How To Pay Off Your Credit Card Debt (Part 2)

Image Source: http://en.wikipedia.org/wiki/Credit_card

For Part 1, please click here.

Dealing with Bank C was rather a tough one. My account was endorsed to a 3rd party already so it was with them I had to settle my account and the one in charge of mine was rude and mean. Here goes: I again went to the bank personally and was told that it was with this agency already. I talked to them via the bank's phone and then later made arrangements by letting them call my personal mobile number. She told me that my outstanding balance reached 70k and I could settle it at a discounted amount if I pay within a week. Because I was VERY sure that this credit card was the LEAST I used I asked how (the hell?) it reached that amount, she replied by saying that it was because the interest was still incurring until that time. (incurring interest until that time that it was in their agency? wow, banko ba sila para pati interest umaandar din sa kanila?) Anyways, I felt she was BS-ing me so it became difficult for me to believe every word she said.

(Tip: Make sure you record your conversation so you can review if there's some kind of consistency in what the other party is saying.)

So when she gave me a week to settle my account, even if I had the money to pay, I still wouldn't. That amount (70k) was her basis for the discounted amount I needed to settle and I KNEW that it couldn't have possibly reached that, that's why I was asking a lot of questions. I even asked to see my statement of account to see how it reached that amount but all her excuses were hard ti understand. (Like if I requested for the SOA daw, I would have to pay 70k na and not the discounted amount she previously gave me.) I had been trying so hard to really settle this amicably with her because she would be the one to hand me my clearance. When after a few days passed and I still couldn't commit with the amount and when I would settle it, she became impatient with me and said a lot of things that offended me, she was shouting at me and she made me feel like it was with her I owed the money from.

(Tip: never commit or make promises even over the phone as everything will be recorded and may be used against you.)

(Another tip: if they gave you options like you can pay say 10k this week and the remaining can be paid the next month, don't commit. ask for option payments but like I said as much as possible opt for one-time payment only.)

We had heated arguments I almost caved in by paying it so as not to speak with her ever again but good thing it didn't get the best off me. The next time she ringed I refused to accept her call for the sole reason that I didn't want to be maltreated anymore. I never shut my phone, I just let her be. It took a few days to not attend to her calls and when she texted me instead, which was all the better I realized, I knew I was calling the game. If she was being mean, I wouldn't reply. Our textersation became straight to the point instead. If she gave me options I couldn't commit I'd just text her I couldn't. She's been threatening me lots of times that if I didn't pay up, this and this would happen but none was happening naman. Of course I got scared that I wouldn't be able to settle this but if it's getting impossible there's nothing I could do. So when we finally agreed to what we've settled via text, we met up. I pay up and that same day she issued my clearance. Bank C, good riddance.

(Tip: There's a big chance of settling it with lots of haggling at the end of every month. I don't know me hinahabol ata silang cut off so take advantage of it.)

I thought with Bank D, since it would be the last, it would be as easy as Bank B. Although it was with the 3rd party, I realized I was still negotiating with the bank. I thought that if I was to settle my debt with the bank there would be a bigger chance I'd pay less, meaning no interest and no other charges, just the balance. But the bank wouldn't negotiate. So this was kind of tricky. I had decided to call the agency instead and made negotiations with them. The agency told me they'd call the bank and would later confirm if negotiation would be settled. A day after, the agency said the bank talked to me already and that what was said was already final. No negotiations further. Since they wouldn't negotiate I didn't confirm my payment. After a few days, the agency called up and we agreed on the final haggle. Bank D, settled.

(Tip: When you call the bank and you're still with the operator, ask a lot of questions. They have access to your account and most of the time they have all the little info. Ask the agency name, their details like address and office number. The status of your account, the schedule of the manager who was in charge of your account because later on you might just need them. Like with Bank D, I learned beforehand who the agency was that's why I knew who to call when the Manager was hard to deal with. Also take note of the operator's name.)

More tips:

Make sure to keep your statement of accounts with you because that piece of paper will give you an idea of how much you really owe the bank, that will come in handy when you want to negotiate with them.

If you are to settle your debt, make sure you're ready to pay up anytime and like I said settle for ONE-TIME payment only.

I've searched that it's best to settle payments with 3rd parties/Agencies during the month of December as they are trying to meet their quota. In my experience though, every end of month is quota month.

Always ask for certificate of clearance after everything is settled.


P.S You can email me at thethoughtbubbleblog@gmail.com should you need further tips or advice. (This piece is not intended to replace financial or legal advice though). My case is and will definitely be different from yours so I just want to help by posting this because I've also searched for blogs after blogs when I needed advice and there were only few details that helped. I hope this post is of aid to anyone out there.


 See also How To Use Credit Cards