On Jun 20, 9:45 pm, "
barneyla...@juno.com" <
barneyla...@juno.com>
wrote:
> Bill, you have been a godsend to the common man!! Thank you for all of your contributions. Could I ask a brief question?
>
> My credit union recently closed my credit card account without any reason, although they did close it within 1 hour of an email asking for a
> lower interest rate. They also closed my line of credit of $1000 without explanation. No big deal, as I was set to pay this off and close the account.
> The original agreement in writing was for a slightly lower rate. I have a copy of the agreement. What now is my best option for this account? Should I
> let it go to collections, and then negotiate a lower rate? Should I challenge the balance of the debt? Should I offer a lower settlement? What should
> I look for as far as violations, and federal challenge?
>
> Thank you!
>
> Byron Penoyer
> Lansing MI
>
>
barneyla...@juno.com>
You have to pick and choose between your options. Your first option,
of course, is to just pay it off and forget about it before it goes to
collections. Of course, you would need the funds available to pay it
all off as installments won't be likely to help much in terms of
credit ratings. The second option is to let it go to a debt collector
and then catch the debt collector violating the law and sue them in
federal court before they send it to an attorney. The third option is
to wait until the debt collector files a lawsuit and then go after
both the attorney and the debt collector in federal court. I like the
second option better because it prevents the debt collector from doing
anything at all if it is done correctly. You don't even need a lawyer.
all you need to do is become a creditwrench student and you will learn
all this stuff very quickly.
I'm working on a new project right now that should prove very
interesting and make learning this stuff much easier than it is now.
It involves what is known as virtual computers. I already have two of
them set up and working using Windows 7 Beta. Next week I will be
setting up a real server system and then will set up a virtual server
from that. The virtual server will host a new website as well as doing
other tasks. Once the virtual server is up and running I will get a
domain name for that and set up a virtual web site from that. The
virtual website will allow my students to have their own private
section or web site with their name on it and it will contain all the
lessons and court cases they will need to get the job done. Each
student's web site will be totally private and password protected.
Nobody will even know it is there and it won't show up in any search
engines. This whole idea of virtual computers and virtual servers is
pretty new in the tech world so I really don't know what all can be
done with it but it is pretty amazing stuff. Windows 7 (Vista 2) Beta
is available now and Windows 8 will be in a few months if not sooner.
It is a whole new world in computing technology.
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