Defeat Debt with Credit Advisors - September 2000
statement is enclosed. Please
verify your payment is properly credited! Compare your billing statements
to your Credit Advisors statement. Make
sure your creditors have given you credit for the payments we sent to
them. Contact us, if you notice any differences.
If a creditor calls you,, tell them you are now with a credit counseling agency and they should call 402-393-3100. Give them your client number and the name of your account manager.
**** Very Important Notice*****
If the letters PIF appear next to a payment amount on your client statement, our records indicate this creditor account is now paid in full. This means we will not be sending future payments to the PIF creditor. Please review your creditor statements very carefully to verify that the PIF amount did indeed pay the account in full. Send us a copy of your billing statement if your creditor stills shows a balance is due on the account.
When YOU send
timely payment in full to us,
we send payment to your
End of Month Processing
If you need to make a change to your EFT payment,
send WRITTEN NOTICE to us no less than 10 business days prior to
your pull date. Our fax number is 402- 393-4141. After faxing, wait 30 minutes then call us to verify your
request has been received.
order or Western Union payments must be in our office by 10 AM July 20th to be
processed for end of month. NO personal checks, thank you!
advised, in the event an electronic funds transfer (EFT) or bank account has
one of the following challenges, a charge will be assessed to your CA account.
Some Banks Are Making A Mint
On Bounced Checks
will happen if you have written several checks all the while knowing it is
going to be tight to cover all the checks at once?
several checks arrive at the bank on the same day, some banks will sort
through the checks and process the check for the largest amount first.
This greatly increases the chance that you will be paying overdraft
charges on the other checks.
charge an average fee of $25.00 for each returned check. Yikes! That can
banks make no apologies for paying the largest check first.
A Bank America spokesman says, Customers have told us they want
their largest checks paid first. Chase
Manhattan says, We feel the largest checks are the most important to our
customers so this has been our policy for years.
are not any federal or state laws that tell banks which checks must be
processed first. There is no
legal requirement to notify customers of the processing order or changes in
the processing order.
make large profits on bounced check fees.
A bad check costs a bank between $.50 cents to $1.50 to process.
Out of 173 million checks processed by banks on a daily basis, 1.3
million are bad.
gambling and casinos becoming legalized in many states, banks are seeing an
increase in problem bank accounts.
(The whos who and the whats new in the creditor world
When you compare your billing statements each month with the
client statement you receive from us, do not forget to think about the
creditors who no longer send statements.
It is not uncommon for a creditor to stop sending statements when an
account has been put on a debt management plan. These creditors can be subject to all of the same changes in
address, name, and account numbers as the creditors who send you regular
If you notice an office has moved, or a name has changed,
please notify us. Many
businesses will continue to cash checks made out to their old name (ie:
Norwest and Wells Fargo) In many cases the first indication we receive that
a creditor has moved is when mail is returned labeled Forwarding Order
Expired. Credit Advisors
needs to have any changes in place as soon as possible to prevent a delay in
payment posting. Our clients
are the first link in the chain. We rely on you, as active participants in
the program, to report any changes you notice.
Here are some items to consider as you review your
Please contact us if you have any accounts with collection
agencies where the original creditor is Amoco, Citgo, British Petroleum (BP
Oil), American Express, Providian Bankcard, or Citibank. We can get these
accounts taken out of collections for you.
In the last month, some creditors have changed their
requirements for proposals. If
a creditor advises you they do not have an accepted proposal on file, let us
know as soon as possible. Usually,
it means they want us to send more information on household budgets and
other creditors involved. We
are sending the additional information, but if your creditor has more
questions their reps may tell you they havent received a proposal on
Send StatementsYour creditors DO NOT send us copies of your statements!!! We need to hear from you about creditor statement balances!
Please e-mail, fax, or mail us copies of your
creditor statements every three months.