Share Your Debt Collector Stories!

When you’ve dealt with bill collectors for as long as I have, you eventually run across just about every collection scenario in the business. In one such scenario, I received a call from a collection agent who was very nice and surprisingly a perfect gentleman throughout the entire conversation. The conversation went something like this:

The collection agent tells me that my visa account was in collections and that it would cost me just over $1000 to settle the account. I informed him that the credit card limit was only $300 and that I would be willing to pay the $300 to settle the account, as I was trying to clean up my credit.

He then informs me that the extra $700 was due to collection fees and interest. I remained calm as to not escalate the situation and kindly informed him again that I would gladly pay the $300 past due amount but there was no way that I was going to payback an extra $700 in interest and fees…not in this life or any other for that matter.

The agent then tells me that it will go on my credit report if I refuse to pay and I informed him that it's already on my report so I would gain nothing by paying him an exuberant amount of cash on a card that I would never be able to use again and on top of that, it would still ding my credit report for years to come.

It didn’t take very long to figure out that neither of us were budging any time soon, so we both agreed to end the conversation like gentlemen without the standard voice raising and name calling. All in all I believe it just may have been my best collection call ever! Do you have any debt collector stories that you’d care to share? If so, please type them in the comments section below!

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Do You Find "Bill Collectors Hate Me" Useful?

Due to unforeseen circumstances, I had to take a bit of a hiatus from BCHM! but I think I've gotten my life in order to pick back up where I left off. The question is... Does my audience appreciate all the hard work that I put into the articles that I write?

Sure, I get the occasional, "thanks for the great site!" posts but I really can't get a true feel for the impact the site has on the majority of my followers. I guess it doesn't matter much as long as I'm able to give at least a few people peace of mind in knowing that they are not going to go to jail for unpaid payday loans!

I often use payday loans as an ongoing blog topic because it seems to be one of the most popular topics that people email me about. At any rate, I enjoy helping to put peoples minds at ease and will continue to do so as long as people remain interested in what I'm sharing. Here's to a new year!!!

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Credit Karma: Free Credit Reports

Credit Karma has just gotten better! Not only do they offer 100% free credit scores, but they now offer free credit reports. This is great news! Now you can log into your Credit Karma account at any time to review your most recent TransUnion credit report.

This is a fully detailed report that will give you enough information to see exactly where you stand at any time. This means no more waiting for your one free credit report that you’re entitled to each year. No more paying for additional credit reports at any other time beyond your free annual report.

I’ve been using Credit Karma for over 2 years and as good as it was before this month, it just got a whole lot better. I highly recommend Credit Karma for free credit scores and reports. Sign up requires no credit card information and just takes a few minutes. Sign up today!

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The End of Payday Loans?

It’s no secret that some states have deemed payday loans to be illegal. Other states allow payday loans but with loan limitation limits. California regulations for instance, only allow a person to borrow up to $300 maximum per payday. Other states have much higher limits. I was witness to an individual who was able to borrow $1400 until his next payday.

It is my personal opinion that the days of payday loans are numbered. Just this past weekend, a friend of mine went to pay back his loan of $400 with the intention of borrowing the money right back. The employee didn’t tell him that they were discontinuing payday loans as of that very day until after he handed over his $400.

Needless to say, he was really counting on that money to pay bills and other monthly expenses. The shock on his face when he found out that he wouldn’t be getting $400 back must have been priceless! He was informed by the employee that the company was losing way too much money due to borrowers refusing to pay back loans. Go figure… It’s a miracle they’ve been in business this long.

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What is a Good Credit Score?

If you’re like most people, you have no idea what your current credit score is. You’re probably even more in the dark when it comes to knowing what’s considered by most lenders to be a good credit score. You’re not alone.

Credit scores can be very confusing and can range anywhere from 300 to 850. An average credit score depends on who you ask, but as a general rule, a score of 650 will get you in the average credit score range. 700 and above will get you approved just about anywhere and at a good interest rate.

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My Shocking Credit Card Debt!

From all that I have written about credit and finance over the past year since starting my blog, you’d think that I was in debt up to my eyeballs and it certainly feels like it at times.

I’ve grown so accustomed to being in debt that even I assumed that my debt was much greater than it was until I decided to stop and take a look at just how much I owed in overall credit card debt. What I found was shocking to say the least.

To my surprise, I found that my total credit card debt only amounted to about $1,600.00. I could not believe it. I’d been in debt for so long that I never stopped to realize just how little cash I actually owed.

Sure, I have other expenses such as a school loan and tax debt but the school loan balance is less than $1,000.00 and in good standing and the taxes owed, currently do not affect my credit score.

Even though my credit card balances are low, my cards are pretty much maxed out, which lowers my credit score due to charging over 30 percent of my overall available credit. If I pay my credit cards down to a zero balance, I’m pretty sure that my score will increase by at least 50 points!

A simple 50 point jump can be a great help when it comes time to finance that new car!

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New Beginnings

There comes a time in everyone’s life where a new beginning is needed. A time to take a step back, relax and gather ourselves before moving forward. The same applies when it comes to credit rebuilding.

As a general rule, credit rebuilding is a process. There’s no quick fix to getting back on track. Sure, there are reputable credit repair companies at your disposal but the repair process still takes a bit of time.

Your credit didn’t get damaged overnight, nor will it be repaired overnight. All you can do is be diligent in paying your bills on time and just let the process run its course.

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