This new law has supposedly stopped a few case of unwarranted bankruptcies in the USA. On the other hand, the legislation has certainly adversely affected those people who have been holding home- and condominium loans since 2005.
Many of these people have lost their homes and/or mortgages--and have no recourse to debt relief at much earlier stages due to the less likelihood that they might eventually threaten bankruptcy.
Amazingly, without me knowing it, U.S. Credit Management of Irving, Texas, who had already taken nearly 8000 dollars from my bank account in Texas, quietly decided to use a loophole and did in fact fully declare bankruptcy in late 2005.
Thousands of dollars of mine went up the creek with that bankruptcy of U.S. Credit Management. Many other Texans (and other Americans) lost big in that and related scandals at U.S. Credit Management in the middle part of this decade.
As January 1, 2006 dawned, not only was I up a creek without a paddle (and out of 8000-plus dollars in savings), but I was once again having to renegotiate my own loans individually with all my creditors-including Citibank.
SETTLING DEBT
By March 2006, I was fully distraught and aware that I had been a victim (along with many others) of a scam of sorts by U.S. Credit Management, a company ostensibly set up to help people in debt.
I have contacted several Attorney Generals and the police chief in Irving Texas, but I have received no word on whether I will ever get any money back from the bankruptcy of Texas' U.S. Credit Management.
Meanwhile, I had become busy contacting all the creditors I knew of-including Citibank Mastercard.
The good news is that I was able to settle all of my accounts--accept two--by August 2006.
That is likely because I had informed them all that I was victim of the U.S. Credit Management Scandal. Knowing that I had just been taken through the ringer by U.S. Credit Management, many of my creditors took off all of my penalties--and in some cases part of my debt.
Finally, by September 2006 only 2 creditors remained-and you guessed it: One of these firms was Citibank.
EPILOGUE: CITIBANK
As of this writing, I believe my credit rating in my homeland is still horrendous. I was back in the USA this summer and I tried-just for fun-to see if I could get a credit card.
Naturally, I couldn't.
Meanwhile, as long as Citibank refuses to fairly settle my debt-by taking off all fees and accrued interest, I do not plan to settle.
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