Posted on 12/20/2020 12:40:51 PM PST by Rightproud
This November, Ramsey Solutions bought the debt of 8,000 people from two private debt collection companies and completely forgave it—to the tune of $10 million dollars, to be exact. No strings attached. No contest to enter. No hoops to jump through. Just gone. That’s $10 million of debt wiped out—completely forgiven.
(Excerpt) Read more at daveramsey.com ...
He’s a good man.
I love Dave. HUGE fan. This is really wonderful - but I hope there were SOME strings attached, as in those who had their debt forgiven had better NOT rack up debt ever again and learn to live like no one else - so you can live like no one else!
I’d bet you a doughnut that that was part of the deal, or that these ‘forgiven’ were mired in insurmountable medical debt through no fault of their own.
Dave’s no dummy. ;)
>>Dave is walking the walk.<<
Yet he is a humble man of God. He knows uncontrolled debt is a tool of Satan and fights it accordingly.
No good deed goes unpunished.
it was generally old debt that hadn’t been serviced in years.
Is he going to cover the Federal Income taxes on this too ?
I was so touched when I heard this on the show plus thought, what an efficient way to help people. They probably bought the debt for 8 or 10 cents on the dollar. Brilliant!
If they do this again, I hope after the rate is negotiated, they let listeners pitch in so they can buy more. I’d send some.
I was called by the Dave Ramsey organization and they offered me the opportunity to be an Ramsey approved financial planner. They would then give me the names and phone numbers of people that called into Dave looking for one. They claimed I had expressed interest in doing so at some time in the past but I sure don’t remember doing so.
It cost me over $1,000 per month. And there were at least 4 or 5 other planners calling those same people, so it was a bit of a race. I tried it for 2 months and then decided to no longer participate.
Imagine multiplying that by every town in the country. Works OK for him, I’m sure.
Beautiful. Sadly some of the debt is probably illegitimate. I’ve had collection agencies contact me about maybe ten things I have no obligation for.
Still an overall excellent move, good on them.
Dave himself is truly a great man, and man of God.
But I contacted a Dave Ramsey recommended investment advisor who suggested I put all my investments in several mutual funds that have been losing money for the last 5 years. We had several meetings.
None had good ratings. I told him no thank you.
He then introduced me to his VERY attractive divorced daughter (lunch) and turned me over to her. She was charming. Sweet on me.
I called her later and said no thank you. Bragged on my beautiful wife of over 40 years and told her how much I loved my wife. She was more than 20 years younger than my wife.
Thankfully no more contact from them.
My family and I owe this man a mighty big THANK-YOU ourselves.
It was his teaching that completely got us to become totally debt-free! That included the mortgage as well.
So I’ll just say it right here too: Thank-You, Dave Ramsey.
Me, too! Retired at 56, debt free. :)
FREEDOM...!
Same here. Saved money for three years to pay cash for a home improvement. My last deb was a car. Paid it off and since been saving the payment and can pay cash for whatever within reason car I want now. Never going back into debt.
Dave Ramsey changed our lives. So very glad we went through Total Money Makeover followed by Financial Peace University. I have been a FPU coordinator for 5 years and love seeing it change people forever. Debt free and loving it for 3 years
I know that Ramsey solutions WANTS to hear about bad experiences with their endorsed local providers. If they are doing something that is unethical or bad financial advice, they will drop that provider.
Wasn’t unethical, but was, IMHO, bad advice. I cannot judge his motives for switching me to his very pretty daughter - I actually liked her. Nor can I judge her motives.
Don’t wish to report the guy - he seemed decent and sincere enough.
Who knows? Maybe the funds he suggested did great after I met with him. This was 5 to 7 years ago.
But I have to admit I was surprised at his package, which he “custom-designed” for me and my goals. I knew Ramsey focuses on mutual funds - but the suggested ones just didn’t have good track records for the previous 5 years.
They need to see their tax professional (if they have one) and file IRS Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. Use the box for Insolvency if that applies (it will in many cases).
“My last deb was a car.”
My last car was a Deb. :-)
That’s really nice of Ramsey. But how does that help teach people how to manage their money?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.