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Experts (Sifxpert, Breathing, beeboah, admin..)Please Help: Debt Management


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Hi all:

I know this type of case must have been discussed number of times before also. I myself have found couple of threads. Further I have found some valuable expert people in this forum like Sifxpert, Breathing_easier, Beeboah and Admin...I am sure I will get some valuable advice out here.

I had/have 4 credit cards with limit of about $8000 collectively. I had maxed out limits for all of these a long time back and have not made any payment for about last 2 years. Initially when I stopped paying them (due to severe financial hardships) credit cards companies contacted me and tried to worked out some deal. I was financially so crunched that was barely making my living. Then collection agencies started calling me. I use to get about 10 calls every day, but eventually I changed my contact number and never heard back from them. After a while when I got one more part time job, I joined a "debt consolidation" company based in Cali. I paid them about $1800 for 6 months. I asked them after 6 months if they have started negotiating with any of my creditors and the answer I got was not expected. They used about $1600 out of $1800 for their service charges and I just had $200 in my account. I opted out of that program losing all the money.

Further more, I had Verizon wireless phone under my name and I got a hefty bill for my service which I didn't pay as I was out of money.

I cant justify for what I have done to mess up things but I was in a school when I did all this. Less maturity and lack of money management led one thing to other. I am doing a full time job now and can afford to start paying but I don't know where to start.

4 Credit Cards ( about 2 yrs old) and 1 Verizon bill (about 7 months old).

I dont know how and where to start. I have so many question with so many answers...I am confused. I would really appreciate if you can advice me and suggest me the best way to start getting out of this mess.

Thanks in advance.



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Guest sifxpert

First of all, who was the company you were working with in Cali? I want ot know this before we go any further since I would try to help get your money back from them. If we're successful, my advice would change so lets start there.

You can also provide a list of creditors and balances. Do you know where these accounts are and if they have been sold to JDB's? If you could just detail the list and description of each I can at least get you started but thats a lot of fees you paid for nothing...

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  • 3 weeks later...

Start off with the phone bill. That is the most damaging IMHO. In some areas, Verizon IS the phone company, as opposed to just being wireless. Up here it is anyway. That could preclude you from your basic ability to get utilities in your name just because of the name "Verizon". I'd gain some "practice" and settle the debt with them. Remember to tell them to delete from the credit report, and guarantee to do so in writing, or you won't work with them. Don't send payment until you get it in writing, and draft the contract yourself if possible so that it would be to your advantage.

Sorry if I am being vague. Hope it helped.

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