Recently I watched an infomercial regarding a book, one that I bought. Never in my life have I bought anything from an infomercial, let alone without researching it. When I see something I am interested in I do the research, always finding either a better deal or it is not worth my time. Bogus deals fly around this world faster than the speed of sound or light (well, maybe not light.)
The book is Debt Cures by Kevin Trudeau, fast read for me, the first 3/4’s of the book in an hour. Why so fast? The amount of useful info covered about one chapter, if even that. The rest was his rants the way the government and the credit card industry are ripping people off. Does his rants have merit? No… Why? Because you cannot get ripped off if you are practicing due diligence. That means you read the fine print, do your homework. Which I did not do this time before I bought the book. If I had, I would not have had first hand experience in which to inform you with.
Most of the information he gave is out dated and incomplete. For instance, (oh, Amazon.com has it cheaper with shipping. yea), debts are closed after a certain number of years, true; however, they stay a part of your credit history for much longer. For instance, California debts are written off after 4 years, but, not taken off your credit history for 7 years. This means that a collection company seeking to earn a bit can scour your credit record, pick a company that has closed an account, this seems to be their preference, buy the account and then hound you to pay it, which means it is not a dead account, at least to them. The loophole is that you can refuse to pay them, disown the debt, especially if it is over 4 years, but you have to do it in writing and include that they are no longer to contact you in regards to this account. If it is fresh, then you can write the debt collection agency and tell them you do not acknowledge them as the creditor, again in writing, then work out a deal with the original creditor.
Do just that, make payment arrangements, send a letter with each payment stating this is what you can send, even if it is only $5, make it a money order, then do this every month. Add more when you can and get it paid off. Or at a half way point ask them to make a deal and close the account as paid in full, reflect it on your credit history and there is a plus comment. You made the debt and it needs to be taken care of. No need to run and hide, simple payments as low as $5 a month will suffice, of course the creditor and the debt collector will keep sending you nasty letters, shred them and keep sending the same letters to both companies, to the creditor include the money order, just change the date on the letter. When you can, increase the payments and don’t stop no matter what.
Now, about Kevin Trudeau, just Google his name and OMG! Google page filled, 666,000 results. Not all of it is good, his schpeel is. Believe in the tri-six myth? The truth is he found a way to sell information and his rants, there are a few who will pay the price because it is easier than doing the research themselves and if you are into listening to someone rant, then this is an entertainment value. However, getting a refund is ridiculous, it is now a dust collector. The cost to return it and the processing fee, brings it to about the same as what I paid, with a few dollars for the gas to go to the post office. I won’t even resell it on Amazon, why, then I am as guilty as he is.
The truth about debt is that it is real, we create it and then whine about it. Stress is an addiction, there is no other answer. Laziness is a dis-ease that can be eradicated, but it takes some effort and let’s face it who wants to work that hard. My fingers get tired and so do my eyes, it is exhausting. (note of sarcasm, in case you did not get it.)
Well, the bottom line is you cannot teach that which you have not experienced, at least teach it well. Then you teach that which you need to learn. I learned. Back to research and more research. Where do you start? Here is a short list of a few sites I found:
Fair Credit Reporting IndexThis site will take you on a tour of a wealth of information, including the chart showing each states debt write off dates. To find out when your state says debts are written off, check here. However, follow the link to the Fair Credit Reporting Act and find out when they come off your history. Two entirely different dates.
OptOut PreScreen
This site is where you can say not to insurance companies and credit offers. This one allows you to opt out of these offers. Also, each credit reporting company allows you to freeze your account so no one can look at it without your prior written permission. Which means when you do file for credit, you have to remember to let the agencies know who is going to check with them, in writing.
Direct Marketing Association
DMA for short allows for you to opt out of junk mail, phone calls, etc. Fill it out, verify and with in the next three months you will see a reduction. They will also notify the catalog companies you want to receive for you. Great service and worth the few minutes to work at this.
Well, these three will keep you busy for a while. With the first one, it is set up by an attorney who specializes in these sort of things. It is a complete what you want to know list, which of course means you won’t have to go far to find everything you want.
Next time: The truth about Identity Theft Protection agencies. If you do not already know. (smirk.)
Have a great day. See you tomorrow.
This has absolutely nothing to do with work, but every thing to do with gift giving. Stuck on a gift? Here is a terrific suggestion and they offer FREE Shipping.
