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I am in a little debt I owe one credit card company 1700.00 ad another 350.00 how do I establish this debt without having to pay in full…I really want this off my credit the 350.00 credit card account was in my name but not for me I have never seen this card..But the 1700.00 was through my bank do you think I can set up payment plans, so help needed.

3 Thoughts on Debt management advice required.?
  1. Reply
    St N
    August 15, 2012 at 7:46 pm

    You have two different situations here. You need to deal with the identity theft that took place for the 350.00 debt. If you never saw the card and never applied for it, then someone else has stolen your identity and is using it. Report this to your bank and the police. If this did not arise within the last week, then you will have much to explain in not reporting it as soon as you became aware of it.

    When reporting the 350.00 to your bank, arrange to close the credit account with them and pay it off. If you pay the bank 200.00 each month it will be cleared out in under a year. Your bank will tell you how to deal with the other item. Go and get in the lineup at the bank now so that you will be the first customer. If you live west of the Eastern time zone in North America, you can stop at the police station on your way to report the identity theft and learn how to deal with it.

  2. Reply
    August 15, 2012 at 8:44 pm

    $ 2000 is only a “little” debt if you’re making enough money to pay it back. I agree that you must address the $ 350 right away. Often idenity thieves start with just a small amount of money and when you don’t report it right away they go for much more money with either that same card or with whatever stolen information allowed them to secure that card to begin with. This is SO important, so I agree with your first poster: do this today!

    The only time I know that just about any debtor won’t allow a payment plan is if you’ve ignored the debt until they’re forced to turn you over to a collection company. In that case sometimes they’ll only accept full payment. And if you go to collection it’ll be on your credit report along with the other two bad debts.

  3. Reply
    August 15, 2012 at 9:15 pm

    I had a friend once who taught me an important lesson about family financing. He calls it “the bathtub theory”. It says that when you run out of money, the drain is larger than the spigot. You get out of debt by closing the drain and/ or by opening the spigot. Most of us mere mortals have control over the drain, not the spigot. Sooo.. put together a budget that cuts out the unnecessary expenses, go to your banker, put the budget in front of him and offer a payment plan you can live with. If the banker accepts the plan (and he most likely will) stick to it, and get out of debt. If he chooses not to, find an attorney and file bankruptcy. It will kill your credit for years, but it will enable you to get back on track without using credit. You can always call CuraDebt 1-877-387-4392 for further suggestions, Good luck. (And, by the way, get rid of the credit card, or you will never get out of debt…!)

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