Furloughed flexer's

[Amish RakeFight]

I've known individuals who've gone through chapter 7 where all eligible debts are discharged. Taxes, medical and student loans are normally NOT dischargeable in BK court.

Credit bureaus will report the BK up to 10 years from the date filed.

Once you've had the debts discharged, you're financially a free man. In fact, you'll actually start to see offers for credit cards in the mail. Some secured (pay into the card), some unsecured. All normally have annual fees and slightly higher interest rates. The logic is that you can't file for BK for at least another 7 years and therefore you are a somewhat acceptable credit risk. They assume you're going to keep your ducks in a row for the next several years.

 

[T-1GUY]

I used to be a Chief Financial Officer for Consumer Credit Counseling Service of Fort Worth Tx. Here are my observations and two cents worth.

There are a lot of rip off companies with names that are very similar to the above. There are also different philosophies between location headquarters.

When I worked there, we did not charge one red cent to the customer. Let me say that again. We DID NOT CHARGE ONE RED CENT to the customer.

If the place you are going is charging a fee, you are using the wrong service.

Here is how we use to make money. We had pre-negotiated agreements with 95% of the creditors out their. The other 5% tended to be doctors and independent businesses where it was just too cost prohibitive to chase down that deal. (Imagine visiting each individual doctors office instead of just a corporate head quarters).

The deal tended to be: For each dollar that is submitted back to the company, CCCS would get to keep 12%. This 12% was used to fund CCCS salaries (which were very conservative), office rent, supplies, etc.

The creditors agreed to this because they did not have to fund a collection agency.

CCCS would negotiate deals for the customers that would include stopping interest and fees and calls. The monthly payment would be something that the client could afford. One payment to CCCS. CCCS would then distribute the agreed upon amount to the Creditors.

If a client finished the program, he or she would walk away with a clean credit history and paid off balances.

Some of the CCCS offices did charge a small $20 fee each month to the clients. It was a matter of philosophy that I won't get into, but by no means was this a "Pay me $1,500 up front and I will fix your credit problems" come on.

 

[unclepetey]

Flex's business is also down about 25%. What Greed said is that the owners who are still with the company are flying 15% less than usual.

Well, if that is true, then our flying is a little better than NJ. According to Santulli's last interview couple weeks ago with MSNBC, their flying is down 26% against the overall industry of 30%.

 

[netjetwife]

Thanks for the clarification, Uncle. These days we all need accurate info to track what's going on in the industry. Best wishes to the Flex pilots, especially those who have been furloughed. NJW

 

[unclepetey]

Thanks for the clarification, Uncle. These days we all need accurate info to track what's going on in the industry. Best wishes to the Flex pilots, especially those who have been furloughed. NJW

No problem.