Savings Acct/Take Charge America

Does anyone know of any banks in which I might be able to open an account?  I'm currently working at paying off an old overdrafted account and I know I'm in Chexsystems...I'm not even concerned if it's a checking account or not, as long as the savings would take direct deposit.  I live in the Philadelphia area if that helps matters. 

Also...has anyone heard anything about Take Charge America?  It's a debt management company that seems reputable...if anyone has any info on it please let me know, I'd appreciate it.

If you are in Chexsystems, you have a giant strike against you but there is a way out and it is very easy. You call every bank in your area and ask if their policy prevents a person in chexsystems from opening a savings account only. I would bet there is at least one bank that will tell you they will open your account.

The other way out is to use Internet banking by the big boys like ING, WAMU, etc. I am not recommending them I am only using them as an example. You will have to do some research but I bet you will find a bank that will provide you with account services.

I re-read your post and a question hit me. How do you know you  are in Chexsystems? Did you get a letter from them or your bank saying you were admitted? Since they are covered by the federal credit laws write them for your file. They have to give it to you if you are in their system. If you aren't, they will certainly tell you.

I realize I am telling you this is after we posted some advice but it is never too late to verify your status.

As for Care One Credit, we generally don't permit advertising on this forum but since cbass was honest enough to tell you the giant negative associated with using a company like that, we'll let it pass.Cbass has also given you some good advice so he appears to be a pretty straight shooter.

Here is the biggest problem in dealing with any debt counseling company - You never know when the FTC will close them down. They maintain a file of complaints and when it gets to a certain level, they swoop in and file a lawsuit which generally shuts down the operation.

This means your file is no longer active and any money you have going to them, or have paid them, is not recoverable. It isn't recoverable because it is all gone. I'm not trying to scare you, I'm simply passing along info I was given by an attorney in the field. He sues debt collectors and other like companies in this arena. I don't think he was BSing me.

 

I never received a letter...although I did move before so it could have been lost.  But i have been denied checking accounts and told that was the reason.

Do those services really make credit worse?  I'm glad i haven't committed to that yet...though I still am having a difficult time getting collection people to negotiate a price that I can start at.

I never received a letter...although I did move before so it could have been lost.  But i have been denied checking accounts and told that was the reason.

Since you were told that is the reason, that is the reason. Now you have to write chexsystems and get a copy of your file. It is important for you to know what info they have in your file.

Do those services really make credit worse? 

Yes they do. If you were privy to the FHA manual you would see they are the equivalent to a recent bankruptcy. I think subliminally the FHA is telling people most of these outfits are pure scammers. That's just my opinion but when I read the crap they say I can't come to any other conclusion. 

I'm glad i haven't committed to that yet...though I still am having a difficult time getting collection people to negotiate a price that I can start at.

You don't negotiate a price you can start at. You pick that price. For example, let's say you owe 2K to a credit card company but only want to pay $500. Start at $250. Let's further assume you have up to $750 you can pay. The $250 may or may not be summarily rejected by the other party. It all depends on its age and how hard it has been for them to even contact you. Other factors play in but these are the main two. You say to the collector you have a limited pot of money to pay them and three other creditors. Don't mention a figure just say limited pot of money. Let them ask you how much you can pay. Tell them $250 to satisfy the account in full and you expect them to mark the trade line, Paid as agreed.

If they agree, you just saved up to $500. If they don't, they will counter with a number. Let's say that number is $500. You have just received the number you wanted. Tell them to put it in writing with the letter signed by someone in their company authorized to bind the company. You also want them to include a statement saying they will not sell the balance of the debt to anyone. Once you get the letter, send them a cashier's check or money order (make a copy of it) along with a copy of their letter. Keep these records in a safe place in case this account rears its ugly head.

The scenario I just described is a tad bit simplified but not far fetched. I did it for my son. He had a credit card debt that was plaguing him. Once the dust settled, he was out from under the debt and had a negative mark on his credit turn into a positive mark.

Will it work for you? I don't know but I do know if you don't try, it definitely won't work.

Think about it and decide how you want to proceed and best of luck to you.

Yeah I understand that...it's actual my B of America account that's with a collection agency that I'm trying to negotiate a price i can afford.  I tried calling B of A directly and there's nothing they could do about it.

Also...if I settle that debt with a collection agency, how will that reflect on chexsystems?  Will it say that the debt is paid?

I don't think the take charge america ... debt counseling program is that bad for your credit.  I am about to sign up and they have assured me is it not as bad as debt negotiating.   You still pay the same amount that you owe.... but they are able to set an interest rate that is lower than what you are at and you can consolidate all your credit cards and make one monthly payment.  It is my understanding from them when I spoke that it is initially not that good on your credit score because you are closing all the accounts at once but then as you pay montly and in a little time your score will go up.  It's better than a program that negotiates the actual AMOUNT you owe.  They only negotiate the interest rate.  I hope this helps and YES I am still considering it to bankruptcy.  I think that interest saved it may work out about the same as bankruptcy or close... without the bad mark on the credit.  Thank you.

I have worked in the credit counseling field for over 5 years now, and nothing makes me more aggravated than when people who know nothing about it state that being on debt management is as bad as filing bankruptcy. This is a completely FALSE statement, and people should really research this before they go giving out this incorrect advice. It is true that the creditors you are making payments to may place a note on your credit report that you are with a DMP, however that does NOT effect your score in any way. What does effect your score is your payment history and the amount of debt you have. Of course there are other factors as well, but these are the biggest ones. Go to myfico.com for more info on your credit score - you can also research debt management while your there. It may be more difficult for you to obtain more credit while on a program, but this is kind of the point since the whole purpose of being on a DMP is to become debt free. And while it may be more difficult, it is definitely not impossible to obtain new credit while on the program. I have several clients every day that obtain new mortgages and vehicle loans with no problem at all. Also, as soon as you are done paying off all your creditors through the program, all of the creditors will completely delete the notation that you had ever been on a DMP. So after you're all done not only will you be debt-free, but there will also be no trace of how you got to be that way on your credit. As Amy noted previously, debt management agencies do negotiate with the creditors to reduce interest and payments, and also work to have late and overlimit fees waived. Not all creditors will offer these benefits, but the majority of them will. It is also required by the government that anyone on a DMP be completed within 5 years. So, what could normally take you years upon years to payoff, will only take you 5 on a DMP. It is a wonderful and wise decision to becoming debt free, especially for those who are struggling month to month with high APRs and late and overlimit fees. I really do not understand why debt management has such a bad rap when it really saves thousands of people every day. If this is something you are considering, you don't have to just take my word for it. But at the same time, please don't take the word of someone who really doesn't know exactly what all of the factors are either. I would suggest that you research this decision throuroughly on your end to decide if this is something that would benefit you.

And one more quick note regarding the FTC coming in and shutting down a debt management agency, making it impossible for you to recover any of your money. Of course you won't recover any of your money! The reason? Because as soon as we receive your money we send it right back out to your creditors. We are not allowed to hold your money. So everything that is sent to us, is applied towards your balances with your creditors immediately. It sounds like alot of the examples given previously are referring to debt settlement companies, which do absoluletly hurt your credit, and there is also the possibility of you losing your money through a settlement company - and a settlement company is not the same thing as a debt management company.