Consolidating financial statements worksheet
If it is unlikely you’ll be able to pay back your debts, or if debt collectors are hounding you, request a free consultation with a bankruptcy attorney.Even if you decide not to file, the attorney can tell you what a creditor can and cannot do to collect. This completely free tool will break down your credit score into sections and give you a grade for each.It’s helpful to come up with a few sentences that you can use consistently when you talk with creditors.These sentences could include: Try to stay calm, no matter what the person on the other end of the line says. If you find yourself losing your cool, just tell the collector you’ll have to talk with them later and hang up.If you need to talk with that representative again, tell them you’d like to record the conversation. If a collector says you’ll be sued, or that you’ll lose property if you don’t pay, just calmly ask for specifics: “When can I expect to be notified of this lawsuit?” Or “When will you take the money from my bank account?As such, there’s a chance one will agree to a settlement.Creditors, too, may be good with reaching an agreement, since the alternative is to write the debt off as a loss.
And judgments can lead to garnishment of your wages or assets.You’ll see, for example, how your payment history, debt and other factors affect your score, and you’ll get recommendations for steps you may want to consider to address problems.In addition, you’ll also find credit offers from lenders who may be willing to offer you credit.Generally, you can negotiate the best settlement on a debt if you can come up with a lump sum amount to resolve the debt.If you agree to a payment plan, you will likely pay more over time.
While late payments affect your credit reports and scores, collection accounts can result in even greater damage.