The Frugal Creditnista

Try A Debt Payoff Account!

This is what a fully validated debt looks like – and this was just the first package. Four years of statements, an accounting ledger for the entire life of the loan, the assignment to the collection agency, a copy of their license/reg. number with a copy of their bonding requirements by the state, and their name, number and address for any additional questions — to name a few.

Basically Chase Bank is saying “We Want Our Money!”

This is the #1 reason why I have my clients create a Debt Payoff Bank Account. This account will be funded every month and will accumulate when we need to settle or do a pay-for-delete on an account.

So…. my budgeting tip for you: If you are attempting to get your finances in order — not just your credit — start putting some funds aside to settle debts with original creditors,offer a settlement (pay) for delete with stubborn collection agencies, or to aggressively start tackling current debts that you're just making the minimum payments on.

Your debt, your future savings account, and your credit score will thank you:)

“When You Mind Your Money; Your Credit Score Will Grow!”

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