How to Fight Back Credit Card Companies using the Little Secret That Will Save You Thousands of Doll
- 1). The only way to deal with the Credit Card Companies is to STOP PAYING them. Then you get their attention. After three months of stop paying and numerous phone calls from them in which I kept telling them I do not have the money to make my payment I now am receiving all kinds of offers of cutting all my high interest rates, cutting all of my late charges that they put on me and overdue charges. Suddenly now the credit card companies want to work with me. While I was paying them they would not do anything to help me because it was not to their advantage to do it. In being a good customer with them I was their slave. By not paying them they will want to work with you.
- 2). THERE IS A TIME LIMIT ON CREDIT CARD DEBT because credit card debt is UN-SECURED DEBT! It is dischargeable. THIS IS THE LITTLE SECRET WHICH THEY HOPE YOU WILL NOT LEARN. In Illinois after 5 years time Unsecured debt has to be written off and can not be collected. You are free of it. Each state has their own time limit on non-secured debt. Check your state to discover what the time limit is before it can be discharged in your state.
- 3). Negotiate with them and reduce the amount that you owe to at least 50% of what it was if you do have the money to pay them off. They will agree to remove all late fees and over limit amounts from your not paying them. For them it's better that they get something then nothing. So it's to their advantage to work with you on this.
- 4). Do not sign any agreement with them that would turn this un-secured debt into secured debt. Un-secured debt is dischargeable after a certain time limit. Secured debt lasts forever and must be paid!
- 5). If you honestly do not have the money to pay them then tell them this. Send them an income balance statement or anything else that will show
them your inability to pay them. - 6). Most likely after 6 months time they will write your debt off before the end of the year so that they can declare it as a loss on their income tax. If they know that you do not have the money to pay it is doubtful that they will send this debt to a Collection Agency but if they do sell it for pennies on the dollar to one know your rights.
A collection Agency can NOT take you to court only the original owner of the debt can do that. If they threaten you with this tell them that you know this fact. Tell them to stop calling you. By law if you tell them this they must stop calling. Tell them that you know that
this debt is -un-secured and dischargeable and has a time limit.
Break free of your debt.
Don't feel guilty about doing this as the Banks have already received Billions of dollars in "bailouts" from our Government which we all will have to pay back through increased taxes. The people got nothing! Give yourself a "Bailout".
Source...