaulted debt to escape payment? I wouldn’t go back because they’ll blacklist your passport and arrest you at the airport upon reentry. Straight to jail with your sorry butt! In fact the entire Middle East can be a problem for you since neighboring countries may extradite you back to the Dubai creditors. Debt in the UAE never dies, it never goes away.
If you want folks to honor their word the UAE’s debt prison may seem a logical course of action. I think it certainly makes people think twice before using credit, and that I believe is a very good thing. The largest problem for all of us, including those in the UAE, is the reverence a bustling economy places on the availability of credit. We need to save and pay cash, not splurge and use credit. An artificial economy which relies heavily on the relaxed availability of credit… has the side effect of creating a debt prison for those attempting to chisel out an existence in an impelling world.
Related Articles
Leaving offers no escape from debt in the UAE
Dealing with Financial Institutions in the UAE
By Debt Prison on February 2, 2009
The amount of debt you settle may be taxable by Federal and State Government. Most people are not aware that if the amount of settled debt surpasses $600, the IRS considers this taxable income. If you have settled with a creditor on a debt, they should send you a 1099-C tax form. This form will list the amount of forgiven debt and the interest. This was a surprise to me: the idea of our government demanding payment from those of us who can least afford to give (sarcasm intended). The IRS last updated Publication 908, which states in regards to settled debt, or forgiven debt, if a debt is cancelled or forgiven the debtor generally must include the forgiven amount in gross income for tax purposes.
See also, all of my articles on collection agencies.
Now keep in mind that debt that is discharged due to bankruptcy is not considered forgiven debt, according to Publication 908. So if you filed bankruptcy on some debt, those forgiven debt amounts are not considered income by the government. However,
If the amount of debt you owe is greater than your assets, meaning you are insolvent, the IRS does not require you to report the forgiven debt. But, you cannot exclude any amount of forgiven debt that is more than the amount by which you are insolvent.
So if you owed Bank of America $6,000 and they settled for $2,500 (you lucky dog), then you could expect a 1099-c from BOA explaining the forgiven debt of $3,500. See also, How to Settle Your Debts on Your Own.
What if you decide not to report it?
Hey no problem if you don’t want to claim this forgiven debt as income… however, you should know that the IRS was also given a copy of the 1099-c by BOA… so they know about the income. Maybe they’ll just flag you for an audit.
3 Instances when you don’t have to claim forgiven debt
This is from www.3debtconsolidation.com
There are 3 situations under which forgiven debt is NOT included in your taxable income:
1) Battled Contest
If you dispute an amount charged on your credit card and win the debt settlement, you are excluded from the Discharge of Indebtedness (DOI Income) rule. For example, Visa might say you owe $1500 in credit card debt due to a recent purchase of expensive shoes. You know you haven’t purchased those shoes and dispute the bill and the court case goes on for weeks. In the end, you agree to pay Visa $150 to reach a debt settlement. Since your debt owed has legally been reduced from $1500 to $150, you would be liable for the DOI income rule. However, since you won this case by a protest or a dispute (in court or verbal settlement), you are NOT required to include this amount as part of your taxable income.
2) Bankruptcy Declaration
When you’ve declared bankruptcy and are making for example only 10% of the original debt payments you owed, the other 90% is excluded from the Discharge of Indebtedness Income rule.
3) Insolvent Financial Condition
When you are insolvent, meaning your liabilities owed exceed your total assets, you are not required to pay any tax on any debt reduction or debt settlement benefits you receive.
Discuss this article and meet new people at Debt Prison Forums.
Related Articles
* Restrictions on Wage Garnishment for Debt Collection.
* The Fair Debt Collection Practices Act
* Reasons not to file Bankruptcy or Settle Your Debts
* Can you go to jail for not paying your debts?
* How to settle your debts on your own
By Debt Prison on January 6, 2009
With the Dow Jones currently at 9,000 points, Francis Newton (a Murrey Math high tech trader featured on the Gerry V radio show in New Orleans) suggests the Dow will drop to 6250 by April or May of 2009. I haven’t heard any forecasters throw out specific numbers like this so it caught my attention. These forecasters expect a small rally through March and then a fast drop. So why 6250 and how does she come up with this number?
Her reasoning on the swing of the Dow is based on the Murrey Math Line. Francis says if the Dow drops below 8437 (within the first quarter of 2009) – then it will definitely continue dropping to 7812. If the market has enough momentum to move 1/8 from the midline – it will continue moving until a 3/8 move is achieved. Sound crazy? If the market drops below 8437 you’d better cash out… well that’s what she says.
The Dow is expected to rise in the beginning of the year and will appear headed for 10,000 (as high as it can climb at this time). The Dow has the “opportunity to go up, but the obligation to go down.” The brief rise in the stock market is due to a rebound from the severe drop it took in the last six months, bounced back with the recent influx of capital by the Federal Reserve.
Why does the Dow have an obligation to drop?
Due to the rough economic news constantly being delivered over the airwaves: consumer confidence is weaker, investors are nervous, folks are getting out of the market, buying power is down, and credit is tighter. All of this uncertainty in the market makes it all too easy for the market to fall again and perform what traders call the “dead cat dance”.
Unemployment numbers are rising and unfortunately we don’t receive those numbers until after the quarter has already passed. Across the nation stores are closing and workers are being laid off – much more than what the spoiled American, whose economy has been artificially inflated for over a decade, is used to witnessing.
An introduction to Murrey Math Trading
Every activity in creation requires three fundamental elements: Space, Matter and Time.
Where every repeated activity creates a pattern or rhythm. Seasons, celestial movement, tides, growth cycles, etc. (what goes up must come down). Recording the repeated activity draws a picture of the rhythm. The fundamental rhythms in creation are the same. The math is the same, the picture is the same, the result is the same: predictable change. By knowing the TIME of a cycle we can consistently anticipate the likely future direction of the rhythm by knowing where we are NOW in the cycle. Half moon to full moon etc.
The Murrey Math Trading System is based on the precise measurements of these universal cycles.
In order to understand how stock market cycles are created there is one thing we must know. A few legal insiders, trade in such large volume that they almost single handedly determine the direction of the market. They in effect own the goose. These insiders make massive amounts of money by constantly changing directions as soon as enough people follow their previous move! These traders are the pied piper of Wall Street. Their functional control enables these legal insiders to make millions from small percentage profits (from 2% to 10%), EVERYTIME they change directions.
This constant flow of huge profits from modest percentages in BOTH directions enables the truth to be camouflaged through official explanations of the market Up and Down. The noise of the market place serves as a verbal smoke screen that hides the real profit taking activity.
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