Debt Elimination Success Seminar
Section 1
A Look at Debt
History of Debt
Credit Card History
Current State of Debt
How You Got Into Debt
Good Debt Bad Debt
Business vs. Personal Debt
Section 2 Dealing With Your Money
The Two Step Plan
Doing The Two-Step
Step One
Step Two
The Paths Out of Debt
1- Create a Debt Payment Plan
2- Neogtiate Better Rates & Terms
a.Consolidation Loans
b.Consumer Credit Counseling Services
3- Negotiate Lump-Sum Settlements
4- Bankruptcy
5- The Easy Way
6- Win $1,000,000
Living Debt-Free
Manage Your Money
Make More Money
Save Money
SameMoney-MoreFun
Stay Debt-Free
You as a Business
Section 3 Dealing With Your Creditors
Alerts/Scams
The Credit Industry
Credit Industry
The Fine Print
The Secondary Debt Market
The Debt Collection Process
Original Creditor
The Charge-Off
Collection Agency
Legal Problems
Dirty Creditor Tricks
Dealing with Debt Collectors
Dealing with Debt Collectors
Statute of Limitations
Cease and Desist Letter
Section 4
The Credit Report
The Credit Report
Credit Score
Credit Repair
Section 5
Dealing With Yourself
The Critical Factor
The Art of Prosperity
The End of Failure
Prosperity Coaching
Section 6
Kids and Money
Kids and Money
How to Pay for College
Section 7
Debt Information
Bookstore
Debt Facts
Radio Show
Resources
About Us
Privacy Policy
Site Map
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| The first step in the bill collection process is easy; your creditors mail you a bill every month. Most of the time we pay them on time but sometimes we don't, and that's where the following, not so easy steps, come into play. |
| If you fall behind on your payments you're going to receive some friendly reminders to pay your bill. These may start with a letter saying this is a friendly reminder you must have forgotten to pay your bill, please pay it. You may have even received a letter like this before; who knows it could have happened. You may even get a pleasant phone call from a recording or a real person being very nice about it like they are almost sorry to bother you. |
 | The next thing you might notice is that there's a little something extra in your next statement and not just an offer to buy something you don't need with extra savings if you put it on your charge card and mail it back with your payment, but I digress. You're something extra will be a little token of their appreciation like a late fee, an over the limit charge and the ever popular higher interest rate of up to 29.9%. With an interest rate that high you will be reminded for months to come about the payment you missed. |
 | If you’re bills continue to go unpaid for a couple of months the frequency and the tone of the calls and letters is going to change. They may call often enough that you would start to recognize a calling pattern and even come to expect their call. Heck, you may even get to know your bill collector on a first name basis. The amount of pressure they put on you may vary by their personality. Some are the “good collectors” and some are “bad collectors”. They may want to know personal information like how your job is going and if you have any relatives that can help you out. |
 | Finally you're going to get the ultimate threat from you original creditor, "We're going to charge off your account"! Since most folks don't understand what this means is scares them and that's what it's intended to do. Generally what happens when a debt is charged off is the original creditor is giving up on collecting the debt. This usually happens after your bill goes unpaid for six months. This will put a real bad mark on your credit report, and that means you may not be able to get a credit card that charges you outrageous rates and expects you to make minimum monthly payments for the next thirty years. |
 | Now is when the real fun begins. Please excuse my sarcasm. Out of the entire debt collection process most people consider this one the nastiest. So let's take a look at the The Collection Agency |
The History of Debt Collection
You are late in making your payment(s). If you pay the AMOUNT NOW DUE by the LAST DAY FOR PAYMENT, you may continue with the contract as though you were not late. If you do not pay by that date we may exercise our rights under the law.
Your account is now past due for two payments. To protect your future charging privileges, please mail the minimim payment due today. If you are experiencing financial difficulties, please call the Custome Service number listed at the bottom of your statement to discuss alternative paymnet arrangements. If paymnet has been made, thank you and please disregard this notice.
You are past due and in default on your credit card account. You have the right to correct this default by paying the MINIMUM PAYMENT NOW DUE by the LAST DAY FOR PAYMENT. If you do so, you may continue paying any revolving balance on your account under the terms of your credit card account. If payment is not received by that date, we may exercise our rights under the law.
Because you haven't made your required paments, your account is being reported to the credit bureau as past due. Send your minimum due today or call us today.
If you find this information helpful I ask you to contribute $1 (or more) to help me help more people. You can contribute through PayPal by clicking on this button
Or you can mail in your contribution.