Sunday, May 4, 2008

Paranoia Prescriptions - How To Settle Your Debts

Signs - Animated

1. Ask for a Statement of Account
Duly signed and Certified Correct by the Bank
Under Pain of Perjury

This is the FIRST step. You mean you are willing to accept just ANY
amount just because sinabi nila ?.... okay, I give up then.
go ahead, pay.

Otherwise, you cannot go to Step 2 without resolving this issue first.

Mga Maling Rason Nila( Alibi):
1.“Ma’m, its confidential”
Reply – “ Then, I’ll pay ‘confidential’ na lang”
2."Ma'm, sayang ang AMNESTY PROGRAM mo!"
No such thing. jack-up the price, then "reduce" it - much like
those Midnights Sales and other promos you hear.
3.Billing Statements are being sent
Those are computer-generated with no breakdowns
4.You have to pay before I give you an SOA
Give me a receipt to show to the bank/BSP/Court

2. Once received, review.
Is it duly signed and certified correct by an authorized bank
signatory? baka hinde authorized yan? confirm it by phone.
You would not want a janitor signing your SOA, would you?

3. Offer what you can afford, not what they want.
You are the one responsible for its payment, not them.
propose reductions or waivers.
(especially those excessive charges!)

4.If there's an Agreement, document it!
No verbal agreement Please. They can deny it later on.
Never trust.

5 If they won't agree, don't force yourself to agree.
borrow from Pedro to pay Juan? (debt consolidation)
"just to show willingness" or stop their harassments"

Wrong reasons for paying. It will only dig you deeper into debts.
You are likewise engaging yourself in a never-ending financial

6.If no agreement is reached, better let the court decide.

The Court is such a compassionate court that it will reduce your
interest from 3.5% per month to only 1% p.m. ; penalty from 60%
per annum to 12% per annum and about P 10,000.00 attorney’s fee
instead of 25% of your total obligation.
Ayaw mo pa noon?

Learn from the lessons from here on.
Avoid making credit cards as your financial crutches.
Respect Money. Dont use it to meet your emotional needs.
There is more to life than credit cards.


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