2013년 12월 2일 월요일

About 'debt solution companies'|Debt Consolidation: Solution To Your Financial Problems







About 'debt solution companies'|Debt Consolidation: Solution To Your Financial Problems








Debt               solutions               are               a               top               priority               for               many               Americans.

The               recession               has               forced               many               people               to               reassess               their               priorities               and               take               control               of               personal               finance.

The               only               way               to               overcome               mountains               of               debt               is               to               develop               a               get               out               of               debt               plan               and               commit               to               sticking               to               it.

A               variety               of               debt               solutions               exist.

The               type               of               strategy               used               depends               on               the               types               of               debts               involved.

Debt               relief               can               be               obtained               through               household               budgeting,               credit               counseling,               debt               consolidation,               debt               settlement,               or               personal               bankruptcy.
               Each               option               presents               advantages               and               disadvantages.

Not               all               options               are               available               to               everyone.

For               example,               debt               consolidation               is               usually               reserved               for               property               owners               with               accrued               home               equity.

Some               programs,               such               as               credit               counseling               and               debt               settlement               require               debtors               to               pay               fees               for               services               rendered.
               Debtors               carrying               minimal               amounts               of               debt               may               find               relief               through               household               budgeting.

This               can               be               an               effective               way               to               get               personal               finances               back               on               track,               as               long               as               debtors               adhere               to               the               plan.

The               only               requirements               of               budgeting               involve               making               a               list               of               income               vs.

expenses.

If               expenses               are               more               than               income,               debtors               must               find               a               way               to               increase               income               or               reduce               expenses.
               People               oftentimes               do               not               realize               how               much               money               they               waste.

Nickel-and-dime               expenses               can               quickly               destroy               a               household               budget               and               leave               debtors               wondering               where               their               money               has               gone.

An               easy               way               to               reveal               spending               habits               is               to               track               every               penny               spent               for               an               entire               month.
               Consumers               who               use               credit               cards               to               cover               the               cost               of               living               expenses               and               only               pay               minimum               payments               will               be               enslaved               to               credit               card               debt               for               eternity.

Creating               a               workable               budget               can               free               up               funds               being               spent               elsewhere               and               allow               debtors               to               pay               off               credit               cards               more               quickly.
               Debt               consolidation               is               a               strategy               that               allows               property               owners               to               use               their               real               estate               as               collateral               to               secure               a               home               equity               loan.

Some               homeowners               take               out               a               second               mortgage               to               pay               off               high               interest               loans,               while               others               use               a               home               equity               line               of               credit               (HELOC).
               Transferring               high-interest               debts               to               a               home               equity               loan               can               save               borrowers               a               considerable               amount               in               interest               fees.

Real               estate               loans               are               assessed               between               5-               and               18-percent               less               than               credit               cards               or               unsecured               loans.

However,               using               real               estate               as               collateral               can               place               the               property               at               risk               for               foreclosure               if               borrowers               default               on               loan               terms.
               Debt               settlement               is               typically               reserved               for               borrowers               carrying               $10,000               or               more               in               debts.

Debt               settlers               negotiate               with               creditors               to               reduce               outstanding               balances               or               interest               rates.

Consumers               may               first               want               to               attempt               creditor               negotiations               on               their               own.

Creditors               will               sometimes               accept               less               than               the               amount               owed               when               debtors               can               provide               lump               sum               cash               payment               and               a               reasonable               payment               plan.
               Debtors               who               enlist               the               help               of               debt               settlement               companies               are               required               to               pay               a               start-up               fee               and               monthly               maintenance               fee               until               debts               are               fully               paid.

There               is               no               guarantee               that               debt               settlers               will               be               successful               in               creditor               negotiations.
               It               is               important               to               conduct               due               diligence               before               signing               a               debt               settlement               contract.

Consumers               should               request               a               list               of               referrals               and               contact               each               of               them.

It               is               also               important               to               understand               fee               structures               and               calculate               the               true               cost               of               services.

Debt               settlement               can               be               a               costly               debt               solution               if               caution               is               not               exercised.
               Credit               counseling               can               be               a               good               option               for               debtors               struggling               to               make               ends               meet.

Credit               counselors               can               review               finances               and               offer               advice               regarding               the               most               suitable               debt               solution.

Individuals               can               locate               credit               counselors               via               phone               directories,               online               search,               or               through               the               Trustee               Program               offered               through               the               U.S.

Department               of               Justice.
               Regaining               control               of               debt               may               seem               impossible,               but               can               be               accomplished               with               the               right               resources               and               tools.

Take               time               to               research               available               debt               relief               options               to               determine               which               is               best               suited               for               your               needs.

Then               make               a               plan               to               eradicate               debt               once               and               for               all.
               Sources:               
               Trustee               Program               Credit               Counselors






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    2013년 12월 1일 일요일

    About 'buy bad debt'|...to have a policy change. There's still a distinction between the good guys and the bad guys. The good guys happen to be governments the US probably...







    About 'buy bad debt'|...to have a policy change. There's still a distinction between the good guys and the bad guys. The good guys happen to be governments the US probably...








    I               was               a               debt               collector               for               two               years.

    When               I               lost               my               job,               I               became               the               debtor               on               the               other               end               of               the               phone.

    What               can               a               debtor               do               to               best               deal               with               a               debt               collector?

    There               are               just               a               few               options.

    Hang               Up
                   You               do               not               want               to               ignore               them               forever.

    Some               collection               agencies               could               eventually               start               calling               your               family               and               neighbors               to               try               to               get               in               touch               with               you               if               you               never               answer               your               phone.

    They               are               allowed               one               phone               call               to               a               known               relative               in               an               effort               to               try               to               reach               you;               anything               more               is               a               violation               of               the               Fair               Debt               Collection               Practices               Act,               or               FDCPA.
                   A               debt               collection               agency               has               to               be               licensed               in               both               their               state               and               yours               or               it               is               illegal               for               them               to               be               calling               you               in               the               first               place.

    All               states               are               bound               to               the               FDCPA               but               many               have               their               own               separate,               stricter               rules               and               regulations.

    For               instance,               many               states               carry               a               Seven               Day               Hang               Up               Policy.

    If               your               state               is               one               of               them,               hanging               up               on               a               debt               collector               will               buy               you               seven               days               before               they               are               allowed               to               contact               you               by               phone               again.

    In               some               states,               they               are               allowed               an               immediate               return               phone               call               to               verify               that               you               did               intentionally               terminate               the               call.
                   Budget
                   If               you               can               afford               to               repay               the               debt               over               time               you               can               offer               your               solution.

    It               does               not               matter               what               amount               you               offer,               whether               it               be               10%               or               30%,               they               are               going               to               try               to               talk               you               into               a               higher               amount.

    When               an               amount               is               agreed               upon,               or               rather               if               it               is,               most               debt               collectors               will               then               tell               you               that               payment               schedules               are               not               acceptable               unless               you               set               up               automatic               payments               from               your               debit               card               or               checking               account.
                   Many               agencies               will               have               their               own               rules,               but               the               law               is               the               law.

    You               are               not               obligated               to               give               them               your               financial               information               and               you               do               not               have               to,               by               law,               give               them               automatic               payments.

    Many               agencies               will               flat               out               say               they               will               not               accept               anything               smaller               than               a               payment               in               full.

    Even               if               you               ask               them               if               they               will               return               your               payments               if               you               send               them               and               they               say               yes,               they               cannot               do               this.

    When               I               was               a               debt               collector               I               had               the               sweetest               woman               send               $1               a               month               on               her               overdue               credit               card.

    That               is               what               she               could               afford,               and               the               data               entry               clerks               credited               her               account               each               month.
                   Settlement
                   Many               debts,               especially               unsecured               credit               cards,               are               payable               via               settlement.

    Most               agencies               will               offer               an               80%               -               90%               settlement               amount               if               you               make               one               lump               sum               payment.

    As               a               debt               collector               I               found               that               offering               a               settlement               between               February               and               April               got               more               delinquent               accounts               paid               then               offering               payment               schedules.

    If               you               are               offered               this,               or               you               ask               a               debt               collector
                   to               do               this               for               you               and               they               agree,               always               get               a               Letter               of               Settlement               before               paying.

    You               should               be               given               a               minimum               of               30               days               to               complete               the               transaction               from               the               date               on               the               Letter               of               Settlement.
                   This               option               is               best               if               you               want               to               get               a               nice               chunk               off               your               credit               report               and               can               spare               the               funds.

    Your               credit               report               will               show               the               account               was               settled               and               it               will               no               longer               be               considered               a               bad               debt.
                   Refusal               To               Pay
                   You               can               be               down               right               blunt               with               the               debt               collector               and               tell               them               you               are               refusing               to               pay.

    Naturally               they               will               ask               questions               but               after               a               debtor               refuses               to               pay               the               debt               they               cannot               continue               aggressive               credit               collection               actions.

    Many               states               will               require               you               send               this               refusal               in               written               form               before               any               phone               calls               would               cease.
                   Cease               and               Desist               Letter
                   You               can               write               a               cease               and               desist               letter               to               the               agency.

    The               letter               should               state               clearly               that               is               a               letter               that               requires               them               to               cease               and               desist               all               communications,               both               oral               and               written,               immediately.

    They               are               allowed               to               contact               you               one               more               time               to               confirm               your               wishes               and               inform               you               that               they               received               the               letter.
                   Dispute               and               Proof
                   If               the               debt               is               disputable,               as               in               not               yours               or               $4000               more               than               the               original               debt,               you               can               send               a               dispute               letter               requesting               proof               of               the               debt.

    In               the               event               that               they               cannot               provide               validation               they               will               have               to               cease               communication.

    You               will               also               then               be               able               to               have               this               debt               removed               from               your               credit               report,               legally.
                   Validation               proof               should               not               take               more               than               thirty               days.

    If               you               have               not               heard               back               from               them               in               thirty               days               from               the               day               you               send               the               letter               you               should               contact               them               to               be               sure               they               received               it               and               are               working               on               it.

    If               they               can               show               that               they               were               working               on               obtaining               the               proof               they               do               have               more               time.

    If               you               seem               to               be               getting               the               run               around               contact               the               credit               bureaus               directly               to               file               a               dispute               on               your               credit               report.

    During               this               process               you               will               be               allowed               to               request               documentation               proving               the               debt,               and               if               none               is               found               the               debt               will               be               cleared               from               your               credit               report.
                   Although               I               receive               calls               from               debt               collectors               I               do               know               what               it               was               like               on               the               other               end               of               that               phone.

    Many               debt               collectors               are               rude,               some               may               even               curse               which               is               illegal               as               well,               but               many               have               the               same               feelings               as               you               and               I.

    When               I               was               behind               the               phone               calls               it               broke               my               heart.

    I               heard               some               of               the               worst               stories               ever               and               found               myself               weeping               for               my               account               holders.
                   The               job               became               so               stressful               that               I               would               eventually               walk               away               from               it.

    Of               course               we               got               the               phone               calls               that               were               sob               stories               that               were               just               plain               untrue,               but               most               times               you               could               tell               in               their               voice               if               they               were               really               in               a               situation.
                   My               best               advice               is               to               try               to               work               with               the               debt               collector.

    If               they               get               rude               hang               up               and               write               a               refusal               letter.

    Any               time               you               send               anything               to               a               debt               collection               agency               be               sure               to               send               it               certified,               registered,               delivery               confirmation,               or               signature               confirmation.

    You               need               proof               that               they               received               what               you               sent               them               to               cover               yourself               in               the               future               if               bigger               problems               would               arise.
                   If               a               debt               collector               threatens               you               in               any               way,               portrays               them               self               as               an               attorney               when               they               are               not,               or               curses               at               you,               you               should               contact               an               attorney.

    Most               violations               of               the               FDCPA               are               punishable               by               a               $1500               fine               and               if               there               are               enough               cases               and               complaints               they               could               lose               their               licensing.






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    1. natatat.wordpress.com/   10/01/2008
      ...It’s exactly opposite of what we should do. So, we should get out of the way and not buy up bad debt. There’s illiquid assets, but most of those are probably worthless...
    2. trulyjones.blogspot.com/   10/01/2008
      ...high. It's exactly opposite of what we should do. So, we should get out of the way and not buy up bad debt. There's illiquid assets, but most of those are probably worthless...
    3. can-turtles-fly.blogspot.com/   07/20/2009
      ...debt, using the money to buy back shares. The ... when it sold debt in 2005, said Tom Beermann...don't think this is a bad tactic for Intel. I don't follow...
    4. openingmind.blogspot.com/   08/28/2009
      ...Denninger said the real amount of bad debts is probably 30 trillion .... link Nobody is buying our Treasury bonds. Most of...
    5. kimbofo.typepad.com/   03/15/2008
      ...mark I rushed out and bought Bad Debts . I could sense it was.... Without a doubt Bad Debts is a highly charged...
    6. banksterreport.blogspot.com/   02/15/2010
      ...irresponsibility (and more importantly, pay for the banksters' stupidity/arrogance in buying the bad debt in the first place! ). This article from Der Spegiel discusses the different...
    7. envast.blogspot.com/   09/20/2008
      ...would give the government broad power to buy the bad debt of any U.S. financial institution for the... good cash; they give you the worst of the worst," Sherman said...
    8. richmorrissermons.blogspot.com/   01/05/2011
      ...even evil stuff to you, indefinitely. Do you buy that? Isn’t that pretty difficult? Have you...as the parents. It’s like a bad debt that won’t go away. That old sin cycle will...
    9. singaporemanofleisure.blogspot.com/   11/24/2011
      ...will belong to this group. We will say if we buy this, debt is good. And if we buy that, debt is bad... Conventional wisdom is that it's "good" debt if we take up a student loan for our...
    10. tobyroberts.blogspot.com/   01/06/2007
      ...to have a policy change. There's still a distinction between the good guys and the bad guys. The good guys happen to be governments the US probably...
    11. Buy Bad Debt - Blog Homepage Results

      ... a small compromise plan that would buy more time (though his friends in the House... or even raising the debt limit at all. The situation has held up...
      ... via email. Notify me of new posts via email. AfterNew year…..worse me? January 1, 2011 » About This is my plan… My plan to change...
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    2013년 11월 30일 토요일

    About 'credit advice'|Credit Card Advice From An Insider







    About 'credit advice'|Credit Card Advice From An Insider








                   Unfortunately,               many               people               fall               into               credit               problems               not               because               they               are               irresponsible               but               because               they               listen               to               the               so-called               "facts"               that               they               hear               from               relatives,               neighbors,               colleagues               and               friends.

    When               a               car               mechanic               is               giving               your               advice               about               credit,               it               might               be               best               to               check               the               facts               before               making               any               decisions,               especially               ones               that               can               affect               your               entire               future.

    Misinformation               spreads               just               as               fast               as               good               information,               so               you               should               be               sure               that               you've               received               accurate               advice               before               going               any               further.

    Following               are               the               top               five               credit               misconceptions               that               many               people               believe.
                   Credit               Misconception               #1:               Your               Credit               Score               Drops               When               You               Check               Your               Own               Credit
                   There               are               two               different               types               of               credit               checks:               soft               inquiries               and               hard               inquiries.

    When               you               check               your               own               credit               -               such               as               ordering               a               credit               report               from               one               of               the               credit               bureaus               -               it               qualifies               as               a               soft               inquiry               and               does               no               damage               to               your               credit               score.

    When               creditors               and               lenders               -               such               as               credit               card               companies               and               mortgage               lenders               -               check               your               credit,               it               is               a               hard               inquiry,               and               will               damage               your               credit               score               if               too               many               are               conducted.

    The               reason?

    Multiple               inquiries               produces               a               red               flag               for               lenders               because               it               demonstrates               irresponsible               credit               behavior.

    Checking               your               own               credit               score               is               a               matter               of               personal               knowledge,               and               doesn't               do               you               any               harm.
                   Credit               Misconception               #2:               It               is               Best               to               Close               Old               or               Inactive               Accounts
                   Many               people,               when               they               order               a               credit               report,               discover               that               accounts               they               opened               twenty               years               ago               are               still               open               even               though               they               no               longer               use               the               credit               card.

    In               an               effort               to               "clean               up"               their               credit               report,               they               close               those               accounts,               which               can               actually               harm               your               credit               score.

    Your               credit               score               is               calculated               by               a               complex               algorithm               that               takes               into               consideration               many               points,               including               the               length               of               your               credit               history.

    When               you               close               old               accounts,               it               shortens               your               credit               history,               and               may               keep               you               from               acquiring               loans               or               lines               of               credit               in               the               future.

    If               you               want               to               get               rid               of               a               few               accounts,               start               with               the               newer               ones               first.
                   Credit               Misconception               #3:               Paying               Off               a               Delinquency               Removes               it               From               Your               Credit               Report
                   Unfortunately,               this               is               not               true.

    As               soon               as               an               account               goes               into               collections               or               is               unpaid               by               the               borrower,               it               is               marked               on               the               credit               report               as               such,               and               will               remain               for               at               least               seven               years.

    If               you               pay               off               the               delinquency,               the               creditor               is               required               to               mark               the               account               as               "paid",               but               it               will               not               be               removed               from               your               credit               report.

    While               having               a               "paid"               delinquency               is               better               than               having               one               which               isn't,               you               should               still               know               that               future               creditors               will               see               the               delinquency               on               your               credit               report.
                   Credit               Misconception               #4:               Co-Signing               for               a               Loan               or               Account               Does               Not               Initiate               Responsibility
                   It               is               almost               never               a               good               idea               to               co-sign               on               a               loan               or               to               become               an               authorized               user               of               a               credit               card.

    When               your               name               goes               on               an               account               or               loan,               you               take               financial               responsibility               for               whatever               money               is               borrowed               or               used.

    This               means               that               if               the               principle               on               the               account               fails               to               pay,               you               must               make               the               payment               for               them               or               your               credit               score               will               suffer               just               as               much               as               the               other               person.

    Unfair?

    Certainly!

    That's               why               you               should               be               careful               about               signing               your               name               to               applications.
                   Credit               Misconception               #5:               Paying               Off               a               Debt               will               Add               "X"               Points               to               Your               Credit               Score
                   As               mentioned               above,               credit               scores               are               not               simple               calculations               and               it               is               impossible               to               determine               how               many               points               by               which               your               credit               score               will               increase               when               you               pay               off               a               debt.

    I've               heard               different               numbers               where               this               is               concerned               -               50,               75,               even               100               -               but               none               of               them               are               true.

    While               paying               off               a               debt               will               improve               your               credit               score,               the               exact               amount               will               depend               on               many               different               factors.
                   Check               out               CP               Rachel               Pickett's               article:               The               Importance               of               Having               Good               Credit.






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    7. credit.typepad.com/   01/31/2006
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