The first step on this debt management is to organize my debt. This entails listing out all of my debts.
Barclays(Juniper credit card) – $4521
Providian 1(chase) – $9046
Providian 2 Business(chase) – $4640
Paypal GE Money Bank – $1182
Merrick (Hooters card) – $9000
Household Bank – $3500
GM Flex Card(hsbc) $1783
Capital One – $1200
Wells Fargo Financial – $2849
Staples – $1000
That equals to about $42,000 worth of unsecured credit card debt. 3 of the accounts have been charged off. These 3 accounts I will not pay, unless the Collection agency will provide me in writing a letter stating that if I pay X amount of dollars to settle the account then the account must be deleted from my credit report. These are commonly refered to as a “Pay for Delete”. I am expecting to sell my only asset, which is a classic car. This will hopefully new me around $25,000 to pay off all of this debt. My goal is to be able to pay off all of this debt and still be able to put $10,000 in a savings account. How will I pay of $40,000 worth of debt with only $15,000? Stay tuned to find out.
