Showing posts with label Debt settlement. Show all posts
Showing posts with label Debt settlement. Show all posts

October 15, 2013

Be a Premier Performer at Tackling Debt

Be a Premier Performer at Tackling Debt - Infographics

With unemployment rates just starting to come down from a record high, many people are still struggling to find their financial footing. People who lost their jobs or were unable to secure jobs during the recession, or already had existing debt that only increased over time, or are new graduates who have student loans to pay back, are just a few of the many reasons why many are faced with massive debt. Trying to reduce personal debt is challenging in the best of times - and in the current economy and uncertain financial future, many are floundering in debt without a way out. But even those who are deep in debt can find a way to resolve their issues, that isn’t dependent on the economy improving or winning the lottery.

April 09, 2013

Hard Money Lenders: An alternative source for borrower

When applying for loans from banks, there are some standards that you must conform to and this makes it pretty hard for most loan applicants to qualify for bank loans. This has with time forced a huge number of loan applicants to search for alternative sources of funding and among these is hard money bad credit loans lenders. In most cases, such lenders provide short term loans and borrowing from them will therefore work great for small to medium financial need.

February 11, 2013

6 Ways to Grow a New Financial Habit and Secure your Future

If we all had the amount of money we desired to have, then life would be comfortable and the need to save for a rainy day would never arise. However, the truth of the matter is that for many individuals, this is a pipe dream; the reality on the ground is that people have more needs than they do the money to meet the needs and as such, there is a need to find creative ways of working with the resource at hand.

January 08, 2013

Debt Settlement Can Help Lighten Your Credit Burden

Credit status is very important as it has a direct impact on your financial capabilities. If you are drowning in debts, then you should take solid steps to clear all your debts thereby getting your financial credibility back in perfect shape. One of the most commonly use methods in managing your debts is debt settlement.

It is the process of negotiating with the creditors to lighten up the load of credit repayment. Debt settlement is legal, but you should be very cautious with the people you deal with. Debt settlement is not a simple thing and so you should carefully think about it before making up your decision.

December 13, 2012

How to Get the Most out of a Budgeting Plan

Budgeting is an extremely effective way to take control of where you money goes and reach the savings goals you’re aiming for. It provides structure and simplicity to the saving process.
If you’re wondering how to get started and how to get the most out of your budgeting plan, then read on: it’s simple once you know how.

Monitor Your Current Habits

Before you start structuring your budget, take some time to monitor and assess the way you spend your income. A great way to do this is to keep a diary of all your expenses where you can record details of every purchase or payment.

July 24, 2012

4 Preventable Losses for Startups

Nobody starts a business in order to lose money, but here are four ways new start-ups do that lead to preventable losses.

Failure to control expenses

Watch what you’re spending by setting and adhering to a budget. It may sound like common sense, but if you’re not careful your rationalizations about it being a startup cost will bury you in debt and put your company in the red. Your new business does not need top of the line in everything at the very beginning. Start small and build up, just like a newlywed couple. You may have to lease a copier instead of buying one or work out of your basement before leasing office space in the finest corporate building. As your business grows, your expenses can grow, but don’t put the cart before the horse. You have a vision for what you would like your business to be, but don’t expect to get there on day one.

Growing too fast

It is possible to get overeager after some glimmers of success and grow your company too fast. Doing so depletes resources and can, worst case scenario, lead you into bankruptcy. To illustrate, consider two companies that began as local sensations: one made doughnuts and the other ice cream. Both began with one person or family and a recipe. Both were beloved by all who tasted their offerings. Both expanded and developed more efficient production methods as demand for the product increased. That’s where the stories go separate directions.

The doughnut company expanded to a region, then a nation (where it quickly became a public company on the NYSE) and then internationally. The brand and the products saturated most markets: convenience stores, grocery stores, fund raising and stand-alone locations. In so doing, the profits plummeted and the novelty of the doughnuts wore off. They were no longer a special treat because they could be purchased anywhere at any time. The quality didn’t change, but the demand no longer outweighed the supply. At peak performance (when the expansion increased exponentially), shares of the stock were trading just above $46 at a volume of 0.87 million. Currently, shares are trading at just over $6 at a volume of 0.44 million.

The ice cream company, on the other hand, chose to grow at a snail’s pace, preferring to leave customers begging for more rather than go into debt. Started 30 years earlier than the doughnut company, the ice cream is currently sold in only 20 states in the US. It was in business for more than 50 years before expanding outside of the town where it began, but it has never failed to make a profit, even during the Depression.

Starting a business is like starting a marathon. Pace yourself or you won’t make it to the end.

Paying yourself too much

This is closely related to the failure to control expenditures. When children hear that one of their friends’ parents owns a business, the immediate assumption is that the family is rich. Entrepreneurs know better, but some start a business with that goal in mind. Be careful not to mix your personal financial situation with your business finances or lines will blur and books won’t balance. The IRS frowns on such things. You may be tempted to give yourself a raise when personal finances get tight. Don’t do it, at least not until the business has profited enough to allow that additional expense. A guiding thought to help you is to ask yourself if the company can afford to give all the employees the same percentage of a raise at the same time. If not, wait.

Not having a debt collection process


In the quest to gain and please new clients, some start-ups fail to follow up on past due invoices. Studies have shown that the longer an invoice is past due, the less likely it is that invoice will be paid. Unpaid invoices are a loss. Make follow up phone calls. Send second notices. Document everything, and when necessary, call in a debt collection agency to help. Even after paying their contingent fee, collecting some of a debt is better than collecting none of it.


Tiffany Marshall is a freelance writer, writing on behalf of debt recovery companies like Direct Recovery. Her brother is a vice president of corporate banking and provided most of the tips for this article.

June 21, 2012

The right advice on debt can keep debts at bay

America is a nation which is plagued with debt, be it personal or national. When you take out loans or buy items on credit cards and are unable to return the money within the due date you are said to have incurred debt. Debts are never good. Especially if you have taken out an unsecured debt, which are debts that don’t have any collateral or guarantee, you will have high interest rate on your debts. This will make your debt costlier and you have to pay much more than what you had borrowed in the first place. You can take advice regarding your debts from MyDebtAdvisors.com. Read on to know some tips about how you can handle your debts properly.

* Pay the high interest debts first – It is important that you pay down your high interest debts first. This is because the higher the interest rate the more amount of money you have to pay on interest payments. Thus if you pay the higher interest debts first you can save money on interest payments.

* Don’t use multiple credit cards – One of the main reasons for landing into debt trouble is using multiple credit cards. When you have many credit cards you tend to lose track on how much you are spending on which one. As a result of this, the bills on each credit card can add up to an amount which won’t be possible for you to pay in a month. As you continue with such habits, your debt amount increases too.

* Use as much cash as you can – When you are going out for shopping, it is best that you use cash instead of credit cards. This is because if you carry cash you will carry a certain amount that you can keep a record of. However, when it comes to credit cards, since they allow you to buy items on credit you can buy things that just catch your fancy but you don’t really require them. You can avoid such unnecessary buying when you have cash as by the time you are done shopping for your essentials most of your cash will be over.

The above tips can help you in saving money from the money that you earn every month. You can use this saved money to pay back your debts and get out of debt as soon as possible.

January 01, 2011

Be debt free by this year

You have spent a lot on your Christmas presents, delicious food and entertainment. And now, it's another new year, another new beginning. If you sensibly do your household budgeting for this year, your past debts will not become a burden for you anymore. January is the month of taking resolution to be debt free. Many government as well as private organizations which provide free debt advice has revealed that each year they get more and more calls in January seeking advice to be debt free. It has been always a busy time for debt experts. Though it should not be like this !

July 03, 2010

Best financial advice and debt help

Ten largest U.S. based credit card companies have agreed to provide a debt management plan, known as Call to Action, to consumers struggling to repay their debts. When debtors are unable to pay off debt, they often hesitate to seek best financial advice or help form professional debt relief companies. This hesitation leads to accumulation of more debts as a result of which there has been a significant rise in credit card defaults and charge-offs. The new plan will enable individuals in distress to pay off their debts by allowing them a lower repayment rate.

What is Call to Action?
The National Foundation for Credit Counseling (NFCC) had issued a “Call to Action” in September 2008, asking creditors to provide people in extreme financial hardship with reasonable repayment terms. Call to Action encourages individuals seeking best financial advice and debt help to enroll in a debt management plan.

How can debtors benefit under the Call to Action system?
Credit card issuers have agreed to create a second tier of debt management plans for consumers facing financial hardship. The NFCC has asked the credit card companies to allow participants of Call to Action debt management plans to make monthly payments of 1.75 % of their outstanding balances. This system will help debtors in the following ways:

Counseling session: A certified counselor will provide consumers with free best financial advice after considering factors like his sources of income, living expenses, and monthly debt liabilities.

Lower interest rate: When consumers enroll in this debt management plan, creditors will reduce the interest on the debts, waive off late charges and make favorable adjustments to the finance charges.

This modified plan will not only provide free best financial advice and reduced rate of interest but also allow debtors to save each month $25 to $200 more than a regular debt management plan.

July 25, 2009

Avoid bankruptcy by the help of debt relief management


When we are talking about bankruptcy, I must say that it not the ultimate solution to file for a bankruptcy. There are many ways to avoid bankruptcy. Always remember one thing that while you are in huge debt burdens and unable to pay, but still that time filing for a bankruptcy should not be your first choice. Now you can ask me that how it would be possible to pay back the debts. My answer is, yes you may can and avoid bankruptcy.

If you are already planning to file your bankruptcy, first of all you must know that you will not able to avoid your debts in all the cases. If you are working or have a regular income then you will need to file for Chapter 13 bankruptcy. In this chapter, the repayment plan has been set for you. So the payment plan you set up in bankruptcy is probably close by our own.

In this condition, my advice is your need to start talking with your creditors and find out who will agree to take your request for affordable payments. Unsecured loans should be paid in the last. You probably found that there are many websites where you can get free debt relief management, which will help you to negotiate with our lenders and make payments which you can afford.

The main factors of debt relief management are that you need to try for making payments on your secured loans, to keep your home and cars with you. After that your have to make sure your personal needs such as foods, and other utilities should be taken care.


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July 14, 2009

Credit counseling – Steps to manage your personal finances


Now a day in the global economic recession period, most of the people are facing debt problem. Most of them are trying to get out from it permanently, not for short period of time. Here in this major problem “Credit counseling” would be the ultimate solution for them.

Now many “Credit counseling” organisation have come to help to these debt stricken people. The Expert credit adviser will help the unhappy client and manage their due payment in several parts as per their ability. In most of the cases, monthly minimum outgoing payments are decreasing significantly.


Rule wise most of the people like to pay their dues rather than be excused from them, which is what effectively happens in the case of declared bankruptcy. The proper way forward is to seek credit expert’s advice and discuss with them a procedure whereby the debt is reduced as much as possible and the residue packaged in a lump sum payment via the debt management company.







July 04, 2009

Debt relief – few options for credit card debt

Today the economic status of the country is not good enough. By the effect of sudden financial crush, many people become jobless and also many of people’s income has gone down. With this effect of massive financial crisis, many people are struggling to get out of debt and most of them are trying to pay of credit card debt.

So, now good news for all the people those who are try to settle their credit cards debts.
Now a day’s most of the debt relief organisations are ready to help you to pay off your debt. They will settle your credit card debt as low as 40% of your total and even without any interest and other bank charges.

You can now choose many options to pay off your credit card debt. These are debt settlement, debt consolidation and debt elimination. Let’s have a short discussion about them.

Debt settlement – In this process, you have to negotiate with your creditor to pay off minimum a percentage of your total debt. You have to convince your creditor and the creditors may cut down the debt by as much as up to 60% of the total credit card debt. Say your total debt is $30000, then after settlement your need to pay only $12000.

Debt consolidation - In this process, you have to pay 100% of the debt. It's just that you're paying off a higher interest loan with a lower interest loan. Savings here are not extravagant.

Debt elimination - In this process, they will say that they completely eliminate your debt and you don't have to pay anything. Just you have to pay them their fees or service charges.


Sites I like:
Debt Management Plan: Get a suitable debt management plan to ease down your debts burden.

May 29, 2009

What is Christian debt consolidation all about?

The Christian debt consolidation programs are becoming popular day by day in United States. Because it is comparatively better debt relief service now. This program is also helping you to become a debt free person from your various debts including credit card debts. Over here the Christian debt relief companies work like Christian religious establishment and also the Christian spiritual belief is implemented in these debt relief programs.



Non profit organizations follow the Christian spiritual belief and they are coming to consolidate yours debts to become you a debt free person. There are also some good private debt consolidation organizations offers Christian debt consolidation programs. But this program is much cheaper than normal debt relief program.

May 16, 2009

How to eliminate your debts?

Today “debt” is the major problem for the people of the United States of America. Most of the people are trying to find out the secrets of debt elimination. Actually how to eliminate a person’s total debts? It’s really a secret. So finding a debt elimination plan in today’s daily life would be the best for all of us.

At this point of time, first we should check out for debt settlement program, credit counseling or make our own plan for debt elimination. Here I personally suggest, we should sort out an option which does not create any obligation. To eliminate our debts we should keep in our mind that we should choose the best debt relief concern. Most of them do not provide the best service to us, because they are professionals and they are selling their services.




In the debt relief organisation, you will get different plans to eliminate you debts link credit counseling, credit repair, debt consolidation, debt settlement etc. Even there are lots of books available in the market for debt elimination program. Some of debt relief organisation also teach you how the deal with your creditors to reduce your interest rates, cut off interest amount, even they will teach you the techniques to reduce total debt amount and pay 50 to 60 percent of the total debts. Debt is always tends to increase day by day if you do not eliminate it with in a short period of time.

This post will help to you be debt free quickly. If your debt is suffering you and you are ready to do something about it. Start the process for getting out of debt by today.

May 01, 2009

How to pay off your credit card debt

In this financial crisis, I think the best financial decision of a person’s life is paying of credit card debt. Because credit cards interest rate is so high that most of people stepped into the credit card debt. So if want get out of debt, first of all you need to pay off credit cards balances completely. Watch this video and read the following steps, I think that will surely help you out.



1. Try to completely stop your credit cards transactions: First of all you should stop your credit cards transactions, because you will never get out of credit cards outstanding balances. The interest amount will add up day by day and it will be impossible to pay full.

2. Try to pay full or more than minimum payable amount: Always try to pay more than minimum payable amount of your credit cards bills. Because paying minimum amount of bill of always makes you to pay high interest. So if you pay full that would be the best, other wise pay as much as possible to reduce the interest. The best option is pay full amount of the bill whose interest rate is higher than others and do not forget to pay minimum of other credit cards of yours. If one’s all outstanding is over then pay the next highest interest rate credit card.

3. Negotiate with credit card creditors: Contact with you Credit Card Company’s customer care Executive or Manager and ask for your lower interest rate. In most of the cases they are able to low the interest rate. The reduced interest will help you to pay off debt quicker than before. One more important thing is that if you want to close your credit cards, at first pay complete outstanding balance and then close it up. Here my advice is that try to stop credit card transactions and starting purchasing by cash or debit cards.

March 14, 2009

Advantages of debt settlement program


Debt settlement program approaches for reduction of debt, where debtor and creditor are agreed on a reduced balance that will be regarded as payment in full. Depending on circumstance, a person can get advantage from this choice. But besides advantages, this should be considered a last resort before bankruptcy.

The main advantage for participating in a debt settlement program is that it actually keeps you from filing bankruptcy. The purpose of debt negotiation is to keep people from the proceedings of bankruptcy. People can now escape from huge debts and can take a proactive stance on their financial situation.

Another advantage of a debt settlement program is that it can reduce up to 40% - 50% of the outstanding balances. Negotiators can manage this, because they have years of experience dealing with creditors. Generally creditors are agreed debt negotiators proposal; otherwise they need to spend more money trying to collect on your debt. This may accumulate in fees to a separate collection agency. A debt settlement program is not for all. Debt negotiation provides a way out for those who are in extreme hardship. This can provide a path to actually becoming debt free.

Why is this program so important? The very interesting answer is - if you owe 10000 USD, you can easily pay almost a double that with interest fees over the course of several years. However, this total can be almost half or more than that while you seek help from the right professional of debt settlement. Therefore 10000 USD becomes 4000 - 6000 USD rather than 18000 USD to 20000 USD. Isn’t this very helpful?


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February 06, 2009

Tips on Debt Reduction Settlement


Are you in debt? Facing collection problems from the rude debt collectors? You need to handle the situation immediately. Debt settlement is always a better solution than bankruptcy. Debt settlement is a process of negotiating with your creditor either making a lump sum payment which is lower than the total balance, or making a new payment schedule at a reduced interest rate. In this situation your creditors will definitely negotiate with you, because they know get something is better than nothing.

So how will you negotiate your debts? If you are interested in debt negotiation, either you can hire a debt negotiation service provider or you can contact your creditors by yourself. When you want to contact creditors for negotiation, please follow this suggestion:

1. Try to be calm and convincing: Always explain your situation in professional terms. They are not going to negotiate with you, so screaming or crying is not a good idea to help you.

2. Be patience, do not give up them easily: If your creditor does not agree on your request, try to explain them that negotiation would be beneficial for them. If your request is still disagreed, do not agree to anything of your creditor.

3.
Debt negotiation letter: You can also send a debt negotiation letter and that should be professional and clearly state your arguments. Send it by certified mail and keep copies of all your correspondence.

Remember some important points when you negotiate:

1. The negotiate amount you can afford to pay. This should be a reasonable amount 40-60% of the total debt. Lower than that will be rejected immediately.

2. Negotiation is a process. When you negotiate, you make an offer and your arguments. Expect them to make a counter-offer and counter-arguments. So try to be patience.

3. Your job is to convince them and creditor's job is to convince you to pay more. If you both play your roles properly, you’ll reach an agreeable settlement.