Entries from May 2010 ↓

Top 7 Ways to Fight the Debt Collector

Top 7 Ways to Fight the Debt Collector

Whether you are the victim of bad luck or practiced poor judgement in your financial matters, there’s nothing worse then when the debt collector comes a-calling. And a-calling. And a-calling. But there are things you can do to take some of the sting out of the process. Here are the top 7 ways to fight the debt collector.

Life Without Debt

7. The RIGHT Approach

The first thing you’ll need to do is find out exactly what your rights are with regards to the matter. Do your homework. Debt collectors can play hardball and you need to know when they’ve crossed the line. You are not powerless in these situations and knowledge is the best weapon you have.

6. Keep Your Enemies Closer

It’s easy to personify debt collectors faceless monsters who only wish you ill. Especially if the calls keep coming and you’ve got empty pockets. But the thing to remember is that collection agencies don’t get paid until you’ve paid their client. If you ignore their calls, they might turn to scare tactics, but if you deal with them directly and fairly, in most cases they will work with you as it serves the ends of both parties. So don’t be afraid of the monster at the door. Work with them on a payment plan and stick to it.

5. The Bullying Stops Here

Of course, there are unscrupulous debt collectors out there who are only interested in browbeating you to pay the full amount owed quickly so they can take their cut. These operations prefer a volume business where they’ve scared everybody into paying. Well, there are harassment laws and limits to how far a company can go.

4. The Pen Is Mightier Than The Phone

Once first contact has been made, send them a registered letter asking them to stop contacting you. It won’t erase the debt but it will stop the calls as this is a document they are obliged to honor. If they don’t, then it becomes actionable on your part.

3. Mouth-peace

Anyone who thinks the law is something easy to understand hasn’t had much dealing with the legal system. In the case of debt collection, you might want to bring a lawyer in on your side. Not only will he/she have a better grasp of the shades of gray in the legal system, but the agency will now have to deal directly with them, not you, thereby reducing your stress level.

2. Facts of Strife

As soon as you put the phone down, start digging into the matter. Make sure the debt is something you actually owe. Get the facts. With identity theft on the rise and computer glitches you may be mistakenly on the hook and be in the throes of someone else’s headaches.

1. Captain Your Own Ship

Want to handle your debts and put an end to collection calls? It’s easy: pay your debt. Be responsible. If you have determined that you do indeed owe the debt, then your goal should be to pay as best you can, however you can. Being responsible is what adulthood is all about. You are in charge of you.

This is a guest post from Andrew Salmon from Individual Voluntary Arrangement.

Secured Debt Consolidation

Life Without Debt

Secured Debt Consolidation

Millions of Americans are drowning in debt. Some struggle to pay their credit card bills on time, some struggle to pay their mortgage on time and some struggle to keep the electric bill paid. Times are tough and our economy is severely struggling. We try to manage our day to day lives without getting our automobiles repossessed or foreclosure striking our home.

How Do I Relieve the Stress of My Debt?

There are many different programs available to help us and keep our financial future on a positive track. One very effective solution is secured debt consolidation. Let me help you better understand what this is and how it works. Debt consolidation is where you consolidation, or combine, all of your debt into one payment. This payment is typically lower that the amount you are currently paying and the debt consolidation company works with your creditors to lower your interest rate. This in return will allow you to pay off the debt quicker and with a manageable monthly payment.

It’s called secured debt consolidation because you will have to secure with money or an asset. If you secure it with an asset, it must be an asset that you own free and clear. The secured debt consolidation company will usually require this asset to equal the amount of the consolidation loan. The entire process will only take a couple of days to complete and you can be on your way to a brighter financial future. You will be able to save your home from foreclosure, your car from being repossessed and your lights will remain on. This is just one of the steps that you will need to take to gain your financial freedom back. You will feel better about yourself and you can finally stop all of the harassing debt collection phone calls.

Eliminate Credit Card Debt

Life Without Debt

Eliminate Credit Card Debt so that You Can get Back on Track

There are a ridiculously high number of people out there who have poor credit scores. Many of them get into trouble early, some as early as their college years. For these people, they need to set out to make a plan to eliminate credit card debt so that they can get their financial life back on track.

Debt Payment

Debt Payment (Photo credit: Images_of_Money)

Carrying debt around with you on your financial reports is a sure way to lose out on many opportunities. If you carry too much, then you might not be able to get a loan or mortgage when you need one. Considering all of this, you are ready to move to the first step.

The first thing that you must do in order to begin to understand your financial situation is pull together all of your financial related files. If you bank online, get all of your bank statements for the last 6 months or so. Also get any other related financial files that you keep and pull them all together. By doing this exercise, you will see where you spend you money, and hopefully you will be able to put a stop to some of the areas where you spend too much.

This is a great first step, but you need to follow it up. For most people a secured debt consolidation program is a great way to help get their debts under control. If you have bad credit, then you probably have a lot of outstanding debts owed to many different sources. If this is the case, it will be much easier for you if you can just consolidate all of those payments into one. By doing this, your organization of your debts will be easier, but you will also only be sending out one check each month that usually has a lower interest rate.

These steps will help you to begin to eliminate credit card debt.

Saved by Debt Settlement USA

Saved by Debt Settlement USA

People all over the country are turning to Debt Settlement USA for assistance in this economic climate. Some have been on the brink of losing everything that they own due to extended amounts of financial debt, and should know where to turn to when that time comes. Most people that find themselves in such risk, have opted to try a secured debt consolidation to rid themselves of such burden.

dump the debt

dump the debt (Photo credit: Friends of the Earth International)

The decision to consolidate debt may come up at the most stressful times of finance, but it can be a beneficial plan of attack against debt that keeps on piling up with no end in sight. By choosing a secured debt consolidation, you can actually save money in the long run, as well as your life long investment interests. Putting an end to all of the hassle of constant phone calls from collectors is also another benefit of debt consolidation. Once you arrange to consolidate your debt, you no longer have to answer to them in explanation of your financial hardships.

Secured debt consolidation is relatively easy to get set up, and there are specially-trained advisers available to guide you in the right direction as well. The process does not take very long at all, and after speaking with a representative, you will know exactly what you should expect in the long run from your consolidation. Speaking with a representative can offer you a risk-free consultation, in order to properly inform you of your options for debt consolidation.

The last thing that you need to have happen is losing what you hold dear due to some financial oversight or miscalculation on your end. Debt Settlement USA can help guide you in the process of consolidating your debt with very little effort on your end at all. You can overcome this burden with secured debt consolidation today.

Credit Card Debt Settlement

Life Without Debt

Credit Card Debt Settlement

Ninety percent of American’s have credit cards. We have credit cards to help us finance purchases that we do not have the spendable cash for. They are very convenient and easy to use. In fact, sometimes they are too easy to obtain and use.

How Did I Get Myself in So Much Debt

Credit Cards

Credit Cards (Photo credit: 401(K) 2013)

It is very easy to find yourself drowning in credit card debt. When you obtain a credit card there is usually an introductory interest rate anywhere from 0%-2%. Unfortunately, most people do not take the time to read the fine print on the customer agreement form. This introductory interest rate will only last for a short period of time and then it will sky rocket to around 18%. If you only make the minimum payment on a one thousand dollar balance, with an 18% interest rate, it will take you ten years to pay off the balance. Credit cards can also be addicting. Most consumers have three, four and sometimes as many as five credit cards.

How Can I Reduce My Credit Card Debt

Unfortunately, no matter how responsible you are, you will need help in eliminating your credit card debt. Thankfully as consumers we have options such as credit card debt settlement. Credit card debt settlement will help you achieve your goal of being debt free. If you are struggling to pay your credit card bills then you might want to consider trying to settle your credit card debt. With the help of credit card debt settlement you could possible only be required to pay forty percent of the total debt. You can do this by contacting your credit card company directly and tell them that you want to settle your credit card debt and they will make you an offer in writing. If you agree with their offer then all you have to do is accept it and pay the amount that is agreed upon.

Debt Relief Programs

Debt Relief Programs

It would seem that since the recession has taken over and dug its heels into the American economy, so have people getting help with their debt.

Paul David Hewson (Bono) talking to IMF Managi...

Paul David Hewson (Bono) talking to IMF Managing Director Horst Köhler (later president of Germany) and discussing debt relief at the Prague Congress Centre in 2000 in Prague (Photo credit: Wikipedia)

This comes in the form of the much familiar phrase, “debt relief programs.”

We hear it everywhere we turn these days and we wonder if there is such a program that will legitimately and reliably aid us in relieving our debt.

There are options out there to help you get out from under a real mountain of debt. This is because our own government is behind helping us eliminate debt if we owe a substantial amount.

This means if you owe unsecured debt over $10,000 then there are credit card debt settlement programs. There is also debt consolidation, which is another means of debt relief for the American consumer.

A debt settlement plan is a great option to help you absolutely get rid of a real chunk of your debt. Find the right debt relief company and they can sometimes manage to get up to 60% of your debt erased for good.

Debt consolidation plans may be your choice. You know you owe debt and you’re willing to pay it back but it needs to be on a little easier terms. It seems like your job and income got cut, but the bills just keep coming in the same. Consolidation will lump several payments into one and usually has a fixed interest rate. This is a huge amount off of the debt you owe.

The best way to find reputable debt relief programs is to search online. You’ll begin by finding a debt settlement network. They will only recommend programs that are tried and true and have been thoroughly tested.

You can find help to get out of debt easily and quickly, but you have to start right now.