Garrett Sutton - The ABCs of Getting Out of Debt. Turn Bad Debt into Good Debt and Bad Credit into Good Credit

Garrett Sutton, Esq., is the bestselling author of Start Your Own Corporation, Run Your Own Corporation, The ABCs of Getting Out of Debt, Writing Winning Business Plans, Buying and Selling a Business and The Loopholes of Real Estate in Robert Kiyosakis Rich Dads Advisors series. Garrett has over thirty years experience in assisting individuals and businesses to determine their appropriate corporate structure, limit their liability, protect their assets and advance their financial, personal and credit success goals.

Garrett and his law firm, Sutton Law Center, have offices in Reno, Nevada, Jackson Hole, Wyoming and Rocklin, California. The firm represents many corporations, limited liability companies, limited partnerships and individuals in their real estate and business-related law matters, including incorporations, contracts, and ongoing business-related legal advice. The firm continues to accept new clients.

Garrett is also the owner of Corporate Direct, which since 1988 has provided affordable asset protection and corporate formation services. He is the author of How to Use Limited Liability Companies and Limited Partnerships, which further educates readers on the proper use of entities. Along with credit expert Gerri Detweiler, Garrett also assists entrepreneurs build business credit. Please see CorporateDirect.com for more information.

Garrett attended Colorado College and the University of California at Berkeley, where he received a B.S. in Business Administration in 1975. He graduated with a J.D. in 1978 from Hastings College of Law, the University of Californias law school in San Francisco. He practiced law in San Francisco and Washington, D.C. before moving to Reno and the proximity of Lake Tahoe.

Garrett is a member of the State Bar of Nevada, the State Bar of California, and the American Bar Association. He has written numerous professional articles and has served on the Publication Committee of the State Bar of Nevada. He has appeared in the Wall Street Journal, The New York Times and other publications.

Garrett enjoys speaking with entrepreneurs and real estate investors on the advantages of forming business entities. He is a frequent lecturer for small business groups as well as the Rich Dads Advisors series.

Garrett serves on the boards of the American Baseball Foundation, located in Birmingham, Alabama, and the Sierra Kids Foundation and Nevada Museum of Art, both based in Reno.

For more information on Garrett Sutton and Sutton Law Center, please visit his Web sites at www.sutlaw.com, www.corporatedirect.com, and www.successdna.com.

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First and foremost, I would like to thank Gerri Detweiler, our contributing editor, for her valuable input, assistance and specialized knowledge, all of which have significantly improved the content of this book. I would like to thank Brandi MacLeod for all her efforts in shaping, reviewing and moving the manuscript forward. As well, I would like to thank Robert and Kim Kiyosaki, Scott Bilker and Tom Quinn for their beneficial thoughts and stories. To all, your contributions are greatly appreciated.

Finally I would like to thank the producers, directors and prop guys of the Universal Pictures released film Wanted, starring Angelina Jolie and Morgan Freeman. Your choice of this book to help shape James McAvoys character was a brilliant bit of casting.

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Sample Letter to Collection

Agency Requesting Verification of Debt

Your name and address

Date

Name and address of collection agency

RE: Account number (list account number if given)

Dear Sir or Madam,

I was recently informed that I owe a debt in the amount of $(list amount of debt).

I dont believe that debt is correct (or I dont know what this debt is for, etc.). Please send me written verification of the debt.

Sincerely,

Your name

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Sample Letter to Debt Collector

Requesting They Stop Contacting You

Your name and address

Date

Name and address of collection agency

RE: Account number (list account number if given)

Dear Sir or Madam,

I have been in contact with your agency about a debt in the amount of $(list amount of debt) to (list original creditor).

I ask you to stop contacting me about that debt. (You may choose to give a reason: As I have stated I dont believe I owe it, I cannot pay any portion of the debt at this time, I believe its too old to be collected, etc.)

Thank you,

Your name

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Sample Letter to Debt Collector For Settlement of Debt

Your name and address

Date

Name and address of collection agency

RE: Account number (list account number if given)

Dear Sir or Madam,

I have been in contact with your agency about a debt in the amount of $(list amount of debt) to (list original creditor).

Today we agreed that if I pay $(amount of settled debt) that this debt will be settled in full. You will promptly notify the creditor that there is no balance due on the debt. You will also promptly notify the credit reporting agencies (either that the debt has been settled with no balance due, or that it will be removed from the credit bureau records).

When I receive your written confirmation of these terms of our agreement, I will make the payment we agreed upon.

Sincerely,

Your name

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Sample Letter to Debt Collector For Payment Arrangement

Your name and address

Date

Name and address of collection agency

RE: Account number (list account number if given)

Dear (name of collector youve been dealing with),

I have been in contact with your agency about a debt in the amount of $(list amount of debt) to (list original creditor).

As we have discussed, I am making every effort to pay this debt as quickly as I can given my current financial situation.

We have agreed that I will pay $(dollar amount) on a $(monthly, weekly or other) basis. I have included the first check (or money order) based on our agreement today. If this is not our agreement, please return the enclosed check and contact me to discuss other arrangements.

Thank you,

Your name

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Sample Letter to Credit Reporting Agency

Disputing Wrong Information

Note: handwrite your dispute if your handwriting is legible

Your name and address

Last four digits of your social security number

Your credit report number

Date

Name and address of credit reporting agency

Dear Sir or Madam,

I am disputing the following account listed on my credit report:

(List account details)

It (choose one of the following or modify for your needs: is not my account, is too old to legally be reported, has an incorrect balance, was never late, has been paid in full, etc.)

Please investigate and reply as soon as possible.

Thank you,

Your name

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Sample Letter to Lender Disputing

Wrong Information on Credit Report

Note: handwrite your dispute if your handwriting is easy to read.

Your name and address

Your social security number

Your account number (if available)

Date

Name and address of lender or furnisher

Dear Sir or Madam,

I am disputing the following account listed on my (Experian, Equifax, and/or TransUnion) credit report:

(List account details)

It (choose one of the following or modify for your needs: is not my account, is too old to legally be reported, has an incorrect balance, was never late, is paid in full, etc.)

Please investigate and reply as soon as possible.

Thank you,

Your name

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Worksheet for Tracking Spending