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Your quick guide to getting ready for debt settlement:
- Make piles, (don't worry about oranizing them right now)
- Gather up all your debt statements in one pile.
- Put all your monthly receipts, (if you have them), in another pile.
- Finally, put all your other expenses in another pile. If they are only paid online then print out a statement or just write it on a full sheet of paper the dollar amount and the expense...this is just so we can account for it later.
- Start sorting:
- Put your statements in order by debtor then by month. So, if you have a credit card from company X then you'll put all of the company X statments together and then sort them by date with the earliest in the back and the most recent in the front.
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Next, separate your receipts by month. Put all the receipts from December and put them with December and so on. Then take your December reciepts and start to categorize them, (food, clothing, shelter, entertainment, etc.) Keep them together by month but separated by category. Each month will have several categories at a minimum.
- Get your other expenses that didn't previously belong to any other group and sort them like the recipts. First by month, then by category.
- Get it all straight:
- Take one month of all your bills, (creditors, utilities, rent, mortgage, etc), and add it all up. This is what you need to earn to make ends meet. If you are making less money than the number at what you need to make ends meet then there is a shortfall. Depending on how large the shortfall is will determine the next course of action.
- Examine your expenses and see where you can trim. Cable bills, dry cleaning, expensive dinners out can probably be cut considerably.
- If there is no shortfall then you probably do not qualify for our debt settlement program.
- Discuss options with your debt consultant.
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