Digital News ReportGetting relief from 'debt relief' companiesToday's THVDebt Relief, Debt Settlement, and Debt Negotiation companies. Their ads claim that they can reduce or eliminate your unsecured debt, particularly your ...Hureon Consulting Offers Personalized Debt Relief SolutionsI-Newswire.com (press release)Debt Relief Companies get new […]
The GuardianImproper Disclosures Cost Citi $75M In SEC SettlementMortgageorb"In fact, billions more in [collateralized debt obligations] and other subprime exposure sat on its books, undisclosed to investors. ...Citigroup Said to Pay $75 Million to Settle SEC Subprime CaseBloombergWhere Are The Prosecutions? SEC Lets Citi Execs Go Free After $40 Billion […]
Apartment Investment and Management Company Announces Second Quarter 2010 ResultsMarketWatch (press release)Second quarter 2010 net loss was less than second quarter 2009 primarily due to other income associated with the settlement of certain litigation matters ...and more » […]
Washington PostFTC: No more upfront fees for companies to help consumersLas Vegas Review - JournalThe Better Business Bureau records the track records of debt settlement companies and posts the information for consumers on its website. ...'Debt relief' firms can cost more, ruin creditTulsa WorldLeading Debt Relief Firm Supports FTC Ban on Up-Front […]
Earthtimes (press release)America Service Group Announces Second Quarter ResultsMarketWatch (press release)The settlement regarding the shareholder litigation, which has received preliminary Court approval, is subject to final approval by the Court and provides ...Thermadyne Holdings Corporation Announces 2010 Second-Quarter ResultsMarketWatch (press release […]
Entertainment Properties Trust Reports Second Quarter ResultsMarketWatch (press release)Results for the second quarter of 2010 include a charge of $15.6 million or $0.35 per diluted share, associated with the Company's early retirement of debt ...and more » […]
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Northrop Grumman Reports Second Quarter 2010 Financial ResultsMarketWatch (press release)The cash impact of the settlement is $66 million in the second quarter. Adjusted for the $296 million settlement, the company's effective tax rate for the ...and more » […]
Rite Aid Settles FTC CaseWall Street JournalThe settlement requires establishment of policies for and training on protecting information and getting an independent review of its compliance every three ...and more » […]
Exploring Different IRS Tax Debt Relief Options For IRS Debt SettlementGranite Bay Press TribuneHere is some crucial information pertaining to some of these tax debt settlement alternatives which could guide debtors who are out to reconcile their ...and more » […]
Where Can I Find Debt Consolidation Information – and How Can I Get Started?
Millions of people find themselves in debt every year. If you are one of these people, you’re probably asking this question: “Where can I find debt consolidation information?” You may be able to go to your mortgage lender, your bank or credit union to learn about debt consolidation information. The most readily available source of information, of course, is the Internet. Do a search using such terms as “credit problems”, “repair credit rating”, “consolidate debt” and so forth. Depending on the state of your credit rating or credit score, you may be able to obtain a debt consolidation loan. However, unless you have collateral to secure a loan, this may not be an option for you. Probably the most reliable form of debt consolidation information is the home equity loan. To learn about this, go to your mortgage lender and present the total amount of your debts along with a list of your creditors. Because you have a home mortgage, and therefore you have collateral, this may be one of the best consolidation options. Debt consolidation information also includes such options as credit counseling, where a credit counselor works with you and your creditors to find solutions. Often a credit card company will agree to reduce the amount you owe, provided that you make payments on a regular basis through the credit counselor. This is also known as debt settlement, debt negotiation, or debt arbitration. It is infinitely preferable to bankruptcy. Whatever method you choose for debt repayment, there are a few things that you will have to do prior to beginning the process. First of all, do you know how much money you owe? Gather your bills together, take a deep breath, sit down and make a list. Once the information is down on paper, then you will have an idea how you should proceed. Again, seek debt consolidation information. Look into credit counseling companies. Explore the option of a home-equity loan. Regardless of how you choose to approach repayment of your debts, it is worthwhile to be debt free. Once you have paid your debts, your credit rating will improve and you will be out from under a very heavy weight. Congratulations on facing your problems squarely and seeking a solution to your debts. From this point forward, the only time you should use a credit card is in extreme emergency, or when cash is not available or is not an option. Use credit wisely, we paid your debt as soon as possible, and do everything you can to avoid being in debt again.
Daniel Major is a father of four who has recovered from debt.He was previously a director of a successful employment business and has since moved on to a new challenge.
We are living in very tough economic times and it is at times like these that people begin to realize just how much debt that they have and wonder if they are going to be able to keep up on their payments. These concerns grow as items become more expensive and people start losing their jobs. Something that is happening around the United States even as you read this. For many people, debt consolidation is a viable option as they get further in debt or are unable to pay their current debts. If you are one of those people who are looking for debt consolidation information, then you should read this first and make sure you know exactly what you are getting for your time, trouble, and yes, money. Debt consolidation means different things to different people. That is because debt consolidation can take more than one form. Firstly, there is debt consolidation through credit counseling services. This is when you can consolidate your credit card debt into one payment made directly to the credit counseling service. The will provide you with extensive debt consolidation information and once you sign on with them; they will negotiate with your creditors to eliminate your interest payments and close your accounts. Often they will negotiate smaller payments as well to get your monthly payments into a more manageable place based on your income and obligations. Generally, there is a modest monthly fee for credit counseling services, which are included in your monthly payment. Secondly, there is debt consolidation by means of credit card consolidation loans. In most cases, this loan is in the form of a home equity loan. Most people with large amount of debt cannot get a personal loan, especially if they have bad credit. However, even if they have good credit, the banks will consider their debt to owe ratio to determine their loan worthiness and too much debt means no loan money. Getting a home equity loan, however, has a down side. It means that until the loan is paid off, you no longer have equity in your home, so perhaps you should find other debt consolidation information before resorting to a loan. Lastly, there is what is called credit card dept settlements. This is when a company negotiates with your creditors to reduce the amount that you owe to them. The up side here is smaller payments. The downside, however, is the fact that you have to pay the total negotiated amount up front and it is often reported as a settled debt on your credit score, which counts as a negative. Of course, there is always the option of settling your own debts by using the Internet to find as much debt consolidation information as possible. Many people are capable of working through a system on their own, if they just know how.
Daniel Major is a father of four who has recovered from debt.He was previously a director of a successful employment business and has since moved on to a new challenge.
Ease Out your Life With Reliable Life Settlement Information
Money makes the world go round and this is a truth of life whether we like it or not. No matter how strong a person you are, the lack of financial support, especially in times of need can completely shatter a person. In spite of sound financial investments and planning, we may go wrong with our calculations. Emergencies have the uncanny manner of striking when we are least prepared for it and then, the only option left for us is to go for a loan, either from friends and family or from a financial lending institution. However, a loan, no matter from where we have taken it always places us under the burden of debt and it can be difficult to manage life with this burden. In such circumstances, if you are a senior citizen of American with a life insurance policy, you can find a way out by gathering accurate and reliable life settlement information.
Life settlement is the process of selling off your life insurance policy to a third party in lieu of a sum of money that is decided based on the current value of your policy. It is imperative to get the right life settlement information before you go in for such a deal. It is a financial transaction that needs much background research to help an individual understand all the terms and conditions of the deal. When you seek the counsel of a financial advisor you can rest assured that you would acquire the best life settlement information. Accordingly, you can work out a deal that will be the most favorable for you and your dependents.
Like any financial policy, the life settlement information will also be accompanied with a whole lot of details regarding the terms and conditions, the market value of the policy that you can get, the transfer of ownership from you to the third person and the shift in responsibility for the policy. Once you have gone in for a life settlement, you no longer have any responsibility regarding the payment of premiums. Similarly, the benefits of the policy will also be given to the purchaser and not you. The terms will also differ with certain factors like the age of the policyholder, his physical health, the duration of the policy and so on. Find out where exactly you stand with the help of reliable information on this kind of deal and only then should you go ahead with such a transaction.
If you have the proper life settlement information, , this can be the best financial support, which you get in times of need and especially in old age. Just through the sale of your life insurance policy, you can get a substantial amount of money that can help you tide over financial difficulties. This also eliminates the need to ask your friends or family for financial assistance, enabling you to lead a life of dignity and self-respect. If you have led an independent life all throughout, there is no reason why you should not continue to do so with a life settlement transaction.
William Regal is an expert in dealing with life settlement. If you have any queries about life settlement, life settlement broker, life settlement insurance, life settlement information, qualified life settlement visit: www.mylifesettlementbroker.com
People find them selves falling into debts especially when they purchase a house or a vehicle. Gradually these debts seem to accumulate and they slide deeper and deeper into debt the debt pit. These people need to make efforts to handle their finances. In order to pay off the debts and not become bankrupt they look for any given solution. This is a vulnerable period when they can be easily fooled by false organizations leaving them in a worse financial condition.
Most people prefer debt settlement to sort their debts. However they should be vigilant about the people they are approaching. The most effective way of checking the reputation of a company is conducting some research about them within your own close circle of acquaintances.
One should find out information from friends and other sources about the background of that firm and its past record. All opinions should be carefully compared and only then should a final step be taken. Even before signing the documents, it is essential to scrutinize the terms and conditions.
One should beware of certain false claims given by these settlement agents. They may state that paying the settlements in full will assure you of a good credit rating. The truth is that the credit score will certainly improve, but only after the accounts reflect zero balances on the report. This could take some months to happen.
Sometimes the debt settlement agents may claim to be able to persuade the creditors to re-age the accounts so that they appear current. This is not possible and the best they can do is just discuss and settle the accounts for about 50% or less than the full balance. One should remember that these companies just put on an inviting picture to increase their business. In spite of the situation one is in, one should not just run to the first company in sight. Always be calm and avoid being hasty.
It is also important to check the fee structure and the procedure you have to follow to pay the company. Some companies may demand a large fee at the outset. There are other companies that may require you to pay a large sum to a trust account. This money is then deducted as the service is rendered. Care should be taken to see that these companies are actually interested in solving your financial problems and not getting you into a deeper financial mess.
When a person gets really behind on their bill payments it may seem as though every five minutes someone is calling and asking for money. In many cases, explaining the circumstances that caused the person to be behind in payments and asking for suggestions on how to keep up on payments will be enough information to satisfy these callers. Many debt settlement companies are willing to work with the debtor to see what can be done to satisfy this debt, but not all of them feel the same way. Some get tougher and feel if they intimidate a person they will send a payment sooner. Some bill collectors go to great lengths to live up to their reputation, in spite of consumer protection laws that are meant to protect people against hostile action.
While creditors have the right to attempt contact on past due bills, they cannot harass anyone for non-payment. According to the law, using foul language or calling constantly with the intent to annoy the debtor into making payments is considered harassment. Creditors cannot be calling at odd hours or calling work, after they have been advised not to do so or calling friends and family members without permission is also considered harassment. Harassing phone calls, especially those containing threats of violence do not have to be accepted by anyone. If the only way out of the financial mess is bankruptcy, then the calls will come to an end.
If attempting to work things out with debt settlement companies fail and bankruptcy is filed, all collection efforts including debt collection calls, by the creditor or their agents must stop, in accordance to the Fair Debt Collection Practices Act. Continuing to make contact after being informed of a bankruptcy filing, they may face fines and penalties. Informing them that an attorney is representing a debtor requires all contact to go through the attorney.
In most cases (especially in foreclosure) if the house payments are behind, there is a good chance utility bills and shutoff notices and coming in more frequently. Filing for bankruptcy can prevent the shutoff of utilities in Chapter 7, eliminating the past due balance and in Chapter 13, paying the amount past due through the court-approved plan.
While in most cases student loans are not dischargeable through bankruptcy, eliminating a lot of other debt through Chapter 7 may allow money to be available to meet the obligations. In Chapter 13, if your finances qualify for this type of filing, consolidating student loans into one payment made to the court may be a possibility.
An embarrassing problem faced by many is wage garnishment by creditors. The employer will know about the financial problems and some employers have policies about the number of garnishments they can tolerate before job action is taken. Bankruptcy can put an instant end to garnishment procedures, even though the wages are subject to a prior court ruling.
Bankruptcy can be an effective tool in stopping collection action or fraudulent claims. If the amount claimed to be owed is inaccurate, filing for bankruptcy will eliminate the debt, regardless of the amount.
Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We’re one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings.
4 Things to Consider Before You Select a Debt Settlement Company
With consumer debt at an all time high, increasing numbers of people are looking for a way to financial freedom. As a result, the popularity of the debt settlement company is growing at a steady pace. A company that negotiates your outstanding unsecured debt balances, offers one of the quickest ways to financial freedom. These companies, sometimes referred to as debt negotiation companies have arbitrators that negotiate directly with your creditors to have your unsecured credit balances reduced.
Consumer credit card balances are usually reduced from 35-65 percent, allowing you to save a substantial amount of money and pay off your outstanding balances quickly. Companies that negotiate your debt usually require at least ,000 or more in unsecured credit card balances before they will take you on as a client. There are some things you should consider before you choose a company to help you settle your outstanding credit balances.
What kind of certifications and accreditations do they have? The company you choose should be a member of the Better Business Bureau and have no unresolved complaints. Your debt negotiation company should also be a member of the Chamber of Commerce and their negotiators should be certified by the International Association of Professional Debt Arbitrators.
It is also good to know if your debt negotiation company has any alternatives available, in case debt settlement is not going to work for your financial situation. There are financial agencies that can assist you or recommend legal help for using the bankruptcy process. Although debt settlement is your best alternative to bankruptcy, it will not work for everybody.
You will want to research your organization’s pricing structure to make sure it fits your budget. Getting involved in something that you can not deal with financially is only going to make your life worse and will not help you get out of debt. It is also a good idea to shop around and see how the agency you are thinking about using compares to other settlement companies.
Be wary of any company promising to settle your debts with no negative impact to your credit report. Any time an outstanding balance is settled for less than what is owed, it will have a negative impact on your credit. However, a settlement will not impact your credit to the extent that filing bankruptcy will.
Debt settlement can be your way to financial freedom. Knowing the facts about debt negotiation will help you make an informed decision about your credit and the choices you have available. The best time to get started is now.
Marjorie Salada is the owner of debtmanagement1.com, a website that contains information on debt consolidation, debt settlement, debt counseling and how to manage credit card debt.
Many people find themselves owning much more money than they can realistically afford to pay back. If you can relate to this situation, then it’s highly likely that you’ve researched your options and have decided that negotiating with your creditors for reduced settlements on your credit card balances may be the best solution to become debt-free.
Now that you’ve made the decision to attempt negotiating with your creditors you’re probably left wondering what steps to take and whether or not you need to have a debt settlement firm to do the negotiating on your behalf. Well, that depends; some people can successfully negotiate reduced settlements with their creditors, while others simply feel too intimidated when they face any type of controversy. My experience has shown that approximately fifty percent of the people with whom I talk are willing and able to negotiate on their own.
If you can remain calm and, at the very least, sound confident, during the stress, badgering, harassment and several phone calls from your various creditors, and you’re patient enough to take the time to become educated about the process of debt settlement, there’s no reason you can’t negotiate on your own.
If you’re going to go it alone, it’s important to understand that the debt settlement process can take several months, and during this time your creditors won’t stop badgering you, and trying to convince you to enter into a re-payment arrangement. But remember, you decided to negotiate with your creditors due to the fact that you simply could no longer afford to make your monthly payments. Even if your creditors are willing to reduce your monthly payments and/or interest, you’ll still be faced with many monthly payments over a period of several years. So, during the course of your discussions with creditors, stand your ground and insist that you simply cannot commit to a long term payment agreement.
If you need convincing to remain on solid ground when talking with your creditors, think very carefully for a moment about the “make-up” of the credit industry. If you’ve made your payments on time every single month for the last several years and suddenly faced a hardship, your creditors simply wouldn’t care. You could call and write to these companies, begging for a break on your interest or payments and they won’t budge. Only once you become delinquent will they finally offer you a reduced interest rate or payments. This fact alone should help you stand your ground and insist that you absolutely will not agree to their new payment terms. They weren’t willing to help you after you reached out, begging for assistance, and this unwillingness by creditors to cooperate has led many people down the path to bankruptcy.
After several months and numerous discussions with your creditors you’ll eventually reach a mutually agreeable negotiated settlement. Prior to releasing funds to your creditor, you’ll want to obtain a settlement letter, which clearly states the settlement arrangements that have been verbally agreed upon. This is very important; remember, if it’s not in writing it doesn’t exist, so until you have a settlement letter with a settlement amount, a deadline and the correct account number, don’t pay a dime.
Successful debt settlement requires knowledge and education. Take your time and take advantage of the many resources that are available. Even if you find that it’s necessary to spend a few hundred dollars to buy materials that will inform and educate you, you’ll end up being several thousand dollars ahead. Your decision to become debt-free is one you will not regret.
Marie Megge is a consultant in the credit services industry. Over the past several years she has assisted many individuals in resolving their debt-related matters. For more information regarding credit and debt visit http://www.donaldsonwilliams.com
Since you’ve found this article, there’s a good chance you’re considering debt settlement, or have already enrolled in or completed a debt settlement program. Either scenario puts you in a position of wondering about the restoration of your credit following the completion of a debt settlement program.
As you know, debt settlement allows for individuals to negotiate with their creditors, and ultimately reach a satisfactory agreement to pay their credit accounts off for less than the full balance. Normally, people successfully reach settlement amounts of 50% or less of the actual amount that is owed.
How does this process affect your credit score? Well, debt settlement in itself doesn’t negatively impact your credit score – delinquency, however, does. You see, creditors won’t agree to settle your accounts for less than the full balance unless the account has reached a certain stage of delinquency. The majority of individuals who choose debt settlement do so because they’ve previously contacted their creditors for some type of interest reduction or relief, only to be told that the interest rate and fees being charged will remain, and no reduction can be granted. This results in many people seeking an alternative form of relief – either bankruptcy or debt settlement.
Once your accounts become delinquent, obviously your credit score will be reduced, and in some cases, significantly. The good news is that you can indeed restore your credit rating after the process of debt settlement is behind you. Fortunately, your credit score will automatically increase after your creditors report your account’s updated status to reflect a zero balance. In some cases, however, it may be necessary for you to become proactive and work on your credit reports on your own, one at a time.
You see, some creditors are a bit “sloppy” when it comes to credit reporting, and they may not automatically update your accounts. On the other hand, sometimes mistakes are simply present and correction of these mistakes is required.
To be certain that there’s absolutely no question that your credit report has been updated, I suggest that you copy all of your settlement documentation and forward it to each of the major credit reporting agencies, requesting the necessary updates. This will ensure that your credit files are accurate and your credit score will increase accordingly. Once the updates have been made, you can expect a credit score in the mid-600 range within approximately 9-12 months after your accounts have been paid off. This range may be even higher if you’ve kept up on your mortgage(s) and/or automobile loans.
Many debt settlement firms will provide you with the necessary information and documentation required to begin the process of restoring your credit. So you see, there really is light at the end of the tunnel, and you will once again hold your head high with a respectable credit rating. I wish you the best in your endeavor to put debt behind you and restore your credit.
Marie Megge is a consultant in the credit services industry. Over the past several years she has assisted many individuals in resolving their debt-related matters. For more information regarding credit and debt visit http://www.donaldsonwilliams.com
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According to recent studies, the average American household has nearly 20 debit and credit cards, with an average of 0 charge on each one; and due to the 2005 Bankruptcy Abuse and Consumer Protection Act it’s making it harder than ever for consumers to have their debts wiped out by the courts. What this means is that more and more consumers are feeling overwhelmed and helpless and are seeking professional assistance to reduce debt and avoid bankruptcy.
Choosing the right debt settlement company for you is an important first step to getting out of debt. Like all industries, the debt settlement industry has fraudulent businesses. While many debt companies may appear to be similar in goals and structure, it is essential to realize that not all are the same and that some are not to fit your needs. There are debt agencies that will charge high fees and promise to lower your debt, without actually producing any results. Learning basic information about a debt company can help you avoid falling victim to a scam. The most import thing is to ask lots of questions.
KEY FACTORS TO DETERMINE IF A DEBT SETTLEMENT COMPANY IS LEGITIMATE:
1. The company should be prepared to meet your needs in an honest and efficient manner.
2. The company should offer free consultation.
3. The company should have available a debt counselor or specialist, who is qualified to assess your entire financial situation and recommend the most suitable course of action for your circumstances.
4. The debt counselor or specialist should work with you hand-in-hand in developing a program that will lower your monthly burden to a single, more manageable commitment leaving you debt-free in the shortest time possible.
5. A legitimate company will only charge you according to the original balance, not the balance after all of the fees and charges.
6. Please be very cautious if a company claims that as a part of their services, they guarantee to stop all creditor phone calls or guarantee that your credit will not be altered.
7. The company should demonstrate the required business practices and standards required by TASC. TASC- Trade Association of Settlement Companies. TASC goals are to promote good practice in the debt settlement industry and protect the interests of consumers. TASC encourages debt settlement companies to provide services of the highest standards to ensure the public and the credit industry’s confidence.
8. In order to achieve successful negotiations, the company should have skilled debt negotiators and settlement professionals, who are current with the laws pertaining to debt, credit and collection and represent their debtor client’s best interest during debt negotiations with creditors and collectors.
However, you should shop around to find a debt settlement company that is honest with proven results, and one that is the best fit for you. Make sure that the company offers the services that you need at terms that are acceptable to you.
Robert Zangrilli is the CEO of Franklin Debt Relief. FDR is a leading provider of services for consumers who are seeking ways to reduce debt and avoid bankruptcy. FranklinDebtRelief.Com is great resource for debt relief help for consumers with overwhelming credit card debt.
You may have thought that you needed to pursue debt settlement, but on further investigation debt settlement was not right for you. There are several alternatives which are worth looking at.
Debt settlement is for those whose debts are with collection agencies and no longer with the original creditors. If your debts are still with the original creditors, even if you are falling behind, you will better benefit from an alternative to debt settlement.
The first alternative is to pay off your debt on your own. This requires discipline as you must pay off significantly more than the minimum payment in order to make headway on your debt. If you have only a small amount of debt or if it’s at a low interest rate this is probably the right route for you.
If you have recently suffered a hardship like losing a job or incurring high amounts of medical bills, you might be able to convince your creditor to let you pay smaller amounts for a six month period or so. In order for them to agree to this, you’ll have to prove the hardship as well as your ability to resume normal payments after the six month time period. You will have to talk to each of your individual creditors about this, and they will all have different rules on it.
A third option that is applicable to more situations is a debt management plan with a credit counselor. This type of plan will allow you to receive lower interest rates and fees so that your monthly payments are more productive. Creditors vary in the amount they are willing to reduce your interest rate, but most credit cards qualify for at least some benefit. Most clients on debt management plans see that they can pay off their debts in full in three to five years.
Regardless of what option you are considering, talking to a credit counselor can give you good information on these alternatives to debt settlement to help you make a more informed decision.
Ronnica Rothe is a graduate with honors from the University of Oklahoma and a current student at Southeastern Baptist Theological Seminary. She works with stopccdebt.com to help individuals get out of debt and reach their financial goals.
GetOutOfDebtInAYear.com is a website that I created to share all of the valuable information that I learned while using Debt Settlement to rid myself of over 000 worth of credit card debt in one year. In this video, I will explain what Debt Settlement is, and why you might want to consider it if you are struggling to pay your credit card bills, have creditors calling you and can’t see the light at the end of the tunnel. There is HOPE! Video Rating: 0 / 5
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