Archive for the ‘Articles & Resources’ category

Today’s Financial Tips

August 13th, 2010

We often post financial headlines (usually several times a month) but we’ve decided to add a Financial Tips post to help you deal with financial matters affecting your life. This is more personal finance advice than reading the latest financial headlines and is aimed at personal finance and credit issues.

Today’s Financial Headlines

August 6th, 2010

Health Care Credit Cards Under Investigation

Credit Card Issuers Playing Dirty

7 Ways to Spot a Credit Repair Scam

12 Reasons Your Budget Isn’t Working

FTC Energy Guide Labels Help Consumers Conserve Energy and Save Money

BP spill: Out of sight, out of mind

The recession is over — right?

AIG loses $2.7 billion

Simple Debt Elimination Strategies

Today’s Financial Tips

July 9th, 2010

Police Find Credit Card Skimmers Equipped With Bluetooth

Vacationing? Hotels Are a Top Target for Credit Card Fraud

10 Signs You’re Headed For Credit Card Debt

The Best and Worst Secured Credit Cards

FTC Mails Redress Checks to Borrowers Misled By Chase Financial Funding, Inc.’s Allegedly Deceptive Mortgage Ads

Overdraft rule change may end up costing you

Mortgage refinancing continues as rates fall

How Collections Affect Your Credit Score

DIY Debt Settlement

June 28th, 2010

We are now offering two DIY debt settlement and coaching programs. Both are unparalleled in their field because both companies have been offering reputable debt settlement for many years and have stellar reputations within the debt settlement field.

Below are the two program choices we now offer for do it yourself debt settlement coaching.

  • ZipDebt
    IF you’re serious, it’s an affordable alternative to paying a pro!

If hiring a debt negotiator isn’t for you then consider a training program by an industry expert! You’re probably shocked at the huge fees charged by some settlement companies. Fees of $3,000, $5,000, even $10,000 or more are common (usually around 15% of your total debt, and sometimes a lot more). That’s money that should be going toward getting rid of your debt. But I know how tough it is to go it alone, especially with the fear, stress, and uncertainty of dealing with aggressive creditors and pushy debt collectors.

Now, you can get the EXPERT COACHING you need to achieve professional results WITHOUT the huge fees.

All new audio material!  Charles Phelan’s Do-It-Yourself Debt Negotiation Training & Coaching Program™

  • Hoffman, Brinker Roberts
    Mark Brinker offers a DIY Debt Settlement Coaching program for those who are looking to do it themselves. Hoffman Brinker DIY debt settlement program that gives you all the tools that the professionals use to get results!

Concise and comprehensive toolkit appropriately named Zero Balance: How To Settle Debts For Less Than Full Balance.

Zero Balance consists of 11 professionally produced online videos that lead you by the hand and explain in detail how to reach settlements with your creditors. Nothing is left to chance. The information in Zero Balance is not theory, it’s the actual stuff that gets results.

Zero Balance program information. Start to finish, it’ll take you about 7 hours to get through the course material. So, yes, it’ll take a little effort on your part, but if you’re serious about solving your current financial predicament, you can get through everything in a few evenings or a weekend.

Zero Balance actually takes you inside and teaches you the thought process as well as the specific strategies that Mark uses to get the consistently stellar results that he does. By stellar results, he means helping someone settle their debts for $0.50 on the dollar or less — which usually translates to thousands or tens of thousands of dollars of debt relief.

Learn more about Hoffman Brinker’s DIY Zero Balance Debt Settlement Coaching.

Debtor Wins 1.5 Million from Collection Agency

June 2nd, 2010

From ABC News, a man from Texas has won 1.5 million from a lawsuit against a collection agency who was harassing him relentlessly. While collection agency groups often defend the actions of its members, and claim these attacks are rare, it’s happening more and more.

Those of us who deal with collection agency complaints from consumers know that this type of abuse happens a lot. Debtors however are learning through education that they can fight back against abuse.

This man’s lawsuit proves that you should never take financial bullying from anyone. Watch the video below.

Lawyers for Allen Jones, of Lewisville, Texas, say he was subjected to harassing phone calls from Advanced Call Center Technologies. Employees, lawyers said, used the n-word and the f-word and made racially-charged remarks about Jones, who is black.

In one voicemail message, a collector suggested that Jones “go pick some m*****f****** cotton fields,” according to recordings provided by Jones’ lawyers.

“It got out of control,” Jones, 26, said. “It was horrific.”

Dean Siotos, a lawyer for Advanced Call Center Technologies, called the language in the voicemails “indefensible” and said that the calls allegedly placed by ACT employees “must have been in some sort of personal attack unrelated to the business.”

“It’s not in any way, shape or form consistent with the way ACT’s collection deparment attempted to collect debts,” he said.

Using the Cease & Desist Letter: Know the Facts

May 18th, 2010

CEASE AND DESIST LETTER FOR STOPPING DEBT COLLECTORS
When and when not to use a cease and desist order for debts

This article is one of our most popular from the credit library. You can view the related resources linked within which are located on the main web site.

If a debt collector claims you owe them money, you are allowed by law the cease the debt collector from further contacting you. Many people misuse a cease and desist letter and believe that once they send it, the collection agency may never contact them again. This is not true. Not only can the debt collector contact you one last time to advise you of their intent, if any, but they can still sue you. Using a cease and desist letter can be very useful but it doesn’t solve all collection issues.

If you don’t owe the debt then using a cease and desist letter will be affective, however if you owe the money, the debt collector can still come after you via lawsuit. Here are the steps you should take when implementing a cease and desist order to a collection agency.

Top priority. Do you owe the debt?
If you feel the debt is not yours or is expired legally under the SOL- statute of limitations, then the cease and desist letter will be very affective. If the debt collector receives the letter from you stating that the debt is legally expired and to cease all communications then you probably wont hear from them again. The collector isn’t going to waste time going after you if they know you know the debt is expired. Pouring good money after bad isn’t their aim. If they continue to contact you after you have sent the cease and desist letter then you could bring damages upon them for harassment.

What law allows a cease and desist order to a collector?
The Fair Debt Collection Act – FDCPA protects you from being harassed from a collection agency. If a collection agency violates the FDCPA they can be sued. Additionally you may report them to your Attorney General, the FTC and the Better Business Bureau. Basically, you can make it very hard on them for a violation but just be sure you have a case. You may collect up to 1,000.00 for damages.

When a cease and desist letter is not appropriate
If a debt collector is sending you a bill and its an accurate bill, your cease and desist letter probably wont do much. Sure, they may leave you alone for a month while they gather evidence of the debt, but chances are pretty good that they haven’t gone anywhere. If the debt is accurate and you do owe it, your best option would be to try and settle the debt for pennies on the dollar and an improved credit rating. Collection agencies are in this business to make a buck, so you’d be surprised how often they DO settle debts for less and promise to remove the item from your credit reports as well. They want money pure and simple. If you do work with a collector on settling the debt, be sure everything is done in writing and sent certified mail. If you agree to pay the debt and they agree to accept less, then they should have no problem putting it in writing for you. If they refuse, chances are they will not abide by their promise to remove the debt from your credit reports.

The Validation of Debt angle
Before you assume the debt is valid and pay it, be sure it is. Hundreds of thousands of debts are sold everyday but that doesn’t mean its a legitimate debt. Before you pay a dime, be sure to check that the debt is valid. Decide if the balance is accurate as well as any applied fees or collection expenses. If the debt collector cannot prove the debt is valid then you have a good case for ceasing and desisting them from further contact. If they cant prove to you the debt is valid then they certainly wont be able to prove it to a judge in small claims court.

Related Help for Collection Agency Issues

Credit & Collection Letters

May 14th, 2010

Credit Bureau and Collection Agency Letters for Credit Repair (over 40 letters)

A sample letter for every credit situation you encounter! Real letters for real consumers, not like some fluff you may see on websites that are paid by the credit industry. Credit Experts versed in collection agency and credit bureau practices produced these letters and they are powerful! It’s tough coming up with letters to credit bureaus, collectors or creditors, especially if you are dealing with such sensitive subjects as debt validation, settlements, inaccurate credit rating requests, medical debts, excessive inquiry requests, estoppel and restrictive endorsements.

How to write an offer in compromise, send a cease and desist, write an estoppel or using your right to validate a debt can all seem too complex. We’ve taken the work out of it by providing you with samples of how to deal with these credit entities. Each letter comes with an explanation on when and how to use the letters.

Below you will find letters for dealing with just about any credit situation. These sample letters are free when you purchase the Credit Repair & Debt Negotiations package. You may also purchase just the credit and collection letters standalone.

The epackage gives you all the tools you need to repair/rebuild your credit and deal with collectors and credit bureaus. Why pay a credit repair agency to write letters and repair your credit when you can do it for less? The credit repair ebook, sample letters and bonus items can be viewed instantly online and best of all- no shipping fees. Instant gratification!

Take a look at all the benefits you receive for a one time small fee!

FAQ on Car Repossession and Your Credit

December 11th, 2009

People often think that their credit isn’t negatively affected if they turn their car in, if unable to make payments. The truth is that there are two types of repossessions. One is called a voluntary repo and the other is a repo. A voluntary repo happens when you initiate the repossession by giving the car back to the lender. This type of repo shows up on your credit reports as voluntary.

A regular repossession is when the lender initiates the repossession. Its a myth that a voluntary is less damaging to your credit. Both are negative.

What about the deficiency balance, am I responsible?
Yes. Just because you turn the car in or let the lender take it back doesn’t mean that you do not owe any remaining balance. If the lender is unable to sell the car for the full balance then you will be held liable for the rest. This remaining balance becomes an unsecured debt because the car is no longer physically attached to it.  The lender may sue you for this balance if you refuse to pay it.

Is it possible to remove a repossession from my credit?
It’s possible to remove anything from your credit if it is inaccurate or obsolete in any way. The FCRA makes lenders and credit bureaus report accurate information, therefore if you believe the repossession is inaccurate or false and the lender or credit bureau cant prove it, it must be removed. Credit repair agencies usually use this tactic to dispute a repo.

What if I cosigned for the car?
You are legally just as responsible as the borrower if you co-signed for the car loan. If the loan goes unpaid, it will affect your credit as well.  A repossession stays on your credit for seven years.

Read more about repossessions, getting the property back, legal issues and balance deficiencies here.
Do it yourself credit repair and creditor letters | Credit repair attorneys | Car loans for bad credit | Debt Relief | Settle your deficiency balance | FTC on car repossessions | Wiki on auto repossessions | Bankruptcy attorneys | Bankruptcy and a repossession

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