Hi there,
Ok, so if nobody reads this but me that is o.k. at least I have a record of what I am doing with my life...such as it is. Had to come to terms with that little tidbit. Now onto the good news...I got more hours on the job starting in October. How did I do that in these trying times?? Well for one I got my education as requested by my boss. We work very well together and he suggested I get licensed, after all it was part of our initial conversation before he hired me. He had hoped ot hire someone who had an interest in getting licensed in the insurance game. So, he offered to pay, I offered to study and work really hard, and in the end he would promote me with more hours, some benefits, and more pay eventually on a gradual scale kind of thing. I would take over more duties and he would have more time to make the big bucks!! And no I don't mean going hunting more often!! So, done and done!! I got my license! I am officially a licensed Life and Health Insurance Producer! I am still learning exactly what that means and it was hard!!
During the time that I was in school for my license, which consisted of one week of school and months of self study and online testing, I also attended the academy for Search & Rescue. It was like attending two different colleges for two totally different degrees. Good news is...I graduated that also. It has been a busy year. If I add in all the fun and different places I went and the hours that I spent volunteering, it all adds up to I was a busy girl. I attended several outdoor concerts, went kayaking four times, went to a lake and camped, made a few roadtrips to Westfall, and Beaverton. All in all a great year and looking back at my success has been so worth it!
Lastly I have done one other thing to help my financial situation. I put an ad on Craigslist for a housekeeper for hire. I figure if I can secure a few side jobs then all the better financially. Within 24 hours (or less) I got a call and a job. Now it's only one day a week and it's only one hour but it is also $1040 more a year!! I just gave myself a raise! I also got more hours at work and am now at 25 hours a week which added $2860.00 annually. Now I am making $15,340.00 a year. Not great but not bad! Considering I moved here with nothing but a few dollars in my pocket, no job, no car, and some debt. I started out this job making $8320.00 a year, spoke up got more hours, worked hard got more hours, found myself a part time job, and now I make almost double what I started with a year ago. One year of hard work changed my fincancial well being!! Side note...I also got 50 hours paid vacation time!!
Lastly, my credit report. I recently went to a car dealership and gave them my story, filled out the application and the end result is of course, they ran my credit report! I am happy to announce that my credit score went from 462 to 595 in one year. Thats 133 points!!! I give myself the proverbial pat on the back!! It was that effort of paying off those little bills which added up to four things paid off and four things removed from my credit or showing as paid!!
I hope anyone who reads this finds it helpful and enlightening. It sure has helped me to see my success in life and how quickly it can happen. You too can make it happen!
Lady Alamo
Friday, September 21, 2012
Sunday, April 1, 2012
The Story I Promised You
Storytime,
So, I had this company that I owed money to when I moved from Colorado to Oregon. I did not know I owed this company money. I thought I had paid all my bills when and before I left. After being here for a few months I got a bill for over $1000.00 I probably looked like one of those cartoon characters with my eyes bugging out of my head! I was shocked. Visions of my credit score dropping so low I couldn't reach it etc... So, I took my own advice and did not ignore the debt! I called the guy...he was always pretty workable in the past and I figured what do I have to lose?...nothing. Upon my first phone call to him I told him that I thought I had paid off all my debts in Colorado and that I had not received a bill from them in over a year. He understood and informed me that this particular bill had been getting returned to them. I do wonder how they finally got my new address though. Hmmm???
Anyway, I asked him for an accounting of my account to show exactly what they had on record. This bought me a little more time. You see he gave me some information too...he let me know that his former secretary who was responsible for taking care of these bills had been fired. He let slip a few reasons which pointed to misappropriation of funds and overall doing a bad job of linking accounts to payments. This gave me a little wiggle room, in other words I was not completely at fault here!!! He also explained that the company was coming up on the time where they send overdue accounts to collections. OUCH!! Everything in my financial being yelled NO!!!! But I digress; so after reviewing the accounting of record that he had sent to me I noticed that first and foremost was a monthly finance charge to the tune of $172.00 total to date! So, I put that figure together, wrote it down on my notes to bring up at our next phone conversation. Then as I went through the bill I also noticed that there were two months worth of bills that I had record of being paid that they did not. Unfortunately for me I belonged to a bank that did not send you copies of your checks. The only proof I had that it had been paid was my constant habit of keeping my paid bills together monthly and writing down on the face of each bill how much was paid and when it was paid. Not to mention the fact that the stub was missing from the bill, which led me to believe I had paid that portion. The end result was that a bill that started out as over $1000.00 was now argued down to $648.00. A much more manageable number than the previous one. We came to an agreement that I would pay $50.00 a month. For him that meant it would be paid off in a years time and for me that meant I was keeping my word.
Lastly, I feel I need to mention here before I forget that there are some habits that seem to be helping me greatly. The aforementioned habit of writing things on my bills as I pay them and keeping them together monthly, but also making a quarterly budget! By following my budget I managed to pay off four small bills that had been haunting me. I sent some of them $5.00 a month! Bottom line is they got paid! I actually got a letter from one of those companies when the bill was down to $8.40 saying they were from a collection agency and the client had hired them. I had record of the bill being paid! I called the collection agency and they confirmed that the company called it in paid! Then I followed up with the company and found out that some but not all of them had the payment on record! We got it straightened out...the point is this...do the follow up! If you think a bill is paid in full...call them and find out! I didn't do that with the previous companies but I will add this to my list of good financial habits to get into!
I hope this story helps someone along the way to speak up, and follow through for their own financial good!
TTFN
LadyAlamo
So, I had this company that I owed money to when I moved from Colorado to Oregon. I did not know I owed this company money. I thought I had paid all my bills when and before I left. After being here for a few months I got a bill for over $1000.00 I probably looked like one of those cartoon characters with my eyes bugging out of my head! I was shocked. Visions of my credit score dropping so low I couldn't reach it etc... So, I took my own advice and did not ignore the debt! I called the guy...he was always pretty workable in the past and I figured what do I have to lose?...nothing. Upon my first phone call to him I told him that I thought I had paid off all my debts in Colorado and that I had not received a bill from them in over a year. He understood and informed me that this particular bill had been getting returned to them. I do wonder how they finally got my new address though. Hmmm???
Anyway, I asked him for an accounting of my account to show exactly what they had on record. This bought me a little more time. You see he gave me some information too...he let me know that his former secretary who was responsible for taking care of these bills had been fired. He let slip a few reasons which pointed to misappropriation of funds and overall doing a bad job of linking accounts to payments. This gave me a little wiggle room, in other words I was not completely at fault here!!! He also explained that the company was coming up on the time where they send overdue accounts to collections. OUCH!! Everything in my financial being yelled NO!!!! But I digress; so after reviewing the accounting of record that he had sent to me I noticed that first and foremost was a monthly finance charge to the tune of $172.00 total to date! So, I put that figure together, wrote it down on my notes to bring up at our next phone conversation. Then as I went through the bill I also noticed that there were two months worth of bills that I had record of being paid that they did not. Unfortunately for me I belonged to a bank that did not send you copies of your checks. The only proof I had that it had been paid was my constant habit of keeping my paid bills together monthly and writing down on the face of each bill how much was paid and when it was paid. Not to mention the fact that the stub was missing from the bill, which led me to believe I had paid that portion. The end result was that a bill that started out as over $1000.00 was now argued down to $648.00. A much more manageable number than the previous one. We came to an agreement that I would pay $50.00 a month. For him that meant it would be paid off in a years time and for me that meant I was keeping my word.
Lastly, I feel I need to mention here before I forget that there are some habits that seem to be helping me greatly. The aforementioned habit of writing things on my bills as I pay them and keeping them together monthly, but also making a quarterly budget! By following my budget I managed to pay off four small bills that had been haunting me. I sent some of them $5.00 a month! Bottom line is they got paid! I actually got a letter from one of those companies when the bill was down to $8.40 saying they were from a collection agency and the client had hired them. I had record of the bill being paid! I called the collection agency and they confirmed that the company called it in paid! Then I followed up with the company and found out that some but not all of them had the payment on record! We got it straightened out...the point is this...do the follow up! If you think a bill is paid in full...call them and find out! I didn't do that with the previous companies but I will add this to my list of good financial habits to get into!
I hope this story helps someone along the way to speak up, and follow through for their own financial good!
TTFN
LadyAlamo
My Progress!
Hello,
It has been quite a while since I blogged. Somehow, I don't have any followers except myself. What? Are people really not interested in securing their financial future? If only I had known a long time ago what I know now, I would probably already be half way if not all the way to my goal of $500,000.00 in the bank!
So, if you just became a follower and you read my blogs then you know I have been giving out some advice about different topics on financial stuff. Since I haven't written in a long time I figured it was time for an update on how I am doing financially and a few things that I have been learning and studying.
I believe I mentioned that I was studying "Tax Lien" and "Tax Deed" certificates in a previous blog. Well come to find out there is so much information that you need to know about those two things that I couldn't possibly begin to tell you. Bottom line for me is "it takes money to make money" and currently that means I put that investment idea on hold. I will be tackling it but only after I have secured my income level.
Basically my plan goes like this, I was broke, unemployed, still in debt. I want to have $500,000.00 in the bank..my goal! So, where am I in relation to where I was and where I am now? Well I have a job, I had two jobs (did some seasonal work) around the holidays, and that provided me with some nice holiday spending money. What did I do wrong with that?...I didn't save any of it!!! I get that now. Hindsight and all! So, I still have the one job. I was working 16 hours a week @ $10.00 an hour. I went to my boss and asked him about our original conversation of 20 hours a week. We did an employment review (after all it had been six months) and I passed with flying colors and he granted me the extra hours and I got a raise to $11.00 an hour! Perfect! So, I paid off some bills with the extra money...remember paid off bills actually equals more income. However, I still have a lot of debt to deal with. I have a story for you on that for the next blog to follow. I also used the life insurance rollover option and bought myself a life insurance policy. It's not much $50,000.00 but should something happen to me my kids will have a little something and cost of burial is covered! Something they actually add to your estate when you die! So, by that one task I went from being worth about $1500.00 liquid to $51500.00 Lastly, I had joined the 401K program offered by that seasonal job and although it was only $61 and some change when I was relieved of my job, I took that money and rolled it over into an IRA. So, with some of the money I got from my raise I am contributing to the IRA $50.00 a month. Not a lot of money but now I have $106.00 in it. Add that to my total and I am now worth $51,606.00
Last mention here is another opportunity that came into my life recently. I have a friend who makes money on the internet. Now the old adage "if it sounds too good to be true it probably is" comes into play here. Basically it is a word of caution. So, I spent 45 minutes on the phone with my friend and asked her as many questions as I could think of. She told me she was making $100.00 a day within 60 days of joining this program. It was a goal she set and she is doing it! I was very interested at that point. So, the bottom line is this..I am going to join her program and I will spend $10.00 a month for three months ( she went in @ $200.00 a month and later put in $1000.00). If the program does what it should do then I will have almost made back my money by the end of the third month and by the fourth month will see a very small profit. That being the case I would be willing to invest more money because like I said before "it takes money to make money". I am a see it to believe it kind of girl and I am willing to risk $30.00 to try it out. If it doesn't work then the worst that has happened is that I spent $30.00 and a small amount of time...a loss I am willing to risk.
I guess that is worth a mention too...don't risk anything that you can't live without! If you loan money to family or a friend consider it a gift and don't expect to get it back. All the promises of paying it back are just that...promises, and life happens, and circumstances come along, and promises get broken!!! Make sure you are in a position that if it didn't come back to you it would cause no hardship on you...just don't loan it to them again expecting it returned if it didn't come back the first time! You will have friends for life and less family squabbles when it comes to money if you take this "this money is a gift and if you can pay it back I would appreciate it" outlook on the whole situation!
Wishing you peace and prosperity!
LadyAlamo
It has been quite a while since I blogged. Somehow, I don't have any followers except myself. What? Are people really not interested in securing their financial future? If only I had known a long time ago what I know now, I would probably already be half way if not all the way to my goal of $500,000.00 in the bank!
So, if you just became a follower and you read my blogs then you know I have been giving out some advice about different topics on financial stuff. Since I haven't written in a long time I figured it was time for an update on how I am doing financially and a few things that I have been learning and studying.
I believe I mentioned that I was studying "Tax Lien" and "Tax Deed" certificates in a previous blog. Well come to find out there is so much information that you need to know about those two things that I couldn't possibly begin to tell you. Bottom line for me is "it takes money to make money" and currently that means I put that investment idea on hold. I will be tackling it but only after I have secured my income level.
Basically my plan goes like this, I was broke, unemployed, still in debt. I want to have $500,000.00 in the bank..my goal! So, where am I in relation to where I was and where I am now? Well I have a job, I had two jobs (did some seasonal work) around the holidays, and that provided me with some nice holiday spending money. What did I do wrong with that?...I didn't save any of it!!! I get that now. Hindsight and all! So, I still have the one job. I was working 16 hours a week @ $10.00 an hour. I went to my boss and asked him about our original conversation of 20 hours a week. We did an employment review (after all it had been six months) and I passed with flying colors and he granted me the extra hours and I got a raise to $11.00 an hour! Perfect! So, I paid off some bills with the extra money...remember paid off bills actually equals more income. However, I still have a lot of debt to deal with. I have a story for you on that for the next blog to follow. I also used the life insurance rollover option and bought myself a life insurance policy. It's not much $50,000.00 but should something happen to me my kids will have a little something and cost of burial is covered! Something they actually add to your estate when you die! So, by that one task I went from being worth about $1500.00 liquid to $51500.00 Lastly, I had joined the 401K program offered by that seasonal job and although it was only $61 and some change when I was relieved of my job, I took that money and rolled it over into an IRA. So, with some of the money I got from my raise I am contributing to the IRA $50.00 a month. Not a lot of money but now I have $106.00 in it. Add that to my total and I am now worth $51,606.00
Last mention here is another opportunity that came into my life recently. I have a friend who makes money on the internet. Now the old adage "if it sounds too good to be true it probably is" comes into play here. Basically it is a word of caution. So, I spent 45 minutes on the phone with my friend and asked her as many questions as I could think of. She told me she was making $100.00 a day within 60 days of joining this program. It was a goal she set and she is doing it! I was very interested at that point. So, the bottom line is this..I am going to join her program and I will spend $10.00 a month for three months ( she went in @ $200.00 a month and later put in $1000.00). If the program does what it should do then I will have almost made back my money by the end of the third month and by the fourth month will see a very small profit. That being the case I would be willing to invest more money because like I said before "it takes money to make money". I am a see it to believe it kind of girl and I am willing to risk $30.00 to try it out. If it doesn't work then the worst that has happened is that I spent $30.00 and a small amount of time...a loss I am willing to risk.
I guess that is worth a mention too...don't risk anything that you can't live without! If you loan money to family or a friend consider it a gift and don't expect to get it back. All the promises of paying it back are just that...promises, and life happens, and circumstances come along, and promises get broken!!! Make sure you are in a position that if it didn't come back to you it would cause no hardship on you...just don't loan it to them again expecting it returned if it didn't come back the first time! You will have friends for life and less family squabbles when it comes to money if you take this "this money is a gift and if you can pay it back I would appreciate it" outlook on the whole situation!
Wishing you peace and prosperity!
LadyAlamo
Wednesday, November 16, 2011
Networking...do it!
So the other day my boss says to me, "I need to get a few pieces of wood cut to fix this desk". So he comes in the next day and tells me that he ran into a guy he knew who did carpentry work so he asked him to cut him the two pieces of wood that he needed. Then he follows up with "and I just hate begging for something". My reply to him was "that isn't begging, that is networking"!
This is my belief, that everyone you meet is someone you can network with in one way or another. Prove me wrong...I dare you. Make a list of all the people you know, yes those close to you, those you barely know, and those you may have only met once but you remember them enough to remember their face and name. Next to their names now write one aspect of that person that you know to be true. For instance Ms. Kathy, teacher. Now I may not know Ms. Kathy on the outside world and may have only met her once but I do know she is a teacher. Good enough. Now how can I use that information and apply it to networking. Well for one Ms. Kathy is someone I could go to if I needed some advice on a letter I was sending to dispute a bill. She could tell me if my grammar is correct so I don't come across as a total idiot! Now that is just a silly light hearted example. But if you took that example one step further and broke down what attributes a teacher carries then you may come up with a list of ways of networking with that one person.
So to expand on that thought...Ms. Kathy is a teacher, and she has 25 students per class and she has at least four classes a day so now Ms. Kathy is a lead into 100 other people that you may not know yet. So she has just gone from a person you barely know to a wealth of people you may possibly network with some day. You may have a conversation with her about a piece of your grandmothers furniture and she could put you in touch with the parent of one of her kids who restores furniture. Do you see?
Every person you meet is a thread of your network. So, get out that paper and pen and start your list! Just do it. Start in your household and then take each person next closest to you and go from there, be it neighbors, people you work with or what have you. You will be amazed at who is in your network.
Lastly, enlighten them to the network theory, pay it forward if you will and you will both be amazed. Challenge yourself to do this and before you know it you will have a list of people that will help you to eliminate all those "little projects" that sit around and wait for you to pay attention to them. Work is always accomplished faster when one doesn't have to face the task alone. So with that in mind I leave you. Perhaps to have a look at my networking list. Time to update it!
Peace to you.
This is my belief, that everyone you meet is someone you can network with in one way or another. Prove me wrong...I dare you. Make a list of all the people you know, yes those close to you, those you barely know, and those you may have only met once but you remember them enough to remember their face and name. Next to their names now write one aspect of that person that you know to be true. For instance Ms. Kathy, teacher. Now I may not know Ms. Kathy on the outside world and may have only met her once but I do know she is a teacher. Good enough. Now how can I use that information and apply it to networking. Well for one Ms. Kathy is someone I could go to if I needed some advice on a letter I was sending to dispute a bill. She could tell me if my grammar is correct so I don't come across as a total idiot! Now that is just a silly light hearted example. But if you took that example one step further and broke down what attributes a teacher carries then you may come up with a list of ways of networking with that one person.
So to expand on that thought...Ms. Kathy is a teacher, and she has 25 students per class and she has at least four classes a day so now Ms. Kathy is a lead into 100 other people that you may not know yet. So she has just gone from a person you barely know to a wealth of people you may possibly network with some day. You may have a conversation with her about a piece of your grandmothers furniture and she could put you in touch with the parent of one of her kids who restores furniture. Do you see?
Every person you meet is a thread of your network. So, get out that paper and pen and start your list! Just do it. Start in your household and then take each person next closest to you and go from there, be it neighbors, people you work with or what have you. You will be amazed at who is in your network.
Lastly, enlighten them to the network theory, pay it forward if you will and you will both be amazed. Challenge yourself to do this and before you know it you will have a list of people that will help you to eliminate all those "little projects" that sit around and wait for you to pay attention to them. Work is always accomplished faster when one doesn't have to face the task alone. So with that in mind I leave you. Perhaps to have a look at my networking list. Time to update it!
Peace to you.
Tuesday, October 4, 2011
About That Medical Bill
Dear Readers,
So today I spent over an hour and a half watching the video that came with my package I ordered about the Tax Lien Certificates. The book is very interesting reading and the video was fun to watch and informative. I took a full page of notes and hope to cross reference those with the book. It seems there are a lot of little details that you need to know. I will update you as soon as I get some good information.
I did get my letter written to send to the medical folks who I owe money to in the hopes they will reduce the bill some, and received my financial aid application for another medical bill at the hospital. O.k. see there is another financial tip that I haven't passed on to you...when you get a medical bill...DO NOT PAY IT RIGHT AWAY! You do need to pay it but it needs to go through a cycle before you pay because they will credit you back for any extra's that you were originally charged for. My bill went from $899.00 to $599.00...as I see it I just made three hundred dollars. Now I still owe the bill and since I am only part time employed I asked about any financial aid they may have. It turns out they have what is called the "Medically Indigent" program. I can apply once a year and they will let me know if I qualify and/or if I have a balance I need to pay. This program is for those of us who do not have medical insurance. And so many people today do not. Therefore programs like this allow the hospital to keep their donation money within their walls!!! It is important to them that people apply for these programs because then they can show their benefactors how the money is being well spent to help the community instead of going to a new statue on the front lawn.
Well that is all I have for today. Hopefully the next post will be about my current education program...Tax Lien Certificates and Deeds.
TTFN
So today I spent over an hour and a half watching the video that came with my package I ordered about the Tax Lien Certificates. The book is very interesting reading and the video was fun to watch and informative. I took a full page of notes and hope to cross reference those with the book. It seems there are a lot of little details that you need to know. I will update you as soon as I get some good information.
I did get my letter written to send to the medical folks who I owe money to in the hopes they will reduce the bill some, and received my financial aid application for another medical bill at the hospital. O.k. see there is another financial tip that I haven't passed on to you...when you get a medical bill...DO NOT PAY IT RIGHT AWAY! You do need to pay it but it needs to go through a cycle before you pay because they will credit you back for any extra's that you were originally charged for. My bill went from $899.00 to $599.00...as I see it I just made three hundred dollars. Now I still owe the bill and since I am only part time employed I asked about any financial aid they may have. It turns out they have what is called the "Medically Indigent" program. I can apply once a year and they will let me know if I qualify and/or if I have a balance I need to pay. This program is for those of us who do not have medical insurance. And so many people today do not. Therefore programs like this allow the hospital to keep their donation money within their walls!!! It is important to them that people apply for these programs because then they can show their benefactors how the money is being well spent to help the community instead of going to a new statue on the front lawn.
Well that is all I have for today. Hopefully the next post will be about my current education program...Tax Lien Certificates and Deeds.
TTFN
Saturday, October 1, 2011
Credit Report Advice & Update
Hello Again,
So yesterday as I was writing about the debt collectors it dawned on me that I didn't expound on the knowledge that I had gained in regards to credit reports. After spending a long time on the phone with Privacy Guard I hung up with a greater knowledge and feeling empowered by some of the advice they gave me. First of all know that you are entitled to a FREE copy of your credit report once a year from each of the three reporting agencies out there. Everyone should order a copy each year around the same time to see how you are doing...let's say at tax time. File your taxes, order your reports! Easy enough to remember.
Step two, read them!!! Every inch of them. Compare them and see who has the correct information and who doesn't. I can guarantee you that no three reports look the same. Why? Because only some of the information is reported to only some of the three agencies. Next make yourself a list of those "bad" debts. Anything that has a negative connotation is immediately reported and remains on your history for as long as that account is open. Now if the account says "write off" that does not mean it goes away. Basically it means the company listed your debt as a tax write off and technically they can report it every year because they keep it as an open account and so the statute of limitations on debt does not apply! Remember it only applies on debts that have been turned over for collections and have not been acknowledged as debt by you and has not been paid on. Big note...all good credit takes a long time to appear on your report because it takes you years to pay off that car or whatever and will stay there forever!!! But bad credit comes on immediately (in one late or missed payment) and stays until dealt with or the statute of limitations runs out...remember the "Credit Collectors Unveiled" post???? Look there for that statute info. This is another excellent reason to READ YOUR CREDIT REPORT!!! It will show you who is reporting your payments late and guess what??? You have been paying them on time...or so you thought. What has happened?? Perhaps you mailed it in, it got put on customer service desk, logged in, and then sent to accounts dept, and eventually posted to your account...and now it is late because customer service processes are so slow they don't get it to accounting in a fashionable amount of time...it is up to you to look at this and call that company out, and follow up with the corrections!!! I can guarantee you that you are one in a million accounts they have and slipping through the cracks happens to all of us at one time or another...some of us are just obliviously ignorant of it.
Now back to the credit report...You have ordered it, received it, read it and crap...bad news. There are accounts that have been posted by a collection agency and you say "great now I get to deal with these guys". STOP!!! First things first, call the original creditor, keep a paper and pen and write down who you spoke with, any id number they may have, what department they are in, the date and time you spoke with them and ask them these very SPECIFIC questions. 1. Do I have an account with you (ask for acct number write it down). 2. Is this account open? (be specific in your wording and don't offer up any information) 3. If I had an account with you "technically what would the balance be"? VERY IMPORTANT TO WORD IT THIS WAY!!! If they say zero...say thank you and ask them to have it removed from your credit report. If they tell you they can't do that because it's been turned over to a debt collector remind them that they have just told you the balance is zero and by law they have to remover their post on your credit report. Lastly let them know you will be contacting the Federal Trade Commission, say thank you and hang up. You can contest that debt mentioned with the credit reporting agencies if the original debtor said your balance was zero!!! And it must be removed from your report when you supply them with the information you wrote down because the original debtor told you the balance was zero! If this is not done you contact the Federal Trade Commission. The FTC is a nasty word to most companies and a very useful phrase when asking for adjustments to your credit report...sometimes it's enough to just mention it.
Now if they say they don't have any accounts in your name but it's on your credit report then ask "Was my account transferred over to another lender?" if the answer is yes then ask "who?" and get as much information as possible, name, address, account number, phone number, contact person. This would be the debt collectors from the "unveiled" blog.
So now you look down the report and you see a collection agency as the person listed on the debt...with no account number or other information other than theirs. You can call Equifax, Experian, or whoever and ask them to connect you to the Suppressed Code Contact Information Dept. These folks can tell you who the original creditor is and you start over with the aforementioned process of calling the original creditor and asking that one question "If I had an account with you technically what would the balance be?".
Lastly it is very important to find out the statute of limitations on debt in your state because the reporting agencies typically keep things on for seven years and for instance the statute in Oregon is six years!!!! So keep after them! Make yourself a notebook to keep your credit reports in, put extra paper in that binder and a few pens. Start writing down all the information you can gather! and remember to review it annually! Don't ignore your debt...DEAL WITH IT! A lot of times you don't even know what you owe and don't "technically" owe! Good luck!
TTFN
P.S. I am not a financial advisor by trade, just a woman who has been doing some research and this is what I found out...I believe the information to be correct...if you find out differently please post a comment after all us humans do make mistakes!!
So yesterday as I was writing about the debt collectors it dawned on me that I didn't expound on the knowledge that I had gained in regards to credit reports. After spending a long time on the phone with Privacy Guard I hung up with a greater knowledge and feeling empowered by some of the advice they gave me. First of all know that you are entitled to a FREE copy of your credit report once a year from each of the three reporting agencies out there. Everyone should order a copy each year around the same time to see how you are doing...let's say at tax time. File your taxes, order your reports! Easy enough to remember.
Step two, read them!!! Every inch of them. Compare them and see who has the correct information and who doesn't. I can guarantee you that no three reports look the same. Why? Because only some of the information is reported to only some of the three agencies. Next make yourself a list of those "bad" debts. Anything that has a negative connotation is immediately reported and remains on your history for as long as that account is open. Now if the account says "write off" that does not mean it goes away. Basically it means the company listed your debt as a tax write off and technically they can report it every year because they keep it as an open account and so the statute of limitations on debt does not apply! Remember it only applies on debts that have been turned over for collections and have not been acknowledged as debt by you and has not been paid on. Big note...all good credit takes a long time to appear on your report because it takes you years to pay off that car or whatever and will stay there forever!!! But bad credit comes on immediately (in one late or missed payment) and stays until dealt with or the statute of limitations runs out...remember the "Credit Collectors Unveiled" post???? Look there for that statute info. This is another excellent reason to READ YOUR CREDIT REPORT!!! It will show you who is reporting your payments late and guess what??? You have been paying them on time...or so you thought. What has happened?? Perhaps you mailed it in, it got put on customer service desk, logged in, and then sent to accounts dept, and eventually posted to your account...and now it is late because customer service processes are so slow they don't get it to accounting in a fashionable amount of time...it is up to you to look at this and call that company out, and follow up with the corrections!!! I can guarantee you that you are one in a million accounts they have and slipping through the cracks happens to all of us at one time or another...some of us are just obliviously ignorant of it.
Now back to the credit report...You have ordered it, received it, read it and crap...bad news. There are accounts that have been posted by a collection agency and you say "great now I get to deal with these guys". STOP!!! First things first, call the original creditor, keep a paper and pen and write down who you spoke with, any id number they may have, what department they are in, the date and time you spoke with them and ask them these very SPECIFIC questions. 1. Do I have an account with you (ask for acct number write it down). 2. Is this account open? (be specific in your wording and don't offer up any information) 3. If I had an account with you "technically what would the balance be"? VERY IMPORTANT TO WORD IT THIS WAY!!! If they say zero...say thank you and ask them to have it removed from your credit report. If they tell you they can't do that because it's been turned over to a debt collector remind them that they have just told you the balance is zero and by law they have to remover their post on your credit report. Lastly let them know you will be contacting the Federal Trade Commission, say thank you and hang up. You can contest that debt mentioned with the credit reporting agencies if the original debtor said your balance was zero!!! And it must be removed from your report when you supply them with the information you wrote down because the original debtor told you the balance was zero! If this is not done you contact the Federal Trade Commission. The FTC is a nasty word to most companies and a very useful phrase when asking for adjustments to your credit report...sometimes it's enough to just mention it.
Now if they say they don't have any accounts in your name but it's on your credit report then ask "Was my account transferred over to another lender?" if the answer is yes then ask "who?" and get as much information as possible, name, address, account number, phone number, contact person. This would be the debt collectors from the "unveiled" blog.
So now you look down the report and you see a collection agency as the person listed on the debt...with no account number or other information other than theirs. You can call Equifax, Experian, or whoever and ask them to connect you to the Suppressed Code Contact Information Dept. These folks can tell you who the original creditor is and you start over with the aforementioned process of calling the original creditor and asking that one question "If I had an account with you technically what would the balance be?".
Lastly it is very important to find out the statute of limitations on debt in your state because the reporting agencies typically keep things on for seven years and for instance the statute in Oregon is six years!!!! So keep after them! Make yourself a notebook to keep your credit reports in, put extra paper in that binder and a few pens. Start writing down all the information you can gather! and remember to review it annually! Don't ignore your debt...DEAL WITH IT! A lot of times you don't even know what you owe and don't "technically" owe! Good luck!
TTFN
P.S. I am not a financial advisor by trade, just a woman who has been doing some research and this is what I found out...I believe the information to be correct...if you find out differently please post a comment after all us humans do make mistakes!!
Friday, September 30, 2011
Credit Collectors Unveiled
Today's post is about Debt Collectors...BOO!!! We all will encounter them at some time in our life so here are a few tips about those very nasty, little buggers that won't leave you alone. I found these facts on an article on my yahoo page and read through it. For those of you who don't have yahoo or haven't seen the article...here are some of them. This is kind of lengthy but worth reading!!! I do not in anyway encourage anyone to not pay their debt, or attempt to take care of your financial well being. These tips are intended to put you back into control over your debt instead of the debt collectors!!!
1. They are taught that all debtors are "compulsive liars" and then trained to ask you to borrow the money from a friend, a relative, or your 401k. That is just bad advice!!! But it's not their job to give good advice...so I am here to tell you...TELL THEM NO!! Be the compulsive liar they think you are!!! (see sometimes lying is a good thing) actually you can tell them that is really not their business and that would be the truth. You can also tell them you will look into that and call them back but do not offer any information!
2. The more money they collect the bigger their paychecks are. So remember that when they don't get that payment from you today they will for sure try again tomorrow. I'll tell you how to get away from the phone calls in a minute.
3. These people do have the amazing power to reduce your debt amount on credit cards sometimes as much as 15-35%...but that means you have to have the full amount ready and on hand to pay right then and there. The offer goes off the table once you tell them you can't pay it all right now...but (see #4)
4. These companies pay pennies on the dollar on your debt when they buy them from the business you owe the money to...so you do have some bargaining power yourself...start at .25 cents on the dollar offer and if they don't accept it then ask them what they will accept. And bargain again!!!! Don't be afraid and calculate it out before you call them back...cause you will call them back!! Right???
5. These folks that call you have a "heard it all" attitude because they have. They consider what you are telling them (your story) a "HLS" hard luck story. So, they roll their eyes, which you can't see or hear, they act sympathetic and they write down everything you are saying that might link you to a source of income, or resource, or future contact!!! So, don't tell them "Your Story". Keep to the facts. And when they venture from the facts simply say "I didn't call you to talk about ______. I'm here to talk about money."
6. If they say they need to get a manager on the line...it usually isn't a manager. It's just another collector who is helping out his buddy in the next cubicle!! So, don't open up your wallet because they say the magic word "manager". And don't ask for one...chances are they don't exist. Actually they do exist to a degree but I can bet you they aren't in the office at the dinner hour when these people are calling you.
7. Did you know there is a statute of limitations on debt??? In Oregon the statute of limitation on credit card debt is 6 years from the opening date of the debt statute 12.08. You can go to http://www.creditcards.com and up at the top is the little search box and type in statute of limitations. It will give you all 50 states and you can go from there to find out..NOW...they cannot sue you or put it on your credit report if it is beyond the limitation...HOWEVER...if you make a payment in any way to the debt collection agency the opening date begins again, AND/OR if you acknowledge the debt the clock starts over!!!
I always send my payments directly to the source of the debt...not the collection agency!!! After six years they can't put it on my report!!!
8. If you settle into a payment plan...they will seem either very excited for you or very bored with you and this is to put you at ease so you start talking...giving them that information that they seek. They can only get it from your mouth, so keep it shut! Speak only about the money. Believe me they are asking about your Uncle Tom up north that you mentioned earlier and what they are trying to find out is have you lived in another state?, what is your stream of travel in the U.S., and who can they call and harass later if you don't come through with your obligated payment plan you just settled for.
9. They can call you at work, at home, on your cell phone, at your moms etc...HOWEVER...they cannot call you again at any number if you specifically say "please do not call me at this number regarding this issue again". You may have to say it five times (once for each number they call) but if you are paying your debt to the original agency then they have no need to be calling you.
10. Debt collectors collected over 8 billion dollars last year...that money went back into the economy so they are doing this country a service. Please don't be rude to them. They are just doing their job (as much as it must suck, although the pay is enormous) just talk about money if you must talk to them, or politely decline the conversation and ask them not to call this number again.
The first step to taking on debt collectors is to get your credit report!!! Next post will be about those credit reports and how to fix them up a little!!! Keep your chin up, your mouth closed, and your fists tight and together we can keep those debt collectors at bay!!!
TTFN
1. They are taught that all debtors are "compulsive liars" and then trained to ask you to borrow the money from a friend, a relative, or your 401k. That is just bad advice!!! But it's not their job to give good advice...so I am here to tell you...TELL THEM NO!! Be the compulsive liar they think you are!!! (see sometimes lying is a good thing) actually you can tell them that is really not their business and that would be the truth. You can also tell them you will look into that and call them back but do not offer any information!
2. The more money they collect the bigger their paychecks are. So remember that when they don't get that payment from you today they will for sure try again tomorrow. I'll tell you how to get away from the phone calls in a minute.
3. These people do have the amazing power to reduce your debt amount on credit cards sometimes as much as 15-35%...but that means you have to have the full amount ready and on hand to pay right then and there. The offer goes off the table once you tell them you can't pay it all right now...but (see #4)
4. These companies pay pennies on the dollar on your debt when they buy them from the business you owe the money to...so you do have some bargaining power yourself...start at .25 cents on the dollar offer and if they don't accept it then ask them what they will accept. And bargain again!!!! Don't be afraid and calculate it out before you call them back...cause you will call them back!! Right???
5. These folks that call you have a "heard it all" attitude because they have. They consider what you are telling them (your story) a "HLS" hard luck story. So, they roll their eyes, which you can't see or hear, they act sympathetic and they write down everything you are saying that might link you to a source of income, or resource, or future contact!!! So, don't tell them "Your Story". Keep to the facts. And when they venture from the facts simply say "I didn't call you to talk about ______. I'm here to talk about money."
6. If they say they need to get a manager on the line...it usually isn't a manager. It's just another collector who is helping out his buddy in the next cubicle!! So, don't open up your wallet because they say the magic word "manager". And don't ask for one...chances are they don't exist. Actually they do exist to a degree but I can bet you they aren't in the office at the dinner hour when these people are calling you.
7. Did you know there is a statute of limitations on debt??? In Oregon the statute of limitation on credit card debt is 6 years from the opening date of the debt statute 12.08. You can go to http://www.creditcards.com and up at the top is the little search box and type in statute of limitations. It will give you all 50 states and you can go from there to find out..NOW...they cannot sue you or put it on your credit report if it is beyond the limitation...HOWEVER...if you make a payment in any way to the debt collection agency the opening date begins again, AND/OR if you acknowledge the debt the clock starts over!!!
I always send my payments directly to the source of the debt...not the collection agency!!! After six years they can't put it on my report!!!
8. If you settle into a payment plan...they will seem either very excited for you or very bored with you and this is to put you at ease so you start talking...giving them that information that they seek. They can only get it from your mouth, so keep it shut! Speak only about the money. Believe me they are asking about your Uncle Tom up north that you mentioned earlier and what they are trying to find out is have you lived in another state?, what is your stream of travel in the U.S., and who can they call and harass later if you don't come through with your obligated payment plan you just settled for.
9. They can call you at work, at home, on your cell phone, at your moms etc...HOWEVER...they cannot call you again at any number if you specifically say "please do not call me at this number regarding this issue again". You may have to say it five times (once for each number they call) but if you are paying your debt to the original agency then they have no need to be calling you.
10. Debt collectors collected over 8 billion dollars last year...that money went back into the economy so they are doing this country a service. Please don't be rude to them. They are just doing their job (as much as it must suck, although the pay is enormous) just talk about money if you must talk to them, or politely decline the conversation and ask them not to call this number again.
The first step to taking on debt collectors is to get your credit report!!! Next post will be about those credit reports and how to fix them up a little!!! Keep your chin up, your mouth closed, and your fists tight and together we can keep those debt collectors at bay!!!
TTFN
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