Steps to keeping creditors happy and off your back
- If you can’t afford to pay your creditors what you owe, paying them at least something will keep them happy and off you back.
- Be in good communication with each creditor and pay each one as much as you can.
- Use the worksheet to determine how much you can send each creditor.
- Send each creditor your budget, the payment, and this worksheet each month, even if they say they won’t accept it.
Determine how much to send each creditor
*First find out how much disposable income you have to work with after deducting monthly necessity expenses from monthly income.
Worksheet example:
|
ITEM |
TOTAL PAYOFF |
/ TOTAL DEBT |
= . PERCENT |
X DISPOSABLE INCOME |
= NEW PAYMENTS |
|
Dell |
$1,200 |
/$2,000 |
=0.60 |
x $200 |
$120 |
|
CapOne |
$300 |
/$2,000 |
=0.15 |
x $200 |
$30 |
|
Macy's |
$200 |
/$2,000 |
=0.10 |
x $200 |
$20 |
|
HSBC |
$100 |
/$2,000 |
=0.50 |
x $200 |
$10 |
|
Aspire |
$200 |
/$2,000 |
=0.10 |
x $200 |
$20 |
PLEASE NOTE:
If your goal is to increase your credit scores in a short period of time for a particular purpose (ex: purchasing or refinancing a home) then this advice will not raise your scores but can actually lower your credit scores for a time. Different actions should be taken if you need immediate increases in credit scores.
The action you take depends on you goals.
If your goal is to keep creditors happy and off you back, then this advice will help to keep your creditors at bay for a time and lower your risk of being sued.
This may also help give you the time you need to get your financial affairs in order and formulate a plan as to how to actually pay your creditors off. (please see the “Steps to paying down debt” worksheet when ready to pay off debt )
For more information on how to get out of debt, how to keep creditors off your back, or how to improve your FICO score 50 Points in 90 days, then call us at 877-825-7885 or email guru@SCChelp.com
Strategic Credit Coach
Mission: We educate and coach people looking to improve their credit score and overall financial health so they are able to learn financial disciplines and achieve a more secure future.
Vision: To raise the standard of living for all people and inspire them to live their passions and dreams and have piece of mind.
Comments(0)