Roadmap Roadmap

The 5 Mile Markers

Mile Marker 1: Original Creditors

Step One: Stop Making Payments

To be clear (again), I am not telling you not to pay your creditors. However, some of you may be struggling to make your minimum payments, or know that you won't be able to service your debt any longer for reasons outside your control. The reality is this: unless you stop making your payments, you will not experience any debt relief, or start the statute of limitations clock on your debt.

Action Steps:
  1. Stop making payments for whatever reason.
  2. Mark your calendar for 180 days from the date of your last payment; that is when the original creditor will usually charge off your account.

Once you stop making payments, you'll soon find yourself at Mile Marker 2 on the Road Map.

> Mile Marker 2: Pre Charge-Off