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Debthelp.com (Q for CAK, WhyChat, LadynRed, etc.)

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Posted by WhyBother (198.81.26.74) on November 22, 2003 at 16:46:04:

Have you seen this website (www.debthelp.com)? Seems to be similar to this website in that it offers a lot of common sense, though perhaps not widely known, advice for people dealing with debt. Specifically, the author of this site advises the following when dealing with creditors/CAs (paraphrased):

1) Use C & D on any harrassing creditor.

2) Withhold as much information as possible from your creditors. Specifically, don't give them your physical street address, your home phone, or your place of employment. If they don't know where you work, they can't garnish your wages. If you want them to send you mail, open a PO Box. They can't properly sue you if they have just a PO Box as your address. (I assume the same holds true for a Mailbox Etc address.)

3) Make regular payments you can afford, no matter how small, to every creditor you have (he specifically advises to not pay more than 20% of your after-tax income to debts; car payments excluded since it's a secured debt). He advises this partly because he wants you to also set aside at least 10%/month to investments/savings. He advises that the MINIMUM you send any one creditor be at least $20/month, so it's at least a real payment, but only if it's affordable. Above anything else, he advises one to be CONSISTENT in their payment plans. He says that debt collectors only understand one language, i.e. money, and that after a while, the calls will eventually cease if they're getting regular payments.

Opinions????

It seems like what he's saying is true. I've been advised from multiple sources that a payment plan, if realistic based on your finances, will hold up in a court of a law, and nine times out of ten the judge will not issue a judgement as you're already doing what a Chapter 13 BK plan would force you to do.



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