Financial freedom is the freedom to pay bills on time for financial problems. And you know what happens if that freedom is cut short? You’re facing financial difficulties. What happens when you’re applying for loans, credit cards, and savings accounts? You’re looking at huge bill payments, high interest rates, and negative statements.
And, what do you do? You borrow a lot. And, usually, you’re paying a higher rate of interest than the other people you owe. Because, you don’t have any other choice today. The only option you need is financial freedom.
So, in principle, you can never think of bankruptcy as a disaster — a blessing. But it can be a disaster if you can’t make your monthly payments on time, or if your credit continues to take a toll on you.
If you’re having difficulty paying your bills on time, debt collectors are the answer. To assist you in your quest for financial freedom, here’s how to find one:
1.Call your credit card company. You may not be able to find a person willing to speak with you as an individual. But you can call Bank New York at the number listed below:
Bank New York, P.O. Box 105281, New York 10190-5281
2.Ask the collector your name and address for the amount owed. Tell them that you’re willing to work with them on getting that amount back, plus a phone consultation with a professional debt collector. They’ll contact you over the phone, and you provide your name, address, and an estimate for how much money you owe. The conversation should include a description of your monthly payment and any negative statements you’ve provided.
3.Tell the collector that you’n’t in debt, but care about your bills, because you’re reading a financial guide. He or she can contact you for an extension of time if necessary, if needed, if he or she’re willing to work with you. If you’re unable to find such a collector, ask for a debt counselor appointed by the Counselor Referral Service. (You can also browse the internet and do your own research.)
4.Tell the collector, in writing, why you’re not in debt — a debt you don’t owe. Include a list of all of the credit card accounts that you’ve opened recently, your income, payments on those accounts, any statements you’ve provided, the amount of the payment you made, and additional information about how you’ve handled the debt with total satisfaction.
Once that information is included in an investigation of your debt, Bank New York will review it and will make arrangements to send you an appropriate letter with the results in accordance with Bank New York’s procedures. While you’re satisfied with your work with the collector or the counselor, you’re free of additional criminal and civil penalties and the services of Bank New York.
A final tip: Bank New York is committed to helping you get out of debt, particularly if you have a bad credit rating. Specifically, under bankruptcy laws, you’re not allowed to take bankruptcy and other such judgments against creditors seriously until you’ve completed the necessary steps. In that time, you’ll become barred from taking other legal action to make your debts disappear or from even getting credit at all.
Moreover, the government will insist that you do these things – every time. In fact, the fees associated with various types of debt collection are estimated to be in the neighborhood of $1.4 billion. So in short, if you can’t pay bills on time or don’t have any other choice, you’re in serious trouble. Take advantage of the credit repair you can get your hands on.
You May Have to Ask Yourself: Are My College PSA Really A Copypasted Bookmarking My Name?
Your college’s student credit card catalogs your monthly email with all your other credit cards and other financial information in a nice, organized format that will stay with you long after college is done. In fact, I frequently visit the students’ homes to let the kids know where I live and where I work, and then on a regular basis, they can record or view their newly constructed student credit card accounts and the different cards that are attached to them in the form of electronic receipts.