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By WebsiteKings, March 26, 2010 11:38 AM

By Mark P Cussen, CFP, CMFC

There are few things as stressful and annoying as dealing with creditors who demand money from you that you can’t pay right now. Unless of course, it would be dealing with collectors demanding money that you don’t owe, which happens more often than you think. Fortunately, the Federal Trade Commission (FTC) has rules restricting what they can do. Here’s what you can do to deal with these pesky bill collectors.

There are few things as stressful and annoying as dealing with creditors who demand money from you that you can’t pay right now. Unless of course, it would be dealing with collectors demanding money that you don’t owe, which happens more often than you think. Fortunately, the Federal Trade Commission (FTC) has rules restricting what they can do. Here’s what you can do to deal with these pesky bill collectors.

Instructions

1. Step1Demand all pertinent information about your debt from any creditor you speak to. This includes the name of the creditor and the full amount of principal, interest and penalties. If the creditor contacts you by phone, then you can insist that they send you this information in writing within 5 days.
2. Step2Immediately dispute any debt that you feel is erroneous. This should be done in writing if at all possible, and a copy should be sent to the collection agency as well as the actual person who contacted you. Send the letters by certified mail and include all copies of pertinent correspondence and other information. Ultimately, the agency must prove that you owe the debt.
3. Step3Don’t hesitate to stand up to harassing collectors and hang up on them if they call you after 9 p.m. or before 8 a.m. If that doesn’t stop them, you can threaten legal action–and follow up with action, especially if they make threats against you or use abusive language.
4. Step4If you legitimately owe a debt, work out a payment plan with the collector to eliminate it. Make sure that you can keep the payment schedule that you agree to, so that no further contact is necessary. If you default on this plan, the creditor may have the right to sue you or garnish your wages.
5. Step5Notify the Federal Communications Commission (FCC) if you are still being unfairly harassed after following Steps 1 to 4. The Attorney General’s office in your state can also help. They have the authority to take action against unscrupulous creditors and shut them down.
6. Step6Creditors aren’t the only ones who can sue. You have the right to take harassing creditors to court, and you can take them for up to $1,000 of statutory damages, not to mention your actual damages and legal costs. It shouldn’t be too hard to find a lawyer who can take your case on a contingency basis.

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By Sills, March 5, 2010 2:29 PM

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By Sills, February 3, 2010 6:59 PM

Although bankruptcy can be a viable option for you if you are facing financial troubles, it should always be considered as a last resort. It is important to learn about your other options before taking the plunge.

Before you do anything, be sure to request credit reports – which will identify your creditors and the amounts owed – from the three major credit bureaus in the country: Equifax, Experian, and TransUnion. One or more of these “big three” credit bureaus should have you on file. Often, once you discover how much you actually owe, your total debt situation may not seem so dire, and you can look into possible alternatives to bankruptcy. Here is a list of common bankruptcy alternatives for you to consider:

Create Payment Plans with Your Creditors
Once you have your credit report, you may want to set up your own payment plan with one or more of your creditors. While negotiating, attempt to convince the creditors to erase unfavorable marks on your credit reports. Also, you may be able to strike a better deal if you can pay in cash. If your creditors agree to a payment plan, you should validate the agreement in writing and work your hardest to stick to the plan.
Consumer Credit Counseling

If your debt is not too overwhelming and you have decent income, then Consumer Credit Counseling is a popular alternative to bankruptcy. CCCS, a nonprofit organization financed by MasterCard and Visa, can potentially create a payment plan that will allow you to pay back your debts over time. However, if you are behind on your car or house payment, or if you owe credit card companies not associated with MasterCard or Visa, then CCCS usually cannot help.
Use a Private Debt Counseling Company (Be Cautious)

Other “credit counseling services” can be found advertised in the phone book, in the mail, or posted around town. Recently, though, several of these companies have been sued by a State Attorney General for consumer fraud. These types of companies will typically rip you off, try and fool you by using terms such as “non-profit,” and it is generally recommended that they be avoided if possible. If you are considering using a private debt management company, it is very important to investigate the company through the Better Business Bureau and the State Department of Consumer Affairs to confirm their reputation.

Reduce Your Budget

If your debt is not completely out of control and you are not facing any potential lawsuits, than budget reduction plans may work. However, reducing your budget takes time and discipline to significantly change your lifestyle. For example, using public transportation rather than a private vehicle, bringing lunch to work rather than eating out, and cutting back on entertainment are all ways to reduce your budget. Many well written books on budget based debt reduction plans can be found in bookstores, and it is certainly worth trying before filing for bankruptcy if at all possible.

About the Author

*The following article about bankruptcy alternatives was contributed by bankruptcy Attorney Jonathan Ginsberg, our expert bankruptcy contributor whose website can be found at: http://www.thebklawyer.com/thebkblog/

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By Sills, January 29, 2010 3:23 PM

As a result of pre-recession easy credit and the sobering effects of the recession, many Americans have become overextended and feel like they are in over their heads with personal debt. The mix of credit cards, medical bills, personal loans, and raising interest rates make it challenging to stay out of debt in difficult financial times.

If you are risking financial ruin, the first advice experts give is to make sure you don’t make your situation worse by making common mistakes. In particular, these are five strategies you may want to avoid:

1. Many people pay the minimum payments on their debts hoping to stay afloat. However, this will result in your overall debt actually growing, and your problems will only become worse.

2. People in financial trouble need to beware of relying financially on friends and family, as this reliance could later damage relationships with the most important people in their lives if you are unable to pay off loans.

3. Be cautious of unscrupulous credit counselors that demand cash upfront or high fees for help they promise, but do not deliver.

4. Avoid taking out a new high-interest loan in order to pay off lower interest rate loans. While it may be easier to just have one payment, it will actually increase the amount you have to pay back.

5. While declaring bankruptcy may be the correct route if you’re experiencing extreme financial hardship, debt settlement may work for you if your situation is less dismal but you are behind or falling behind on your minimum payments.

Because bankruptcy is a serious step with long term implications for you and your financial future, most experts would suggest filing bankruptcy only as a last resort. Before you take the plunge into bankruptcy, you can attempt to work through your debt issue with your creditors, and this is where debt settlement companies can help. Debt settlement is the process of negotiating with your creditors to get them to forgive a potion of your debt. Because the two common solutions people turn to when they are risking financial ruin are debt settlement and bankruptcy, it is important to understand which the better route is for you.

…………………………….

About the Author

This article was contributed by bankruptcy Attorney Jonathan Ginsberg, our expert bankruptcy contributor whose website can be found at: http://www.thebklawyer.com/thebkblog/

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By Sills, January 15, 2010 2:58 PM

This article was originally published on CBS’ Money Watch website and was written by Barbara Bedway

Don't let it hapen to you!

By the time Lynda Rodriguez saw her BMW’s smashed front window and realized her purse was gone, thieves had already rung up $4,000 in charges not far from her Scottsdale, Ariz. home. Though Rodriguez, 47, acted quickly to shut down her credit card and bank accounts, her purse’s contents — including her pay stubs, checkbook, driver’s license, and medical ID as well as assorted credit cards — still held a potential bonanza for anyone intent on identity theft. That’s because personal information can be sold and traded among criminals for years after it’s stolen, making identity theft the crime that keeps on taking.

Rodriguez, who works in commercial real estate, learned that lesson last June, two years after the break in. That’s when she discovered the reason she hadn’t received her American Express bill: Someone had called AmEx to get the address changed and order a new card. The crook used the new card to charge $4,500 at the Bellagio in Las Vegas. In a Kafkaesque twist, Rodriguez says AmEx refused to provide her with the forwarding address the thieves used, claiming a “right to privacy” issue … for the thieves.

As Rodriguez found out, identity fraud is booming, due in part to the tough economic times. There were 9.9 million victims in 2008 (the most recent figures available), up 22 percent from 2007, according to estimates by Javelin Strategy & Research, a financial-services consulting firm. Javelin president James Van Dyke predicts the numbers will stay high “until more people are fully employed and economic pressures lessen.” Because identity thieves come out in droves during the holiday season, as MoneyWatch blogger Kathy Kristof points out, you may have recently been victimized without even realizing it yet.

What exactly should you do if your identity does get stolen? You may be surprised. In general, you’ll need to multitask at warp speed to minimize the damage to your accounts and to prevent new accounts from being opened in your name. As you contact authorities and financial institutions, keep a detailed log of each conversation. Then confirm what was said in writing by sending a copy of your notes by certified mail, return receipt requested. That way, if your contact leaves or fails to follow up, you’ll have a record.

Here’s a step-by-step guide to follow in case you do become an identity theft victim:

1. Put a Fraud Alert on Your Credit Reports

This is your very first step, even before you call the police, since credit bureaus are better able to shut down new attempts at fraud. Call the three major credit reporting firms (TransUnion, 800-680-7289; Experian, 888-397-3742; Equifax, 888-766-0008) and ask for the alert, requiring merchants to get your approval before granting new credit in your name. “You want to do anything you can to put up a barrier to new false credit being issued,” says Mari J. Frank, an attorney and author of the forthcoming The Complete Idiot’s Guide to Recovering from Identity Theft. Though in theory, you need to tell only one bureau to place an alert — that one is supposed to pass the word to the others — Frank recommends contacting all three to be sure the job gets done.

Fraud alerts normally can be renewed after they expire every 90 days, but once you’ve established you’re an ID theft victim, you can ask the bureaus for an extended alert lasting seven years.

2. Order Your Credit Reports

Once you get the fraud alert, you’re entitled to one free copy of your credit report from each credit bureau. Order these and scour the reports for unauthorized charges. Pay special attention to the “Inquiries” section, which lists businesses that obtained your report for the purposes of issuing you credit. “If you see a Kohl’s on there and you haven’t applied for an account, that’s an early indication someone used your name to open an account,” says Frank. If you spot charges you didn’t make, tell the credit bureaus and your credit issuers in writing and request the bureaus remove all the fraudulently-initiated inquiries.

3. Report the Crime

File a report with the fraud or economic crime unit of your police department. It helps convince lenders and credit bureaus to take you seriously. (You may be told to also contact law enforcement in the city where the fraud occurred.) Be persistent if you encounter resistance: Overburdened police departments may not want to take a crime report, because it requires an investigation. But “your local law officials have a duty to provide you with at least an informational report under most state laws,” says Frank.

If you have trouble getting a report, you may be able to obtain one from a state or federal law enforcement agency or the U.S. Postal Inspector, if the crime involved fraudulent use of the mail. The Federal Trade Commission has details.

4. Fill Out an Identity Theft Form

The Federal Trade Commission has developed an identity theft affidavitthat you can send businesses and creditors when a new account is opened in your name, to help document that a thief used your personal information to open the account. “It’s a kind of summary of what’s happened to you,” says Frank.

5. Notify Banks, Creditors, and Utilities

Ask to speak to someone in the security or fraud department to close all accounts a thief used. You can find the phone numbers on the back of your credit card and account statements. If you don’t have recent statements, Credit.com lists the ID theft contact info for many financial institutions.

Follow up by closing the accounts in writing, sending along copies of your police report, if you have one, and the FTC affidavit. The FTC and the Privacy Rights Clearinghouse have useful sample letters to help you document the fraud. Get new account numbers, PINs, and passwords for each account. If you have any recurring bills paid automatically out of your bank account, make sure you give merchants any new information they need.

6. Consider a Credit Freeze

If someone is still able to open fraudulent accounts more than a month after you’ve reported your identity theft, you may want to ask credit bureaus for a credit freeze. This drastic action prevents credit card issuers and lenders from looking at your credit report, which means they won’t grant new credit in your name while the freeze is in effect. (Because it can take several days to lift a freeze, you’ll need to plan ahead if you want to apply for a new card or loan once the freeze is in effect.) In most states, security freezes are available at no charge to identity theft victims. You can request a freeze online or in writing.

7. Keep Ordering Your Annual Credit Report

Since credit issuers aren’t always diligent about observing fraud alerts, you need to monitor your credit reports consistently to see if fraudulent accounts are opened in your name. You’re entitled to one free report each year from each of the three bureaus, in addition to the free reports you’re allowed when you place fraud alerts on your credit files. So a few months after getting your free credit reports from the fraud alert, order the free reports all consumers are entitled to receive through annualcreditreport.com; 877-322-8228. If you find a problem on the reports, contact the lender or credit issuer who provided the inaccurate data and make sure the firm has all the necessary documentation of the fraud.

Have you been hit by identity theft? Tell us your story, and what worked best for you, by signing in and adding a comment below.

BetterCredit101 recommends the following books on this topic: The Wall Street Journal. Complete Identity Theft Guidebook: How to Protect Yourself from the Most Pervasive Crime in America (Wall Street Journal Identity Theft Guidebook: How to Protect) and 50 Ways to Protect Your Identity and Your Credit: Everything You Need to Know About Identity Theft, Credit Cards, Credit Repair, and Credit Reports

Additional Resources:

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By Sills, September 21, 2009 5:21 AM

We live in a world where our entire credibility is dependent on our credit score. It is scrutinized whenever we go for a loan, a job, and a home rental. People with a good credit score are seen as a good risk for credit cards, loans and so forth. Landlords may determine your ability to pay your rent by examining your credit score. There are some jobs where a good credit score is seen as important and it also means you are more likely to be able to pay your bills.

Without this good credit score, the opportunity of buying things you want or need is more difficult. Sure, there are lenders who will let you borrow but at an extremely inflated interest rate.

So, as you can see, having a good credit score is very important. However, if you have a bad credit score, there are ways to fix it. This needs to be done as soon as possible and there are a number of ways to go about it.

One of the most important things is to stop your bad credit before it gets any worse than it already is. If you pay your overdue debts, it will cut off the bad credit reports. Although it won’t make your credit score any better, it will put you on track to fix your credit history.

Open a new bank account and apply for a secured credit card. This will be at a higher interest rate but that will control your spending and raise your credit score. Pay your credit card bill on time every month and your credit score will rise significantly.

Following the above advice will eventually lead to an improvement in your credit rating but your past credit history will still remain for around five to seven years before it expires. It all takes time but, if you are patient and diligent, you will see your credit score change.

If you make positive steps, your creditors will pass that information on to credit reporting agencies. If you always pay your loan payments and credit cards on time, you will get a good credit rating. This also applies to utility bills, rent, and so forth. You will eventually have a good credit rating so it’s worth the effort. Future financial opportunities could come your way and you wouldn’t want to miss out because of a poor credit score.

Anne is the owner of two websites http://www.ebooksbargains.com which has a huge range of books on a variety of subjects and http://www.therepairables.com that is a site which can help you in times of financial problems.

Author: A. Wolski
Article Source: EzineArticles.com
Provided by: PC gaming

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By Sills, September 21, 2009 5:21 AM

There will come a time in everyone’s life that they need to borrow money for a major purchase such as a car or three-bedroom/two-bath home in the suburbs. Having a high credit score and excellent credit history will allow you get the best possible interest rate and the most advantageous loan terms on your automobile loan or home mortgage, so you should begin improving your credit score now. One of the most effective ways to raise your creditworthiness is to use a few credit cards wisely to prove your ability to manage your finances.

First, get one or two credit cards if you don’t already have one. Avoid getting a lot of them, though. It may seem like having several cards with little or no balance is better than having one or two, but opening too many accounts (especially over a short period of time) is not wise. Lenders view this in a negative way, and the credit bureaus decrease your overall score.

Next, use your credit cards. Some people mistakenly believe that just having the credit card is enough, but a credit card that sits in the kitchen junk drawer does not help your rating. The idea is to show that you can use credit and pay it off. That shows responsibility.

Finally, check your credit report on a regular basis to make sure the information it contains is accurate. When you work hard to keep your credit history solid, you don’t want errors to ruin your efforts.

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By Sills, September 21, 2009 5:21 AM

Credit Scores are so important because they are used for everything today. They determine the interest rate on loans; auto, personal and mortgages. They determine the premium you will pay for auto insurance etc.

How do you build an excellent credit score? There are three important factors that build you score.

1. History – your payment history is an important part of building your credit score. The credit bureaus monitor the amount of delinquencies (past due accounts) you have. It is very important to make your payments even if it is the minimum on time. Judgments and collection accounts will have a larger impact on your score; the drop in points will be substantial. Medical collections are seen on credit reports all the time usually for small dollar amounts. FYI: If the collection agency is not updating the file it is recommended to leave it alone. From what I have learned if it hasn’t updated in six months it is no longer impacting your score. If you now pay that debt it will re-active the history and effect you score. I’m not saying don’t pay the debt because it looks better in the long run that it is paid when applying for a mortgage it will need to be paid. I’m saying if it is small amount to pay it in full because if you are making payments the negative history will start reporting again.

2. Length of Credit – this makes up a good portion of your credit score. If you have no credit score and are just starting out it takes at least six months of good payment history to establish a credit score. When starting out do not go out applying everywhere in town since the inquiries also affect your score and you do not want to have excessive inquires on your report. Try not to take out a lot of new credit all at one time since this will affect the history and make it look like you have all new credit.

3. Capacity – this is about 35% of your credit score and often the most misunderstood. Capacity is were they look at your revolving credit limits (credit cards, overdraft, HELOC etc) and compare the balances that are carried. For example if you have 10 credit cards with $10,000 line each and you carry a balance of about $500 a month you will have about 90% capacity available giving you a higher score. If you have one card with a $1000 limit and you carry a balance of $900 every month you will have about 10% capacity giving you a lower score. This is very important: DO NOT CLOSE CREDIT LINES! If you are disciplined and do not use the credit limits given to you do not close them. Closing them can decrease your capacity therefore decreasing your score.

This is a simple explanation on how a credit score is built. Please pay close attention so you too can have an excellent score and get the low interest rates you deserve.

By Lisa Burkhardt is Editor of http://12546bc.NewCreditApplications.com and http://www.work-home-today.com – great resources.

Author: Lisa Burkhardt
Article Source: EzineArticles.com
Provided by: Digital Camera Times

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By Sills, September 21, 2009 5:21 AM

Certain types of debts will qualify for debt consolidation and/or debt settlement, while others must be paid outside of the program. When deciding how to best handle your need for debt relief, it’s important to know which types of bills can be included and which cannot.

When it comes to debt, there are basically three different types. These include unsecured, secured and government. Unsecured debts include credit cards, personal loans and other types of bills that are not secured by some type of collateral. As you may expect, secured debts include a mortgage or auto loan because the loans are secured by valuable property. Certain types of charge accounts, including those obtained at furniture and/or electronic stores, are also secured because the lender retains a “security interest” in the item(s) with the right to repossess the property if it is not paid for. A government debt includes student loans and/or taxes.

Now that you are familiar with the various types of debts, it’s important to know which ones are eligible for debt consolidation and/or debt settlement services. The most common reason that people will enter into either of these programs is because of high interest credit card debt, which means unsecured debts are eligible for debt relief programs. Secured debts, as discussed earlier, are not eligible and must be paid outside of a debt relief program. A mortgage or auto lender will not be willing to negotiate a debt settlement or lower payments and interest for the life of the loan. Government debts are also not eligible for debt consolidation and/or debt settlement services and, too, must be paid separate from the program.

If you are in need of debt relief and consequently are considering a debt consolidation or debt settlement service, the non-profit agency handling your debt negotiations will be able to answer questions regarding which additional debts may or may not be eligible for inclusion in your program of choice.

When you sign up for either a debt consolidation or debt settlement service, it’s a good idea to place all of your unsecured debts on the program. Most non-profit agencies will recommend this due to the fact that creditors may feel that you are being selective in which debts to single out and request lower payments and/or interest from. If you are in true need of debt relief, your best bet will be to place all of your credit cards on the program and eliminate all of your debt at the same time. If any creditors find out that you have not placed every eligible debt on the program or if you start the program and then apply for another credit card, they may revoke your lower payment and/or interest and return your account to past due status. At the very least, they may refuse to accept the proposed debt relief plan. In a worst case scenario, the creditor could return your account to past due status and begin charging penalty interest once again.

In conclusion, if you are planning to enroll in a debt consolidation and/or debt settlement program, include all eligible debts and avoid applying for new accounts until all of your old ones are paid in full through the debt relief program.

About the Author
Brian Dolezal is a contributing editor for TopConsumerReviews.com, a leading provider of independent reviews and rankings for hundreds of consumer products. You can find out how top debt relief programs compare by visiting TopConsumerReviews.com today.

Article source:
Which Bills Are Eligible For Debt Consolidation Debt Settlement Services

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By Sills, September 21, 2009 5:21 AM

First-person accounts from mortgage professionals

Douglas Muir, CEO, Credit Justice Services

As published in Scotsman Guide’s Residential Edition, September 2009.

As the owner of a national credit-repair company, I have had to surmount much criticism. I feel for the mortgage industry and the bum rap it has received of late — but the credit-repair business often receives an even worse repute and is sometimes painted as illegal and even evil.

Fighting labels such as “scam artist” and “liar” can be tough, but honest and transparent communication can help do just that. I also believe that educating clients — and making sure to educate myself — makes a big difference.

In 2007, when discussion had just begun about the since-passed Credit Cardholders’ Bill of Rights Act, I was invited to visit with staff members of Sen. Carl Levin’s (D-Mich.) office to speak about the three major credit bureaus and credit cards.

After noting a 2004 Massachusetts Public Interest Research Group study that showed 79 percent of credit reports contain inaccurate information, I challenged the group to allow me to pull credit reports on several individuals. One intern volunteered for the sampling.

When we pulled his credit report, he was shocked to discover the report indeed contained inaccurate information. His tri-merge report showed a late credit card payment that he said he made on time. The score also was 60 points lower than that of a free report he had pulled days earlier.

As we discovered these things, I told the group about consumers’ legal rights and how the Fair Credit Reporting Act empowers consumers to control their credit information. The law states that the three major credit bureaus must prove consumers’ credit reports to be true and accurate. If the reporting bureau can’t verify the information, it must be removed.

It was an honor to speak with the senator’s office and to participate in a small way with the passing of the Credit Cardholders’ Bill of Rights Act, which President Obama signed this past May. The act, which is set to take effect in February, is designed to prevent universal default, a practice in which banks raise consumers’ interest rates based on their payment behavior on other, unrelated accounts. It also will prohibit banks from randomly changing the terms of consumers’ existing contracts and will allow card-holders an opportunity to cancel cards or pay off accounts if a legitimate reason justifies an interest-rate hike.

The act also will help consumers avoid sudden hits to their credit scores resulting from lowered limits, which can create a balance greater than 40 percent of available credit and cause a credit score to drop significantly.

In essence, the bill gives U.S. citizens an important voice — their own — when it comes to credit-report fairness. It also will assist mortgage professionals, who share the goal of helping consumers fulfill their dreams of new, ongoing and secure homeownership. By confirming consumers’ rights, the Credit Cardholders’ Bill of Rights Act will provide consumers protection from banks that in the past raised rates at their whim. For mortgage brokers, this should mean fewer surprises during the loan-approval process.

As the economy continues to struggle, first-time homeowners face a tight credit market, and many existing homeowners struggle to avoid defaulting on difficult mortgage payments. Mortgage brokers and credit-repair specialists should team up to provide these consumers advice and guidance.

One way to best serve clients is to educate and inform them about their rights, choices and options. A client empowered with information is more able to make informed decisions and more likely to think of brokers and credit-repair experts with esteem rather than with contempt. As we move forward, I think brokers and credit experts can agree that our mission is to create financially independent consumers who enjoy the comfort and security of homeownership. Together, we can do that better.

Douglas Muir is a credit-industry expert and CEO of Credit Justice Services. He speaks to mortgage professionals internationally about the importance and effects of credit. Since opening in 2004, CJS has helped more than 18,000 consumers improve their credit scores, and the company is the fourth-largest credit-repair company in the U.S. Contact Muir at (904) 757-0880, dmuir@creditjusticeservices.com or www.creditjusticeservices.com.

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By Donny Lowy, September 21, 2009 5:21 AM

In this area, your work is definitely easier now than in the past. Because of the pressure from consumer advocates and regulators credit reports are much easier to read now and there have been significant changes in the credit-reporting industry. You should know that the rise of identity theft was a key consideration for lawmakers when Congress wrote the Fair and Accurate Credit Transactions Act of 2003, which amends the Fair Credit Reporting Act. When that process was taking place, consumer advocates and others called attention to the growing importance of consumers understanding how the credit system works.

Nowadays, bad marks on your credit report can determine whether you land the job you’re applying for, how much you pay for auto and homeowners insurance, and your credit card interest rate, plus whether you have to pay your utility or cell phone company a deposit. Keep in mind that you have to focus on identifying what’s bad on your reports and the information you’ll need for planning your repair effort. Remember that there are different styles and formats of credit report. However, most of them derive from one of the three super-bureaus that supplied the information being reported.

Congress understood that an informed consumer would be less likely to fall to scams, and would be able to have a stronger control of their financial well being, provided that they could understand and have access to information.

For this reason Congress mandated that credit reports be written so as to make their information
very clear to the consumer.

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Author: Donny Lowy
Article Source: EzineArticles.com
Provided by: Mobile game news

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By Sills, September 21, 2009 5:21 AM

Debt settlement is a transaction that involves a third party to negotiate an individual or a company’s debt to its creditor. Because of the difficult task involved in resolving disputes over unpaid debts, a company offering debt settlement services is often a most sought-after solution. But what really goes into debt settlement and how does it work?

Legally, a creditor still has the right to make arrangements with the debtor despite the presence of a debt settlement company. However, there are also instances where creditors agree to settle matters with the said third party. After which, all forms of communication regarding the debt settlement is usually done through the said negotiating party.

The actual hiring of a debt settlement company may bring a number of benefits to both the debtor and the creditor. For the debtor, the benefits include less contact with a creditor who will most likely pressure him to pay the debt. In addition, employing a third party specializing in such services will be able to negotiate for a decreased percentage of balance of payment. And this decreased rate can go as high as 40 to 60 percent depending on the agreed settlement.

Meanwhile, the creditor may also benefit from the third party’s coming into the picture despite the possibility that the latter will be able to negotiate a lower creditor’s collectibles. For one, there is an ongoing settlement and chances are the debt will be paid instead of the debtor filing bankruptcy and the debt remaining unpaid after. In fact, creditors know very well that a debtor who has run out options in the money borrowing department will cease to have the ability to pay off debts. This is what often happens as those who are in debt are often caught in the practice of borrowing money from one lending institution to pay off another debt.

Thus, debt settlement companies do benefit both parties with debt settlement transactions that they initiate and which usually takes place within a period of one to three years. During this time, the debtor enters into a contract with the debt settlement company, and the latter receives authorization to transact on his/her/their behalf.

Furthermore, the debtor commits to opening an account where monthly payments are made until such time that the amount of money reflected on the debt settlement is achieved. The debt settlement company starts negotiations with the creditor as soon as there is an accumulation of money in the said account. Afterwards, the debt company forwards the money to the creditor and the debt is paid off.

About the Author
Tristan Andrews writes useful articles about collection agencies. Discover and explore the world of debt collections. Find out how using a collection agency can expand your financial horizons at http://www.advinfoc.com

Article source:
The Facts on Debt Settlement

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By Sills, September 21, 2009 5:21 AM

www.BetterCredit101.com will be featuring some new articles and videos that will show you how you can raise your credit score. Check back often for the latest updates!

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By Sills, September 21, 2009 5:21 AM

Personal Financial Management is not easy and you have to learn what it means to better manage your finance.

Here are 5 tips to better Personal Finance Management:

Teaching children about money management

Do you find your children often want things that are expensive and out of your range for any budget? If you find that you don’t have the money to buy your children everything they want, you need to teach your children a little more about money. Children should be given an allowance, but only for the chores and things, they help you do around the house. Simple things like folding the clothes, sweeping the floor, doing the dishes and feeding the pets. As your child earns money, and receives money for their birthday or special occasions, they can then buy their own things they want. As they realize how long it takes to save that money they will treat it better, and they will appreciate it more. Money management can start at a young age, and children will learn easily, taking their habits to their older years.

Money management and your home

Do you need to save money in the home? Managing your money is all about saving money, finding more money to do things you want, and to create savings accounts for rainy days. If you need to save a little more money and to spend less on household things, you can start with your utilities. Shut off the lights when you are not using them, and shut down that computer when you are not working on it. This will lower your bill a little. Look at the lights you are using in the house, if you have forty or sixty watt bulbs you are using less energy than seventy five and one hundred watt bulbs in all the lamps in your home. Cut costs by starting with the electric bill. Manage your budget; manage your money by adding more to your monthly household budget.

Saving for a rainy day

The basic thoughts behind any type of savings plan is that you should have at least three months savings in the bank, or at least have access to three month of your pay in case of major disaster or problems in the home. Right now, if you were unable to get to work for three months, how would you survive? Prepare for the future and start now. Your personal finances demand that you prepare to protect yourself. You can start by putting just ten dollars a week in a savings account. If you find this is easy, up that to twenty dollars per week. If you have the money taken out before you get your paycheck, you won’t even miss the money. When you are putting, at least $200 a month away you are preparing yourself for a great savings and in the long run, you will find it easier and easier. Yes, it is going to be difficult to start, but after a few weeks, you will adjust and your household budget will as well.

Spend less on entertainment

Are you finding it difficult to pay your bills on time all the time? If you are not paying your bills, your heat, your credit cards, and your utilities on time, you are putting yourself at risk for bad credit, and a lower credit rating. To keep your personal finances on track you should sit down and write out a list of all the bills you have every month. Next, you are going to write down everything that you spend other money on. If you are not able to pay all the bills every month, you need to find where you can cut back on money spent. Generally, this is going to be in gifts, gas, going out to the bar, to the movies, renting movies, your television channels, the subscriptions for your cell phone, and the long distance bills you pay for your landline. Review your budgets, cut back on expenses so you can afford your bills, and when they are paid off, you can get back out there, and have a bit of fun!

Personal money management and your future

Your personal life involves more than the job you are working at, but also the welfare of your family. If you were unable to work, or if you died, how would your family continue on, paying the bills and getting groceries? If you don’t have an answer, you should look to personal lines of insurance. Insurance policies are a form of money management that will protect your family in case of emergencies or in case of death. Many families find that disability insurance comes in very handy when someone breaks their legs, or perhaps needs an operation and can’t get back to work for a few months. Insurance in the case of an accident, for a disability or in case of death is going to protect your family and everyone’s financial future. Get some amount of insurance and protection for the future.

About the Author
Joseph Then will create a financial genius in you. Get a FREE report on Personal Finance Management Success. To receive it, please visit: http://www.easypersonalfinance.com

Article source:
5 ways to Better Personal Finance Management