ProCouncil™ Advisory
A Limited Liability Division
Litigation, Risk & Default Servicing Mitigation Products, Solutions and Services

News July 2008 - Credit Card Debt In Need of Special Modifications!

1st Loss in 3 Years! Citi Bank Lost $176 million in credit card securitizations (Q2) as reported on 8/4/08 by Erik Schatzker of Bloomberg. Like mortgages, predictable credit card receivables are securitized into tradable (debt) bonds. Citi had some $9B in such writedowns on previous deals; as BofA and JP Morgan each carry about $3B in securitized credit card debt as of March 2008.

Solutions:

Consumer Debt sDirt™ Solution
 

Credit Card Debt Workout Solutions:
Suspended Debt Incremental Reporting™
Sdirt™

Industry members may opt-in to the Suspended Debt Incremental Reporting Treatment Program™ wherein consumers and consumer credit counseling organizations may enter consumers into the program to resolve potential and default payment and credit distress situations by avoiding bankruptcy or negative credit reporting at the outset of the rehabilitation of the consumer’s debt and credit situation.
 

ShortPayCreditCard™ | shortpaycreditcard.com

Voluntary optin device that reduces the principal of the outstanding debt, interest, rate and resets the payment schedule, all in suspense while protecting FICO scores and working out a credit short pay off by using sDirt™.


ShortPayCreditCard™ and Suspended Debt Incremental Reporting™, Sdirt™ All Rights Reserved in Copyright, Trademark, Competition, etc. 2008, HotNeutral™ and/or Richard I. Rydstrom