Negotiating On Credit Card Debt

***SECOND EDITION***This book IS about negotiating forgiveness for your credit card debt by writing your creditor one simple negotiation letter and what to do if the creditor refuses to negotiate. If you owe money on your credit cards and cannot make payments anymore because of financial difficulty, this book is for you. I owed over $100,000 in credit card debt and the debt was hurting my life. I had trouble sleeping at night thinking how long my ever-increasing debt would continue to gnaw at me. Even if I could afford to make the minimum payments and do not borrow anymore, with interest of 25% APR, I will still owe a lot of money after many years of making only minimum payments. The interest alone would total close to $100,000. It took a year of trial and error, hours on the phone and writing meaningless letters most of which I copied from the internet before I saw the light at the end of the tunnel. None of the free advice and letters in the internet worked because the truth is I was not insolvent. I did not qualify for bankruptcy protection. I could have paid my credit card debt by liquidating my assets, selling my house, but that would have been devastating for my family. I kept on thinking of a way for my creditors to reduce my debt. I finally came up with The Letter that uniformly worked in negotiating down my debt. After mailing The Letter to my creditors, I received a reply from one of them offering to accept 50% of what I owed as full payment of my debt. I countered with 5%. We finally agreed on 10% of the original amount as full and final settlement of my balance. Considering I had not paid them for a year, I accumulated a little cash, so I was happy to grab the offer and pay the 10%. I had five credit cards with large balances and The Letter worked satisfactorily on four of the accounts. I settled the 4 accounts for between 5% and 15%. The last hold-out, surprisingly the account with the smallest balance at $13,000 chose to take me to arbitration. This negotiation-resistant creditor perceived that they might collect more money from me that way but they were wrong. I was surprised that not one of the 4 creditors even referred to the contents of The Letter or attempted to verify what I had written in the letter. The Letter aims to convey this message: "Take my final settlement offer or sue me. But if you sue me, you will lose". Ken Clark, author of The Complete Idiot's Guide to Getting Out of Debt: "So many people are trying to get their balances reduced, you call and try to negotiate a balance, and it's 'Get in line.'" The card company's attitude may be, "Yeah, you and everybody else"". My Comment - That's because you called to negotiate instead of sending them The Letter shown at the end of this chapter. Trust me there aren't that many accounts in default as a percentage of the whole or our banking system would collapse. If you write The Letter shown at the end of this chapter, the creditor will put you at the front of the line.Brian Tawney, Director of Clear One Advantage: "Based on experience negotiating with creditors, debt settlement companies know what percentage of debt owed each creditor is likely to agree to. We use an algorithm that considers 140 different variables and tells us the accounts that have the highest opportunity to settle at any given time. We negotiate in bulk. We can negotiate thousands of cases and get a better settlement for everyone". Translation: Debt Settlement Agencies take only the easy cases that's why they "negotiate in bulk". If they have to spend more time on your case because you have wages a creditor can garnish and assets they can put a lien on, they will not take your case. I like my system better. You write The Letter shown at the end of this chapter which begs creditors to forgive 85% to 95% of your debt. The creditors can take it or leave it. If they take it, you win. If they leave it, they lose. Author's website: www.didosphere.com

Did you know that you could talk yourself out of debt? Yes, really you could talk your way out of debt. Does this sound just too good to be true - that you could just talk your creditors into helping you? The solution is called debt negotiation, debt settlement, or debt arbitration. But whichever you call it, it's basically the same thing. It's where you contact your creditors and talk them into helping you get out of debt. The author shares his personal phone calls to banks that saved more than $43,000 for himself, his family, and friends! These 52 phone calls, out of the hundreds he has made, demonstrate exactly what worked, what didn't, and why. In each call transcript, for anonymity, banks have been renamed as dog breeds and their reps as bugs.: ) In this book, you will discover proven negotiation strategies, and build your confidence while learning how to: (1) get annual fees waived; (2) lower your current interest rates; (3) shop for the best credit card deals; (4) get late-payment, over-limit, and cash-advance fees waived; (5) compare loan options and calculate savings; (6) dispute charges and get all your refunds; (7) negotiate account settlements; and much more!

The author explains how to negotiate with creditors. I was deep in debt with over $150,000 unsecured credit card debt, plus back taxes due. I lost 75% of my income. I couldn't keep paying the creditors and keep food on the table for a family of nine and keep a roof over our head. I didn't want to file bankruptcy, so I tried to negotiate with every creditor. This book explains the How To in negotiating. It explains what to do and what not to do. I was able to negotiate for pennies on the dollar. One example: Debt of $18,129.46 Settled for $2,000. This book will also show you true and false settlement letters. You will want to have this reference book by your side before you start any negotiating. This book could save you thousands of dollars.

***SECOND EDITION***This book reveals various Consumer Protection Laws such as the Title and Section below that you can use to defend against junk debt collectors and creditors' claims for alleged credit card debts:15 U.S. Code § 1643(b) - Liability of holder of credit card(b) Burden of proof In any action by a card issuer to enforce liability for the use of a credit card, the burden of proof is upon the card issuer to show that the use was authorized or, if the use was unauthorized, then the burden of proof is upon the card issuer to show that the conditions of liability for the unauthorized use of a credit card, as set forth in subsection (a), have been met.******************We learned in Volume 1 that you can obtain credit card debt forgiveness if you write your creditors a simple, properly worded negotiation letter. This book, Volume 2 is about various measures you can take if your creditors refuse to cooperate and decide to sue instead. The methods and strategies in this book may be put to use in dealing with credit card debt as well as other unsecured consumer debts. It contains sample forms such as, Validation of Debt Letter, Cease and Desist, Answer and Affirmative Defenses to Complaint, Request for Production of Documents, Refusal of Arbitration, Opposition to Plaintiff's Motion for Summary Judgment, sample letter to IRS disputing creditor's Form 1099-C (CODI-Cancellation of Debt Income). Volume 1 provided the reader the guidance for negotiating credit card debt down to 5% and gave the reader a better understanding of the collection process. This book provides the necessary tools in dealing with the negotiation-resistant creditor and how to use the system legally to obtain debt forgiveness. Although there are no guarantees, the methods and strategies discussed in this book worked for me. When I sent my creditors the Validation of Debt letter, my creditors were not able to validate my alleged debts. My creditors could not produce the documents requested in my Request for Production of Documents. The Court denied the Plaintiff's Motion for Summary Judgment when I filed my Opposition. When I disputed the creditors' Forms 1099-C and requested the IRS to obtain verification of debt pursuant to US Code-Title 26 Section 6201(d), I never heard from the IRS again.******************If you convince the creditors that they still will not collect more than your FINAL OFFER even if they file a lawsuit; that they will only spend a lot of money in legal fees, they will realize that collecting 10% from you is probably the best they can hope to recover. That is the aim of the negotiation letter shown in Volume 1, to show your creditors that your FINAL OFFER is the most they can collect from you. But if your creditors are negotiation-resistant, this book Volume 2 is your magic bullet against them. If you decide NOT to purchase this book, you won't know what to do without an attorney if you get sued. You will be at the mercy of your creditors. ******************After my debts were forgiven, I was able to start my life anew, free from credit card debt. I was able to focus on taking care of my family. I kept 2 credit cards and continued to use them. They carried small credit lines, one for $7,000 and the other for $5,000. I pay the balances of the accounts as soon as I receive the monthly statements. My FICO scores initially took a dive to the high 500s but after only 7 years, I am back to the high 700s and even got to 800 a few months last year. I feel really blessed that I did not have to file for bankruptcy and that the path I took enabled me to write this book which I hope would help a lot of people who are in the same predicament as I was, to accomplish the same thing I've accomplished---a credit card debt free life.

Mastering Debt: Negotiating Your Way to Financial Freedom is the ultimate guide to taking control of your finances and achieving financial freedom. Whether you're struggling with credit card debt, student loans, or any other type of debt, this book provides the essential strategies and tools you need to reduce your debt load and negotiate with creditors. With practical advice and proven strategies, Mastering Debt provides a step-by-step guide to managing debt, reducing interest rates, and negotiating with creditors. From debt consolidation to debt settlement, this book covers all aspects of debt and provides the insights and advice you need to take control of your finances and achieve financial freedom. In addition to practical advice, Mastering Debt provides a comprehensive understanding of the different types of debt, including secured debt, unsecured debt, and revolving credit. You'll learn about the pros and cons of different debt management strategies, as well as the potential risks and benefits of each approach. One of the key features of Mastering Debt is its focus on negotiation. Whether you're negotiating with credit card companies, student loan providers, or any other type of creditor, this book provides the essential tips and tricks you need to get the best possible deal. With proven negotiation strategies and real-world examples, you'll be able to negotiate with confidence and achieve the best possible outcome. Mastering Debt is also packed with practical advice on budgeting, credit scores, and financial planning. You'll learn how to create a budget that works for your lifestyle, how to improve your credit score, and how to create a financial plan that will help you achieve your long-term financial goals. With its comprehensive coverage of all aspects of debt and practical advice on negotiation and financial planning, Mastering Debt is an essential resource for anyone looking to take control of their finances and achieve financial freedom. Whether you're struggling with debt or just want to learn more about personal finance, this book is the ultimate guide to financial management.

Learn the secrets to: Settle debt yourself; Stop phone calls (legally); Cut interest rates; Halt fees; Save up to 60% on unsecured debt. A step by step, do it yourself guide including expert negotiation techniques.

Why You Should Read This Book: If you have debts and don't know how you'll get rid of them, this book is for you ... If creditors are calling you day and night to collect from you, and you don't have a solution, this book is for you ... If you've wondered how long you'll pay minimum payments, and if you'll ever get out of debt, this book is for you ... If bankruptcy is starting to look like your only choice, this book is for you ... If you'd like to settle your debts, and wonder if you can do it yourself, this book is for you! Inside you'll find out how to work out a budget; how to figure out what your choices are, and decide on your best choice; you'll get instructions on how to talk to your creditors; you'll get negotiation insights that will help you get your best settlements with your creditors; you'll even receive information about what to do in case you receive a lawsuit from one of your creditors (yes, that can happen, and you need to be prepared so you know what to do). Many people have debts and need help. You might think you need to get a professional to help you negotiate with your creditors. You don't! I owned a debt settlement company for years and I know most people can do this themselves. If you think you can, this book will show you how to settle your debts yourself. I don't hold back any secrets. You can do it! This book will show you how.

Welcome to the journey toward financial liberation! In the pages that follow, we embark on a transformative exploration—a guide designed to liberate you from the clutches of credit card debt and set you on the path to lasting financial freedom. In the hustle and bustle of modern life, it's all too easy to find ourselves ensnared by the allure of credit cards. What starts as a convenient tool can quickly spiral into a web of debt, impacting not only our bank balances but also our peace of mind. This book is your compass, your ally in breaking free from the chains of financial burden. Welcome to a Debt-Free Future Imagine a world where the heavy shackles of credit card debt are non-existent—a world where financial choices are made with unwavering confidence, free from the looming clouds of anxiety. As we embark on a deep exploration of the nuances of debt, consider this opening as the prelude to an empowering odyssey that awaits. Hand in hand, let's navigate through the intricacies of credit card debt, untangling its complexities and plotting a course towards a future bathed in the radiant light of financial freedom. The High Cost of Credit Card Debt No denying it—shouldering the burden of credit card debt isn't just about crunching numbers. Here in this segment, we delve into the concealed toll that interest rates and fees can exact on the landscape of your financial health. It's more than just digits on a statement; it's a narrative that affects your overall well-being. Unveiling the intricacies of these costs serves as the inaugural stride towards regaining command over your financial realm. It's time to decode the cryptic language of credit and reclaim sovereignty over your hard-earned money.