Shed your debt load

2006-08-30T23:55:00.000-07:00

Debt Consolidation Solution | Student Loan | Credit Card Debt Consolidation: Credit Card Debt Consolidation - A Credit Card Debtor's Perfect Solution

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2006-08-17T05:26:00.000-07:00

When debt is the obstacle

Your loan application might get rejected due to heavy debt load. When you go to a lender, it is quite certain that the lender would see your credit report. If there are lots of unpaid bills, late payments and charged-off accounts, chances of getting the loan approved are very very low.

If you somehow manage to get a loan, the risk factor associated with your credit file would make the loan term stricter. That is the reason, counselors and advisors put more stress on not to let a single bad item enter your credit file, because once it is reported, it will be there for 7 years.

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2006-08-10T23:55:00.000-07:00

Libraries ready to go to collection agency

Salt Lake City Library System is going to appoint a collection agency to recover past due fines. Members would be receiving 2 notices prior to collection activities. No response to these notices would result in collection call invariably.

People are of mixed opinion out of this move. Appointing a private agency does not seem good to somebody, whereas, others have issues with the time period assigned by libraries to pay the fines. Some credit lovers have already speculated that returning books timely to the library could be a good way of improving credit score. September 18, 2006 is the expected date the new police becomes effective.

2006-07-21T02:51:00.000-07:00

A to do list before going for a consolidation company

Debt consolidation is a trendy option to get rid of debts. Most of the consumers in US use credit cards to buy their daily breads and eventually go deeper into debt. The rate of interest is too high nowadays. Top of that, there are late fees, over-limit charges, chance of credit damage and collection harassment.

Debt management firms often lend a helping hand to heal these problems. More and more people opt for debt management program with the thought they would become debt free within a few months. It is true that good consolidation company can help people become debt free and achieve good credit in due course; however, there are some bad companies also. Once you put your credit in a bad hand, it’s gone.

While choosing debt consolidation or debt management or a settlement firm, always perform following customs:

Check the company with Better Business Bureau.
Do some online investigation
Contact Consumer Protection Office of your state and inquire their legitimacy.
Contact State Banking Department and make sure the company is licensed to do business in your state.
Read the agreement paper, including fine print, carefully – it’s very important.
Ask all the questions that are in your mind and do not accept a partial answer.

Once the program starts, stay connected with the company and regularly inquire on the progress so that you can be sure that everything is going good.

2006-01-31T17:37:00.000-08:00

Some useful tips on dealing with debt collectors:

Tip #1:

It has been reported several times that collectors do not pick up DV request. It’s a tough game to play dear. Let’s say it, Bryan is getting collection calls for several days and the collector is claiming much more than what he exactly owes. Bryan decides to send a DV. He managed the contact address of the collection agency after arguing for hours. Then he sent the DV through certified mail with return receipt requested.

Bryan thought once the green slip would return, he will keep it as a proof that he tried to repay the debt, but collectors could not validate it. But man proposes god disposes. They did not pick up the mail; it’s been waiting and waiting for several days.

What to do next? It’s a real problem and I guess many have faced similar situation. I would suggest Bryan to be tricky. Hey Bryan! Why don’t you write “Payment” over the envelope? The collection agency would just have it like anything and the receipt will come to your door step even before you send it, LOL.

Tip #2:

While sending DV, add few lines mentioning not call you at work, or not to call you at all. However, you can specify your convenient time as well.

Some experts have said that, in the cease comm. letter, consumers can notify the collection agency this way: “I would like to deal with the original creditor; I am not comfortable in paying a third party collection agency.” Wow, that sounds great.

Again, remember they will not pick up your cease comm. letter, so be tricky and get it received anyway. Once they sign the receipt, they are bound to obey it. let’s try it and put the feedback here. Best of luck.

2005-12-02T12:47:00.000-08:00

Wipe out your debts by your own

Debt problem is a big problem nowadays. Most of the Americans are suffering a lot from debt troubles. The amount of debt burden per head is increasing day by day. Reformation of the bankruptcy laws has made it difficult to discard debts to a large extent. So what is the way to get rid of your debts?

I think proper planning, budgeting and negotiation are the keys to a debt free life. Proper planning refers to the way how you would like to handle your resources to repay your debts. You might like to pay off the due power bills first, that would help your home electricity lines stay active. Then you might like to pay your credit card debts as the minimum payments for credit cards are increasing rapidly. This way you have to do some planning so that you march towards a debt free life steadily.

Next comes budgeting. It means the allocation of your fund to various accounts that you hold. Here raises the question of priority. As per as debt is concerned, federal loans deserve the highest priority and should be paid off with time, because they are not dischargeable and no statues is there for federal loans. It’s as important as Childcare. You have to decide how much will you pay on which account. And the term negotiation heads up!

Negotiation refers to the process of discussion with your creditors. You can make them understand of your liabilities and limitations and can realize their bindings also. The process could be very productive indeed. Some openings might come out for the lanes which seemed to be blind otherwise. So we cannot ignore the importance of negotiation in solving our debt problems.

If you are an expert speaker, have control over your nerves and possess the ability of convincing others, you can settle your debts by your own. But you should have some basic knowledge of rules and regulations, specially while dealing collection agencies, because collection agencies often harass people and try to extract money anyway. You cannot protect yourself unless you are aware of the rights and rules & regulations of debt collection.

That is the purpose of this blog. I would like to publish relevant information that will help you to fight your debts and collection agencies by your own. I also promise to supply recent industry news to you through this blog.