Maxed Out!!

( This is the original which is about 1 hr. 26 minutes )
(Guess it is no longer available. please check youtube instead)

Forget The Debt ; Not The Lessons

I was moved by this e-mail :

Good morning banker!

It's the first time today that I was able to hum a tune or 2 on my way to the office. Amazing! I almost forgot how good that felt - it's been a long time since I was able to do that.

I have a clearer direction now. The calls have stopped though. I guess

I wish everybody reaches this stage - peace of mind- despite the debts.

Hope You make it too!

To Pay Or Not To Pay

1. You used that money
except if it is tainted with charges that are "excessive, unconscionable and against public morals"

2. You will be imprisoned
if you used a fake card, that is.

3. To stop the harassments
it wont and if you do not wish to report them to Bangko Sentral ng Pilipinas

4. So that I can have a good credit standing
can you erase an experience?

5. I will be liable for RA 8484
...if evidence warrants ( it does not)

6. They will get my properties
aside from family home and those exempted by law, do you have ANY they can identify ?

7. They are offering me a big discount!
if you honestly believe them

8. They will sue me.
they wont ; they can't

9. To have an NBI clearance
the clearance covers criminal cases, not credit card debts.

10. I want to get ANOTHER card
oh no, not again...!


Top Ten Reasons Why Should You Should Not Pay
10. The bank will not close because of me.
they will simply deduct your debt from their taxes

9. The bank will not entertain you.
they will simply refer you to their goons
It cannot compensate those sleepless nights, mental anguish, besmirch reputation and public humiliation you got.
not unless you just simply choose to forget everything?

7. They tricked me into signing a one-sided agreement.
did they made you look funny?

6. My account has ballooned from P 10,000.00 to P 200,000.00!
why should I pay one-fourth of my obligations as attorney's fee?

5. My father almost died of heart attack due to their harassments.
Can one simply just forget it as if nothing happened?

4. They are not authorized to make compromise agreements.
They haven't shown ANY documents to prove it.

3. I can only afford to pay P 500.00 a month.
You will just engage in a never ending financial marathon.

2. I would rather feed my family rather than their greed.
I"ll take that option anytime, my friend.
.........And the TOP reason:

1. I don't have the money!

what else can you do? sell your soul just to please them?

Debt Is A Finance Problem, Why Hire Lawyers?

Extending credit covers the whole of credit processes and procedures - from initiation, evaluation, account management, remedial management, until it goes a full cycle. Somewhere along the way, there are mistakes and weaknesses, thus, an account turned sour. But a loan does not deteriorate overnight. There are "red flags" - warning signs. Early intervention is a must - remedial management. That's what Account Officers are for.

Good. Some CC accounts are able to identify these early warning signs themselves and try to renegotiate terms. But there seemed to be a dearth of properly trained AOs out there. Here's a sample of what we used to write :

dear account,
this is with regard to your account which we noticed lately is incurring delays.....
.....if payment is a problem , we would like to discuss it with you and perhaps we can work out .....

In contrast, one would now get the following letter:

dear account,
... we will file a case against you for violation of RA 8484 blah...blah..blah...

Omigosh! the poor guy can't pay. Debt is a finance problem. This is not a legal problem. You could have identified earlier a deteriorating account had you done your job. Or are you sleeping on your job?

Mabuti pa Si Judge, alam ito.

Diskarte - Questions and Comments

How our eyes would strain reading those over a hundred comments! I opened another chapter here to help you avoid that experience. However, it is advisable to visit regularly our Diskarte Bulletin for any advisories.

Post it away........

Got Any Query? Series II

JUST SOME REMINDERS

Go to our Diskarte Bulletin(January 2008) chapter first to view any advisories.

THIS CHAPTER IS CLOSED FOR YOUR CONVENIENCE
Please go to "Diskarte - Questions and Comments"

The most Frequently Asked Question is "What Shall I Do With The Collectors?"

Answer :
Ignore, if you can.
If not, dont argue,explain or plead. pointless.
The more you entertain them, the more you get harassed.
( check the dictionary meaning of entertain )

Got Any Query?

The blog would have covered almost all questions you might have about credit card paranoia. But I wont deny you the freedom to ask them yourself, so here it is.

After going thru the different chapters of the blog, you can post your query in that section (although medyo mahaba na), posting it here might be better for you and our regular visitors?