I wish I would have taken the time to read

CCCs, Credit cards

Wow, I wish I would have taken the time to read this email closely when Max first sent it. This is good stuff folks, more than worth the price of admission around here 😉

The only thing I might add (hehe..you knew there had to be a catch) is that resorting to any of the debt settlement companies is an AWFUL solution. Maybe CCCS is the best of the bunch but only because they are funded by the largest credit card companies in the world so they have to actually pay the credit card companies when you pay them. Aside from CCCS you are way better off to deal with the creditors directly and not involve any of the other scam or non-scam companies.

As Jae so eloquently stated below you are ASSuming that the best option for you is also the option that has the least effect on your credit score. That’s an incorrect assumption. Forget the dang score….just pretend it never existed. Just stop doing anything not related to digging yourself out of this debt-filled-hole and concentrate on making wise decisions from today forward. In a few years when you’ve been smart, honest and faithful to paying what you can and dealing with your creditors fairly (after all, we all got ourselves into this mess. It’s their product, but we bought it) you’ll be able to do whatever you want to financially.

Buying a house or a car or a whatever from a position of strength …NOT weakness (debt) is a blessing.

Don’t let the idiot collection-monkey jump up and down in your ear.

Remember this each time you talk to them

  1. You have what they want (money)
  2. YOU get to decide what to do with YOUR money
  3. It’s not personal, they will say whatever it takes to rattle your nerves and make you mad (mad people make poor decisions)
  4. You are in control of the telephone receiver – it hangs up as well as it answers 😉

Chase credit card acct sold to a collection agency? Now what?

Collection agency, Credit cards

I did post my situation to another blog about a month ago..when I first joined, but for some reason there was extremely little activity on this group and I only got one reply. Since the group has been so busy lately, I thought I’d ask again, plus I have new info.

I have come to learn this was a bad choice on my part… but at the time I was convinced it was the best solution. I was current on all of my accounts 04/29/12 when I signed up with Preferred Financial Solutions aka Enrolled Customer Trust (aka Enrolled Members Trust). Although some cards had high interest, I thought I would benefit from debt consolidation assistance but somehow got tied up with Preferred Financial as they advertised that I “as the client would honorably remove my existing debt from my shoulders through payment of the negotiated amount to the creditor,” instead of having to deal with collection agencies. Perhaps I should have tried to negotiate a hardship case with each company separately. Water over the dam…

At this point I don’t know how to handle this last debt. Here’s the story:

I have paid $14,145 via ECT, the original debts totaled $17,709 when I signed up with this company, 3.5 years ago.

Over the past 3 years I have paid all the debts via Enrolled Customer Trust except this last one, which was the Chase account. On and off I have had very stern and often nasty people call from at least 2 collection agencies (one called “The Bureaus”, and one called “Zwicker and Assoc.”) perhaps a 3rd but didn’t get the name.

So recently they have stepped up the calls and demands and they refused to deal with ECT. I explained I had almost $2,000 paid in to ECT and could afford $290 per month, which is the amount I was paying to ECT, but the rep wanted none of that. He was threatening to take the ‘next step’ whatever that might be, I don’t know. The original debt with Chase was $4350 as of May 2002, now it is double that amount. At one point about a month ago, I panicked from the pressure, and called ECT and they finally admitted that Chase was very difficult to deal with and that that was why they were the last ones to be paid!

(Isn’t that stupid? Shouldn’t they have tried to settle Chase first, then?) I said that maybe ECT should refund my account balance back to me, and they agreed right away! I said ok, then worried that I was making a mistake. I called them and told them to do nothing until I spoke with my husband, and we would call them back, but within about a week, ECT refunded my $1933! We haven’t cashed that check yet… My husband looked over the contract and despite the fact that I was supposed to pay in $290 per month (including their $39.95 monthly fee) for 36 months…he said there was no guarantee in the paperwork that it would be over at that point and that the debts would all be settled.

Currently, Zwicker insists I owe them about $8700 (or something close to this..) – double the original debt. $1933 is presently saved in the settlement account, Well..now it’s an uncashed check in my possession)

This original debt was just*MY* credit card debt from when I started my small business, and then the economy crash after 9-1-1…. My husband’s name was not on these cards, so thus far, he was not involved in this.

The latest has been these calls from Zwicker & Ass. 😉 – my husband called the number once after getting the automated recording and they discussed everything with him. After discussing it with me, he offered to help me settle this, and twice he offered the Zwicker guy the original debt of $4350…

One rep, (he’s actually quite pleasant, at least when he speaks to Jerry) said he would make the offer to his company, and contact us. That was nearly 10 days ago and we’ve heard nothing from him, and the automated calls are starting again, and they are from this same guy.

Do we just wait now? What can we expect?