How can I keep my money safe?

Date: Thu, 01/22/2009 - 22:10

Submitted by sqeekyG
on Thu, 01/22/2009 - 22:10

Posts: Credits: [Donate]

Total Replies: 3

I did move my money out of a bank of america account and closed it, I figured they might try something like that. Many of my accounts including my mortgage were taken over by bank of america. But Michelle3568 raised a good question for me to ask, kind of another piece of this puzzle I have to work through. If I am settling with a particular credit card and lets say I have to pay them a certain amount, lets say 6 payments over 6 months. Will I be storing up this money to pay it off in a third party account until I start making payments, or will this third party account be used as something I will put money into for them to draw on? I appreciate the advice! I think this site is fantastic!

I am not sure I completely understand but it sounds like you hav

I am not sure I completely understand but it sounds like you have already entered into a debt settlement program, correct?

If thats the case then yes, a third party trust account will be set up on your behalf. There will be monthly draws from your checking to that account. However, no money is given to your creditor untill the balance in the trust account reaches the amount negotiated between your creditor and the DS company.

If you have any follow up questions or concerns, please contact me at the links below. PM, or email. Either is fine.

lrhall41

Submitted by info3333 on Fri, 01/23/2009 - 08:58

( Posts: 73 | Credits: )

I am not sure I completely understand but it sounds like you hav

I am not sure I completely understand but it sounds like you have already entered into a Debt Settlement program, correct?

If thats the case then yes, a third party trust account will be set up on your behalf. There will be monthly draws from your checking to that account. However, no money is given to your creditor untill the balance in the trust account reaches the amount negotiated between your creditor and the DS company.

If you have any follow up questions or concerns, please contact me at the links below. PM, or email. Either is fine.

lrhall41

Submitted by info3333 on Fri, 01/23/2009 - 08:58

( Posts: 73 | Credits: )

i believe to you are in a settlement company? if you are that a

i believe to you are in a settlement company? if you are that account is made for you so that you and them can have acsess to it. The way it worked for me was that they withdrew the money from my checking every month and put it into my own eft account every month until my company reached a settlement with a creditor. the money then got withdrawn and sent to the creditor from that account along with the % that my settlement company was owed for that debt. If there was enough funds to pay the creditor but not the settlement company they would wait till the following month to take their fees. But your account keeps building and building till there is a settlement agreement. If you finish the program with money in that account it should be then returned to you in a check.

lrhall41

Submitted by love_my_things on Fri, 01/23/2009 - 11:36

( Posts: 1434 | Credits: )