Why Debt Consolidation and Debt Settlement Do NOT Work!
Why Debt Consolidation and Debt Settlement Do NOT Work! –
Why debt consolidation and debt settlement do NOT work when you cannot afford to pay. Watch https://www.youtube.com/watch?v=0vJNXN-vuoc or visit http://creditsabre.com Alternatively, call 508 796 5101.
My channel is https://www.youtube.com/user/melthompsoniii
Hi, my name is Mel Thompson. A few years ago I owed $63,000 in credit card debt I could not afford to pay. I was forced to find non-payment alternatives to bankruptcy.
You need to ask yourself, if I cannot afford to pay my credit cards, how can I afford to set that debt settlement money aside for a future lump sum settlement?
It could take a minimum of six months and up to a year or two for you to save enough money to be able to negotiate a lump sum reduced settlement of the amount of credit card debt you owe.
Very few people can forgo the purchase of, or payment for at least some monthly necessities, for that long, to save enough money for a lump sum settlement.
As unbelievable as it may sound, selective non-payment of credit card debt you cannot afford to pay is a better option than debt settlement for dealing with that credit card debt.
Learn why banks have a great deal of difficulty actually documenting individual consumer credit card debt to court standards, to win judgments against consumers who owe . . .
And why that reality, makes threatening debt collectors easy to defeat with the proper written communications. My name is Mel Thompson. I have helped many people get control of credit card debt they could not afford to pay. Visit my website and blog for more information.
What I learned by writing to and communicating with debt collectors and collection attorneys is that they cannot make any money from people who owe, but who also know exactly how to legally resist their collection efforts . . . even court action. Debt collectors are paid on a percentage of what they collect. They are simply not going to waste their time attempting to collect from someone who knows how to legally resist them.
The really neat thing I learned . . . was how little resistance it takes to frustrate debt collectors and collection attorneys. One or at most a few properly worded CMRR letters will make them decide they do not want to spend any more time with us.
What happens when we frustrate one debt collector or collection law firm attempting to collect a credit card debt from us, is that that debt gets passed onto another debt collector who starts afresh with us. Believe it or not, this is a sign we are winning the battle. Each time we hear from a new debt collector, we just send them the same old letter CMRR. With my six credit card debts this process happened about every three to six months for the first two years. Then for the next two years it happened once or twice a year until, finally, no more debt collection attempts from anyone.
The conventional means of credit card debt relief are all full- or partial-payment solutions.
Debt settlement, debt consolidation loan, or debt management plans just do not work if you cannot afford to pay.
A recent study reported only 20 percent of debt management plans are ever completed. And, paying credit card debt with other credit cards, or worse a home equity loan is simply thoughtless (some credit card consolidation loan try to offer this). If you cannot afford to pay without sacrificing monthly essentials, do not pay because you think you have no choice. You do have a choice.
There is one conventional means of non-payment. And, that is bankruptcy. What is the worst that can happen to you? The answer is bankruptcy. But, bankruptcy WILL stop a court judgment, if things should ever get that far.
Here is why non-payment without filing bankruptcy such good path to credit card debt relief.
Make credit card debt relief by non-payment a strategic decision.
If you can do this rationally leaving your emotions — fear, guilt, feelings of helplessness — out of it, then you can greatly reduce your suffering and worry from your credit card debt problems. Sometimes, large businesses are forced not to pay less important creditors. Just make this a rational, business decision.
Clearly, this insider knowledge about the weaknesses of credit card debt collectors is the key to you making this decision. You can read my blog posts and pages on my web site and learn more about the credit card debt collection process, and the naked opportunistic, defeatable nature of debt collectors and debt consolidation services.
Don’t delay else your situation may get worst — Be free of worry and hassle from debt collectors by visiting calling Mel on 508 796 5101