Month: August 2016

If you pay the full amount of a credit card

If you pay the full amount of a credit card, can the credit card company put “account written off” on your credit report and show a “0” balance? Is there anyway to get the “account written off” off your credit report?

I am confused by your statement :-/

If you pay off a debt in full, then it will be reported as “paid if full” and that is a good mark on your credit report, but…

If you are stating that you the debt is paid in full after the debt has been charged off then that is another story indeed…

Once a creditor has charged off, then they report this to the CRAs as a “charge off”. Then a CA will collect on this debt (or try). If the debtor pays the debt in full, then the CA can and should report it as “paid in full”, but the “charge off” will still remain.

That notation can only be taken off by the OC (original creditor) that reported it.

It would be best to deal with the OC rather than the CA if you want a “paid in full” and the “charge off” taken off.

Is that what you were looking for and does this help?

But the answer is Absolutely not.

“Charge-offs” can and should be removed from ones credit file. But to do that you have to get the creditor that put it there to take it off. So if the debt is very old then it can be very difficult to get it removed… but not impossible. This is like with cash advance loans – you only should opt to trusted and reputable websites like BigOnCash, OppLoans, LendingTree and a few others.

Helpful Advice Needed

I have a good friend that lost his job 5 months ago. He is still unemployed and having a hard time finding work. He has gone on several interviews so at least he is trying. The problem is he has several bills that cannot be paid due to his unemployment. What can he tell these creditors so that they will stop calling? Should he write a certified letter explaining his situation? Please give some advice because I want to help out as much as I can. I am paying some of his small bills, but the larger ones I cannot pay.

They can call all they want, but calling still won’t get the bills paid. So in essence they are wasting their time calling. I am sure there is something he can do. No one should be harassed by the phone constantly even if they are behind on bills. Alot of these creditors think that consumers don’t know laws, but lots of us do. Alot of these creditors do illegal things to collect that are downright rude. I am telling him to document every call and who he spoke with and also tell them that he is taping the conversations. I am going to tell him to take everyone’s advice here and send a certified letter to them. All of us will hit hard times at some point, even the rude creditors that call. No one’s job is guaranteed………

I am glad that you got your CC company to work with you. That’s the way things should be handled. But when you have already tried that and they still keep calling, thats when you have to take matters a little further. I will help my friend all I can and it pains me to see him going through this. That’s why I am on this group to find out what I can do and I have seen lots of great advice. I have seen several people on this forum that got the creditors to stop calling, so it is possible……..

I’m so sorry about your friends situation. We have been in the same situation for a year now. We only pay the necessities (home, utilities, food,basic phone line and transportation) until we can do more. It’s awfully hard to pay for something when you have no job. Is he trying for any state assistance for food or anything? We hated to do that but we can now eat and not worry about that expense until mt first paycheck.

As far as the phone calls, I’m looking for the same information. We ended up turning the phone off and reconnecting with a new one.

Drastic…isn’t it? But we were getting no help from the creditors. No matter what we told them, they just kept harrassing us. I’m not telling you to do that, we felt like that was our only option.

There’s nothing worse than getting 40 phone calls in a day and not one of them being a potential employer, but bill collectors. I know he’s frustrated but it will get better.

I hope someone here has better advice for him.

Savings accounts question

Does anyone have any recommendations for savings accounts?

Any idea on how to start saving when on a budget too would help. I am thinking I need to start saving a few hundred a month even though I have some credit card debt. Is it better to pay that off first before saving? I just think I’d feel better if I had some savings.

I started a savings with ING recently. It does, like you said, have a good interest rate. I liked the fact that it was a very small minimum to start, as opposed to some accounts.

CapitalONe advertises on these online banners about a direct savings also, which they say is 5.00%. But I don’t know any other details about it. Also, HSNB (Household) has an online savings, too.

I like ING very well. No complains, only praises. This is a good place to start for a savings account. You can also try emigrantdirect.com, which is one of ING’s competitors. Both offer high interest rates and are easy to start online; they sometimes offer promotions, like $25 for opening an account. Check them out and see. Just don’t get tempted to keep moving your money from one bank to another, chasing the higher rates. It’s just not worth the effort.

If you have no savings at all, you should definitely start building up a cash reserve for emergencies, even if you have credit card debt. Give yourself a modest goal to start, say $1000. Then get in the habit of paying yourself first, that is, having a set amount (it can be small $10, $25, or $50) automatically deducted from your paycheck or checking account after each payday and put into your savings account. (Both ING and Emigrant offer this feature, called automatic transfer). Only use the savings for emergencies that require a lot of immediate cash, such as if your car breaks down or the refrigerator goes on the fritz. Once you reach your goal, celebrate! Then shoot for the goal of building up 3 to 6 months of living expenses. When you achieve that, you’re really on your way to true financial freedom.

As for the credit cards, pay the monthly minimums on all of them, but additionally pay as much as you can on the one with the smallest balance first. After you pay that one off, continue paying the same amount you paid to the paid-off card, but apply it to the one with the next highest balance. That way, you are paying a higher and higher amount each month to a single card, effectively “snowballing” your debt payments until you get the cards all paid off.

You didn’t consider corporate power

Corporations, which as legal creations actually have rights above humans, didn’t exist yet.

Voting for a candidate simply because he’s a member of your party or because he appears to be a man of faith is always the wrong thing. Faith isn’t enough. Throughout recorded history it’s been said in many ways that those who hide behind the cross or wrap themselves in the flag are typically scoundrels and we have to dig much deeper than that to get to the truth of a person’s honesty and commitment to a civilized life.

We’ve lost our Republic (many think it’s a Democracy). We’ve actually arrived at a point where corporate lobbyists write our laws, elected representatives don’t even read the bills they vote on, to say nothing about an executive, a man who proclaims his faith, who actually said about the Constitution that “it’s just a goddamned piece of paper” and signs nearly every new law with a statement saying that it doesn’t apply to himself. We’re in big trouble.

A society of sheep must in time beget a government of wolves.

Bertrand de Jouvenal

That was quite interesting. I went onto the Larry Winget website and listened to one of his interviews. I don’t have cable TV so I’ll probably never see the show. He makes a lot of sense – but in a lot ways of ways -it’s the same stuff… different guy… different day. I mean liked it, but the interview I heard was about taking personal responsibility for problems in your life and I’ve been telling that to people I try to help for years now. Especially with the consequences of getting into bad credit card debt and how changing their attitudes about that can also be directed to many other areas of their lives for a free-er, more happy lifestyle. Unfortunately I don’t have the money – for mass media marketing! LOL.