July 20, 2010
13 credit cards and $220,000 in debt
What do you think of this?
I got an email from Ashley (not her name and I changed some of the numbers around just to respect her privacy).
Hi Richard, we have some serious issues going on right now with our
credit.We have always had high credit score but had to borrow
from our credit cards to start our business, all has been well and
good the last 5 years borrowing from one card and paying down another
untill the economy crisis hit and all the banks lowered our limits and
raised interest so we were forced to stop paying cause we didn't want
to loose the business.We figured we would file bancruptcy but didn't
want all our inventory to be sold and figured there's got to be
another way, then found you!We have about 13 credit cards between my
husband and I and a total of about $220,000 in debt a 55,000 line of
credit we owe and another $20,000 to ups and another bill racking up
with a new company we bought our condo in 2006 for $400,000
w/ a interest only no money down and now it's worth $250,000 and now
our business is being hit hard by economy.So my question is, how do we negotiate with 12 different credit card
companies all at the same time cause what if you agree with one to
start paying them back but then another won't agree or sues you wasn't
it a waste to pay the other?And also I think we have multiple
different cards with one banks… do they add all our debt up as one total or
treat each amount seperatly?Should we let our condo forclose or try
to renagotiate? We have not paid for 6 months now. Please help in any
way. With taking your course are we equiped enough to handle this all
on our own? Or should we use a Lawyer?Thanks for your time
Ashley
I have been agonizing over Ashley's email. I know tons of people are emailing me on a daily basis with issues like this one.
So what I am doing is this. Anyone who gets my Credit Card Relief Formula can call me between 10AM and 2PM on Friday, July 23, 2010, that's EASTERN TIME. Call and we'll chat for 15 minutes about your situation. This is one-on-one. I can't guarantee I'll get to everyone but I'll do nothing but chat on the phone with my students who get Credit Card Relief Formula.
Use this link:
Click to Order Credit Card Relief Formula for Instant Use and the chance to chat on Friday
So you get the best course on getting out of debt, and hopefully you and I can speak about your situation.
And, if you have a question in the meantime, would you please leave a comment?
And I want to also provide you with some of the free material I've put together in case this isn't an affordable option or just to get you a jump start. And Ashley, this will help you answer your questions I think.
Thanks and talk soon
P.S. Please leave a comment as to whether you would be interested in this ecourse and a question you may have. Thank you!
Click to Order Credit Card Relief Formula for Instant Use and the chance to chat on Friday
Bankruptcy or debt settlement? Which is better?
This video gives you some really important perspective as to which is better, filing bankruptcy or going for debt settlement. Your views will not be the same after you watch!
So you want to settle — now, do you HAVE to quit paying on your credit cards to settle them?
This video talks about how you can settle credit card debts, the first step you must take…and how the process works.
Credit Cards - Can They Seize Bank Accounts If you Stop Paying?
This is in answer to many questions I get. If you stop paying, in order to move a settlement process along, can they seize your bank accounts or garnish your wages?
If you are sued by credit card companies — here's a FANTASTIC credit card debt law suit story
This video is a MUST SEE. It tells you what happens if the WORST happens and how it can have a surprising, even SHOCKING conclusion (you won't believe it, it's outrageous and it's the best news for people doing their own debt settlement.)
Settling Your Credit Card Debts
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11 Comments on 13 credit cards and $220,000 in debt »
November 20, 2009
Elaine Orr @ 4:14 pm:
I am concerned for my son - 25K in credit card debt, unemployed - no prospect for a job. Your videos are interesting and scary. But, thank you.
Gilbert @ 5:36 pm:
Great Info, but 1 month too late, I just filed BK-7 because CC said they were going to sue me and I got scared. Now I need info on how to remove BK-7 and Foreclosure from my credit report, so i don't have to wait 7 years to buy anything.
Right. I am always unhappy about the misinformation out there about chapter 7. But it is sometimes the best thing. Yes we can work on helping you learn how to remove it.
warmly
–Richard
DEB @ 8:04 pm:
Richard I wanted to drop you a line to say thanks for some of the tips you have emailed me.I have always taken pride in paying my bills ,But in 2006 I bought a restaurant that ended up draining my savings When the economy took a dive I thought I could wait it out with the help of credit, of course that was some real stupid thinking ,I gave the restaurant back and was left with over 20,000 in credit card debts,I tried keeping the payments up but have fell behind on one card 2 months ago,After being called every day for the last 45 days they offered to lower my rate from 29% to 9% with a 1% a month payment,I plan on doing this with the other 3 credit cards as well they are all charging 29% I feel I can probably do better then 9% if I hold out a little longer, I would appriciate your advice on this.I am a Realtor so not only did the economy cause me to lose my restaurant but my other means of income has really took a hit as well.One more question is I also have 2 personal cards that I want to keep if I get the other ones to settel will it effect the 2 I want to keep? Thanks Debi
My system is more about reducing what you owe and settling in such a way that helps boost your credit score within 12 to 18 months. You can keep the personal cards unaffected and settle the others.
You took a chance Debi on an entrepreneurial venture and you are brave to do so. I hope you do so again. It is my goal to help folks start businesses without personal guarantees to the greatest extent possible, and succeed in them, but if they fail, to have it not affect their lives or their private credit.
warmly
–Richard
Michael Beaver @ 10:28 pm:
As a new member, I think the e-conference would be a great Idea. I think it would allow for participants to build on the fondational information contained in your printed materials. Also, such a conference would allow you, Richard, to update any information in the printed materials that may be dated or Obsolete - I often wonder, with the gult of new people defaulting every month and choosing debet settelment, if the collection departments are changing stratagey or policy / proceedure. Lastly, rhe e-conference would allow for nearly real-time sharing of current situations that may apply to many participants.
I updated my materials early in 2009. The only thing that changes all the time is on loan mods, which is why I introduced Loan Mod Breakthroughs. But thanks for the suggestions.
warmly
–Richard
November 21, 2009
amy @ 7:07 am:
I would love to hear more about this. My husband recently left, and this making an already difficult financial situation worse. I am lost even how to go about figuring this out. I have not stopped paying bills, but they are late, not complete or going to quickly become unmanageable.we have a substantial debt, but this was not just because we were careless. My husband and I both had to do year long unpaid internships years ago and that's where it started.then we chose to do infertility treatment, and then last year had health issues with one of our children. We managed to pay our bills, but used credit for many daily activities since our cash flow was low. Any advice is appreciated. Especially now, I want to avoid moving if possible as the devastation of a 15 year marriage dissolving and the trauma to my children is so much already.
This is really a tough situation. Thanks for sharing this, I am sure we can help at least with the financial part of things. There is a huge price paid in devastated lives from financial depressions such as the one we are in.
warmly
–Richard
Autumn @ 1:09 pm:
Hi there I really need the e class that would be great! Tell me when and how to sign up!
Gilbert @ 5:46 pm:
You responded to my problem above about Bk-7 and Foreclosure by saying "Yes we can work on helping you learn how to remove it". Where do I go to learn how to do it? Also I filed Bk-7 because I owed $125K in CCs and my house was going to trustee sale (It still is but I'm getting to stay 2 months extra Dec3 Trustee sale again, Merry X-Mass on the streets). I got into debt because I was a Realtor in California and the market just died and now it's a great time to invest but I have no money, you have any good inexpensive courses that would help me in California? Thanks
I am sorry I can't get into detail. The bottom line is that you cannot remove a bankruptcy from someone who does a public record search, such as a title company might do if you buy property. But you can remove them from your credit report quite often.
warmly
–Richard
November 22, 2009
Debra Milazzo-Shannon @ 4:27 pm:
I bought your debt relief program in July and have been using it. We have 3 banks and at least two cards with each bank. So far we are doing well. They call, we give them the statement we don't have any money right now, we are looking into bankruptcy and other options. etc. We are out now about 4 months. Gosh, I hope this works….
Debra, it does work. You are entering the period where you can actually settle. Think about this. It's much cheaper than bankruptcy, you can end up with decent credit, and the lenders recover more than they would under bankruptcy. It's win-win all around.
warmly
–Richard
November 24, 2009
JD @ 3:00 pm:
Hi Richard,
I ordered the CCRF Platinum Program last week with a money order and wanted to make sure you got it and when it might ship? Also, was the material in the CCRF Platinum Program updated in 2009? I haven't missed any CC payments yet, but that will start next month. Trying to gather all the info I can, so I don't make any mistakes with the DIY approach of credit card settlement.
Thanks!
JD - Tennessee
November 28, 2009
Nooshin @ 10:12 pm:
Hi,
I just had to short sale on property in NV, I have house with equity and would like to refinance it, besides the short sale my credit and financial is good, they reject me because of shortsale. How do I remove it from my credit report?
any suggestion will be appriciated.
July 21, 2010
Abdul Mohammed @ 11:11 am:
Hi Richard, I have a total of $170k Credit card delb and I didn't make any payment over the last 18 months. I had had a lot of call from collection. I have one property that had foreclosed. I have the bank approved for loan mod. I have all the doc sign and notiry but The bank had a trustee sale on my primary resident that I didn't know until I got eviction notice from investor who bougth my property. I do not want to file a bankrupcy. I have a financial hardship and do not Know what to do. I need your help. I would like to talk to you. Please contact me at my cell _____ or email at ______. I am very impress after watching your video in utube. Thanks Abdul Mohammed
Thanks Abdul.
There is a lot you can probably do outside of bankruptcy. Too many people are too quick to file and then they end up in a jam anyway. The BK laws heavily favor the banks now.
warmly
–Richard