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Members Helping Members help Buying a non Pontiac item, transportation help, Handy-man advice, directions, vacation ideas, places to dine, ebay and generally anything you think might help other members. |
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debt elimination
Anyone ever heard of John Kamuda and his debt elimination program? Just another gimmick, I presume.
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#2
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They are all sort of a gimmick. I had an ex one time that went through one of those programs, and my name was on one of her credit cards. This particular "vendor" advised her to go into delinquency on her credit cards by not paying. Then, once it goes to the company's collections group, the "vendor" crafted a letter stating that they would only be paying $xxx per month toward the balance and that the card company was to quit applying interest to the account. Included was a check for the first payment and in the fine print of the letter, the "vendor" basically said "by cashing this check, you are agreeing to the terms set forth in this letter. It would have worked, but her credit (AND MINE) was taking a beating.
I called the card company, explained what my ex was doing and they advised me that there are more effective ways of addressing the balance. Essentially, you can call them and negotiate a payoff, often times for 45% of the balance. It does show on your credit report as "paid as agreed", which has a slight impact on your credit, but nothing like going into delenquency. Anyway, that is the just of how it worked for her. I called her, explained this option and I think she ended up doing it. thankfully, while that was happening, the debt was sold to another company and somehow, my name was dropped from the account, so it disappeared from my credit history.
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"My ol' man is a television repairman...he has an ultimate set of tools!....I can fix it..." J. Spicholi |
#3
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Personally, I think the " Negotiate your settlement and pay up to 45% of the debt owed" is a bunch of crap. Ive delt with the credit card companies on a few different levels, and I couldnt get them to budge much other than reduce some late fees. And I negotiate for a living!!
Until recently, its been way too easy to get cash through credit cards and such. Now all of the sudden when all of the "Money" markets (mortgages, credit cards ect) are hurting, new companies are coming out of the woodwork saying that you dont have to pay for it or you dont have to pay for most of it. The fact of the mater is that you owe the money and your responsible for paying it back. If your falling behind get a second job, cut back on your spending and pay it back. One exception to this rule is this: If you are behind or having trouble, work with the credit card companies and let them know whats going on each step of the way. They DO respond to constant comunication and will work with you. In some cases, if they are willing to work out a pay plan (while your behind) they'll even be kind enough NOT to report any bad marks to the credit beuru. |
#4
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Try Dave Ramsey .. Has national radio show and tons of books .. We went thru his course this summer and has helped us to no end. No gimmicks either If you dont want to buy his stuff dont, you can check it out from the Library no cost...
http://www.daveramsey.com/ Good Luck
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I love listening to Dave on the radio. He freaking tells it how it is weather you like it or not. I have learned soo much listening to him.
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1965 GTO, 408 tri-power, 4 speed, Currie 12 bolt w/3:42's, Hurst wheels |
#6
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Dave Ramsey is right
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Many people who blame others, the system or whatever, are the same ones who abuse the system, file bankruptcy and then start the cycle all over again. That's where the stigma attached to the bankruptcy process comes from. Rich |
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As far as buying a $50,000 SUV, $3,500 TV, electronics, credit cards, etc and getting stupid, Im with you there.
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Two 1975 455 Grandvilles & '79 455 Trans Am ‘69 Camaro SS 396/375 (owned since ‘88) ‘22 Toyota Sequoia V8 ‘23 Lexus LS500 awd ‘95 Ford F-super duty 4wd 7.3 p-stroke & countless Jeeps & off road vehicles. |
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LEAD, FOLLOW, OR GET THE HE!! OUT OF THE WAY!!! HONEST JERRY'S SPEED AND EQUIPMENT
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#10
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For Everything Else There's MasterCard!
Life takes Visa,
These commercials make me sick. They should say, want to live outside your means and build up debt at an unpayable rate? I'm not saying that these company's encourge you to overspend but ... Want to pay more for something, use a credit card. Shop around and find the lowest price for the item you wish to purchase. Then plop down the plastic and pay 24% more. Send in the minimum payment for about 6 months and check the balance. This is what they want you to do. Actually they don't want you to check the balance, just keep sending the minimum payment, for life. After your death and the probate process, they'll get theirs before your heirs. Not only that, but the vendor is charged a 2% fee (or so) for the priviledge of selling something to a credit card buyer. Credit card cash payment is a double bonus for Credit Card issuers. They get the fee charged to the seller/vendor and get payment right away. In this instance, you pay real dollars for the item, but the seller/vendor still gets hit with the convenience charge from the Credit Card Co. I know that the sale paper read only $12/mo on the *ears card, but how much did you actually pay for that socket set? You'd be surprised. I forget, you got 5 bucks off the socket set if you used your *ears card. What do you guys think about cutting off the labels on the oil cans, (dated) filling out a form, sending them in and getting a check for $1.25. Considering the postage costs, you're still ahead about a quarter. Rebates make about as much sense as credit card buys. That's why they are in business and you are cutting the oily bar codes, filling out the forms, (usually wrong)that you bought with the credit card. Greg |
#11
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Coin machines and cash advance.
They are in every grocery store here.
Want to lose 10% of your saved money immediately, use one of the convient coin counting machines at the local market. The cash advance stores (?) offer services at an interest rate that Loan sharks envy. Use the cash advance and the Coin machine money to make the minimum payment amounts on the Credit Card balances. |
#12
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No secrets to paying off debt here.I try to spend less then I earn.I try to teach my kids they don't need all the gadgets they see ,or thier friends have."So you want a cell phone? Get a job!" If you are in debt already I'm sure that there is plenty of FREE information at the library,or online.
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‘63 LeMans- ‘69 400 w/ original transaxle. 2.69 gears. ‘55 Catalina ‘62 Mercury Meteor-all original, bought new by my grandfather 71' GTO -original 400/4-speed/3.23 posi 13.95 @ 102.1 on street tires @ 4055lbs.-now my sons ride |
#13
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My wife and I have lived with credit cards for a long time. We don't buy anything with a cc which we couldn't pay cash for. We then pay them off every month. We also use cards which give us money back and make the majority of purchases with them. Over the years we've saved a lot of money this way and even made some to boot. The money back mounts up, I recently cashed in $440 from Discover.
I went into a lumber yard the day after the insulation was installed in my new garage. The bill was $2800. As I was writing the check I asked the owner if he'd give me a discount for cash. He, somewhat sneeringly, said, "no". I tore the check up and pulled out my Discover, "Here, put it on this!" I got money back and he had to pay his percentage to Discover. He hadn't had to send me a bill at the end of the month and then wait for another 30-days for payment, he could easily have given me a break. Rich |
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I can tell you a few things - first off, there is no magic wand you can wave to repair bad credit. Old Blues comment about communication is very correct. Do communicate with them. If you are being harassed by phone or work you should send a cease and desist letter simply asking no calls at work or at home and send it CERTIFIED. That way you wont get in hot water at work. Also, if you are being called by collection agencies those people get paid on comission/bonus: Tax return time is big pay for them - they will bargain on an old bill they consider a dead horse. And there is no law that states they have to take $10/month payments. If a collection agency is breaking the law look up the FAIR DEBT COLLECTION ACT, few people know about it.
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Two 1975 455 Grandvilles & '79 455 Trans Am ‘69 Camaro SS 396/375 (owned since ‘88) ‘22 Toyota Sequoia V8 ‘23 Lexus LS500 awd ‘95 Ford F-super duty 4wd 7.3 p-stroke & countless Jeeps & off road vehicles. |
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Calls stopped about a week later and I received an apology in the mail that was an inch thick. Only nice thing I had ever done for my ex...LOL! |
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__________________
Two 1975 455 Grandvilles & '79 455 Trans Am ‘69 Camaro SS 396/375 (owned since ‘88) ‘22 Toyota Sequoia V8 ‘23 Lexus LS500 awd ‘95 Ford F-super duty 4wd 7.3 p-stroke & countless Jeeps & off road vehicles. |
#17
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Want to get out of debt? Eliminate: Cable/satellite TV, satellite radio, cell phones for everyone, lattés, smoking, beer wine and booze, lottery playing and casinos, OnStar, dining out frequently, optional phone services, extended service warrantees, leasing vehicles, hired lawn and other work you could do, buying and soon abandoning useless stuff, designer name and fads clothes, magazines and newspapers, all finance charges, memberships, and car washes (wash it yourself). Is all of that stuff really necessary?
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#18
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#19
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Financial security comes from spending less and working harder (and smarter). There are no magic elixirs. It's not really that desperate when you really don't need any of that (and similar) stuff in the first place. Somehow the basic need of morning caffeine has become a $3-4 Starbucks everyday. A tablespoon of instant in a cup of hot water at home before leaving the house provides the same kick and saves a hundred bucks a year. |
#20
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Sounds like you've been listening to Dave Ramsey too.
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1965 GTO, 408 tri-power, 4 speed, Currie 12 bolt w/3:42's, Hurst wheels |
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