How to free yourself from debt

This is for people who wants to avoid bankruptcy and try and save their credit

. If you're having a hard time paying your credit cards and you have high interest cards or you cannot make your full payment. I will provide information in this article that will help you. No buying a book, no gimmics. This is facts !Print this article and do whatit says. You will over come these tough economic times. If you are paying to have some company deal with your mortage company or credit cards, this is something you can do yourself. It's time to call your credit card companies and tell them your problem. Maybe your out of work or you have takena job that you make less income.what ever your problem is.

(1) credit cards -Always try and get your creditors to give you a Balance Liquidation Program (BLP) ask for it. What this does is what balance you owe you're credit card company will give you a 0 interest rate as long as you don't miss any payments. It will reduce your payment and you can pay it off sooner. Also ask for them to remove any late fees or interest fees that has been added. Also ask for this account to be closed. Or maybe you have some cash that you would want to make the credit card companies a deal and do a settlement. I have to warn you always get this settlement in writting, only then do you make your settlement payment. Banks are allowed to cashed your checks market " settlement" even if you have wrote them a letter and asked for a settlement.They canapply your payment to your account balance as if their was no agreement. This is why i say to you always get it in writting what the amount is they are writting off and what you will have to pay for the creditors to clear you from this debt. Then ask for the company to update your credit report. It should read something like this ( account paid in full for less then owed). Now you are free of that debt but what the bank wroteoffyou will get a 1099 C for that amount unless it's 600.00 dollars or less then you wont.

Who to contact if your credit card companies are not complying or they are incorrectly reporting information about you or they are not willing to make any kind of agreement with you. Step (1) Comptroller of the currency -customer Assistance Group 1301 MCKinney Street, Suite 3450 Houston, TX 77010-9050 Step (2) FTC file a complaint about your bank. FTC Consumer responce center 6th & Pennsylvania Ave. N.W Washington D.C 20580. The FTC will not help you directly but they will investigate your banking institution. When to many people complain they have to do something about your bank. * Always make copies and write full detail of your complaint, include all dates of phone calls what you talked about. Give copies of all proof of your complaint. Both the Comptroller of the currency and the FTC will set up acase numberfor you and notify you. If you are being harassed by your credit card companies file a complaint and document all calls or letters to the FTC.

Mortgage:(2)

First call your bank ask to speak with the head of the bank, tell them you're problem and try and work out a payment agreement- If you want to save your home. Get everything in writting ! If your home is in forclosure call your bank and ask to speak with the " forclosure" department. Try and work out a plan for payments. In the mean time also file a complaint about your mortgage company with : Office of Thrift Supervision Consumer Affairs Division 1700 G Street, N.W. Washington, D.C 20552 . They can help you with your mortage. They act as a go between. If you are wanting to give the property back to the bank, say it's been listed and no buyers,you want to avoid forclosure. Step (1)Contact the office of the president of your mortgage company. You can get that address by your bank or look it up on-line. Step(2)Also write your bank Attn: forclosure department and tell them what your intentions are for the property. Step(3) Write and include all copies of letters to your bank to the Office of Thrift Supervision Consumers Affairs Division. Stay on top of all letters to you by you're bank. If the bank agrees to take the property back you will need to sign documents to give the property back that would include keys. This would help your credit because it's a " Voluntary Surrender" and not a Forclosure. At that point your not being sued. You will get a 1099 C at the end of the year for what the bank lost. You will need to include that in your taxes for that year. I do know Washington has signed a law from 2007-2010 to write off the loss as income . From 2011-2012 they will write off only a portion as a loss. Check with your tax person. If after all that and you are now waiting on a 1099 C from your mortgage lender and they never sent it to you. write the Comptroller of the currency at the address above and send them COPIES of the agreement and they will contact your lender and have the lender move faster to get you that 1099 C.

Remember when you use a bill consolidation company or credit repair, that will show up on your credit report and lower your score. Its been said, when paying down a mortgage that you can make split payments and pay off your morgage sooner, it does not work that way! What you can do to pay off your mortgage sooner, for example, if you have a mortgage of 600 dollars a month and you pay an additional principle payment of 150 a month, that will pay down your mortgage. Go online to a mortgage calculator and plug in your numbers, that is how you can find out how much you can save by making extra principle payments.

wellI hope all this information was helpful. If done right you would have avoided an attorney, not paid any companies to do what you can do yourself, and reduced your debts and avoided bankruptcy. Good luck, Please email me and let me know about your success.

Darcy Brewer darcy@magnoliacandlecompany.com

How to free yourself from debt

By: Darcy Brewer

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