Negotiate and Settle Your Debts

book by Mandy Akridge | book review by June Milligan,M.Ed., CCHt |

Learn How to Settle Debts as Low as 20 cents on the Dollar.

Are you considering debt settlement? This gem of a book guides you through the negotiation and settlement of credit card debt once and for all. Settlement has become necessary for thousands of people, as Americans continue to suffer from the worst recession in 26 years. For a time last year, over half a million people were losing their jobs each month. The banks were bailed out by billions of taxpayer dollars, and if you happen to be only one day late with your credit card payment, the companies may raise your interest rate to 30%. If you have high credit, they may freeze or shut down your account, and also raise your rate. They may cut your available credit and even charge you a fee if you do not use your card each month.

The new consumer protection law regarding credit cards doesn’t go into effect until February 2010, and it isn’t retroactive, so you may be wondering what you’re going to do about that debt. For instance if you owe $100,000 in credit card debt with an interest rate of 30 percent, it will take 50 years to pay it off, and when you finish you will have paid almost $256,000 in interest alone.

The worry and stress around this kind of debt is debilitating; prolonged stress has proven to be a killer, as it can cause immune system dysfunction, heart attacks, chest pains, depression, and many other serious ailments. If you develop a plan to reduce your debt load, and carry out that determination through a step-by-step process as shown in this book, your stress could be significantly reduced along with your debt.
The author spent over twenty years in the corporate world. She has a background of software analysis and finance. After doing hundreds of hours of research, she wrote this book based on her own personal experiences with debt. She explains exactly how to go about reducing your debt by settling with the banks. She walks you through a six month plan, tells what to do and not do, and explains how to keep the necessary records during the process, how to get the creditor to make a deal, gives tips that most consumers do not know, shows samples of debt settlement letters, and provides information on the IRS Debt Forgiveness laws, the Statute of Limitations and the Fair Debt Collection Practices Act.

For instance, did you know that collectors can contact you only between 8 a.m. and 9 p.m., cannot contact you at work if you tell them your employer disapproves, cannot harass or verbally abuse you, and cannot lie when collecting debts, such as falsely implying that you have committed a crime. They must identify themselves to you on the phone and must stop contacting you if you ask them to do so in writing. She gives a timeline for contacting them so they won’t need to contact you.

Copies of four settlement letters from creditors regarding Mandy Akridge’s own accounts show that her strategies really work. These settlements brought her $72,800.00 debt down to $14,800.00 before the end of a six-month negotiation period. In addition, the final settlement on each account was paid off in two or three monthly installments.

She explains what will happen to your credit rating during this process, gives information on what to do if there are inaccurate items on the report and how to repair your own credit report later. She even gives tips on how to start your own loan modification process if you are upside down on your home and need to reduce your mortgage payments. Banks are swamped with foreclosures now and don’t want any more. Why not take advantage of this once in a lifetime situation to reduce your mortgage payments and get your financial situation straightened out once and for all?

Credit card companies (banks) are willing to settle with you for as little as 20 cents on the dollar, because if you stop paying, they will be forced to sell the account to a debt collection agency for as little as 3 to 11 cents on the dollar. Settling with them for 20 cents is obviously more beneficial to them.

The author explains how important it is to never get into a credit card debt situation again and gives a list of ways to change your habits around money. We live in an instant gratification society where the command from every TV and computer screen, every newspaper, magazine and radio station is “Buy, buy, buy!” It’s time to take our power back, de-program ourselves, let go of dysfunctional thinking and become consciously aware of what we actually need. This book shows an excellent way to let go of the paralyzing fear and the damaging stress around debt.

The website is www.onlinedebtsettlement.info and is updated regularly. This book was published in October 2009 so it is very up to date.

For more info, contact June Milligan, specializing in helping people learn how to let go of unproductive thinking (775) 786-9111.