My debt negotiation company wants me to send them money every month

My debt negotiation company wants me to send them money every month. You may want to think twice about this. Why would you want to let a third party hold onto your money. The only way that I would let a debt settlement company hand my money is through a trust account. I would put the money in and I would control it. The only thing I would let them do is to see how much money is actually in the account. I would also want to approve all of the settlements. Who knows, the negotiator may have been lazy that day and could have done better. I would like that veto power. Who knows, they could go back in and get a better deal.

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Should I do credit counseling?

Should I do credit counseling? If you just want to lower your interest rates on your credit cards and you are in good financial condition, the answer is no. Joining a credit counseling program should only be if you are experiencing a financial crisis. You may be over the limit or have rolling late payments and are getting saddled with late fees and over the limit fees. Once you start this cycle, your creditors will raise your interest rates that are commensurate with the universal default rate that is in your credit contract. Once you start a cccs program the creditors will stop the over limit and late fees. You will also be given lower interest rates. The rates will depend on the creditor. They are all different. I like Bank of America in general. If you do join a credit counseling program, they lower their rates to 0%. Other credit card companies can be across the board when it comes to rates.

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Debt management, Debt Donsolidation, cccs, Consumer Credit Counseling, they are all the same thing

What is the difference between debt management, consumer credit counseling, credit counseling, debt consolidation and cccs? They are actually the same thing. So the next time you hear these terms, just know that they are the same thing.

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What types of debt collections practices are prohibited?

What types of debt collections practices are prohibited? A debt collector may not harass, abuse or oppress you or any third parties they contact. They may not use threats of harm or violence, obscene language, repeatedly use the phone to annoy or publish a list of consumers who refuse to pay. The only company that can publish a list of debts is a credit bureau like experian, transunion or equifax. A debt collector may not use any false or misleading statements when collecting a debt. a debt collector may not falsely imply that they are lawyers or work for the government. They may not falsely imply that you have committed a crime. They may not falsely represent that they operate or work for a credit bureau. They may not tell you that papers being sent to you are legal forms when they are not and vice versa. If you have any additional interest in what a debt collector can and can't do, you may want to read the Fair Debt Act.

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Can a debt collector talk to other people about my debt?

If you have an attorney, the debt collector can only contact the attorney and not you. If you do not have a lawyer, a bill collector can contact other people but only to find out where you are. The cannot tell you about the debt and their opinion about you and the debt. Most collectors are usually prohibited from contacting such third parties more than once. Usually the collector may not tell anyone other than you and your lawyer that you owe money. If you have any questions about collections, you should read the Fair Debt Collection Practices Act.

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What is the Fair Debt Act?

Instant Credit Builders - pay off your old bills

Instant credit builders are for real. When you pay off or pay down debt, your credit score will be impacted almost immediately. Doing debt negotiation and paying of a collection can raise your score 200 points or more in some cases. This could be the difference between buying a home or continuing to rent. The other thing that has an impact on your credit is what percent of your credit limit you have used on your credit cards. Once you go over 30% of your available credit on your credit cards, your score will be negatively affect. So if you have the money and want to raise your credit scores, just pay them down to 30% of what you owe.

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I want to be debt free

I want to be debt free. If you want to be debt free, you will need some discipline. Stop spending money, have more coming in than going out. Sounds simple right? Do you feel a sense of entitlement that you should have nice things? If you do, you may be in trouble. Bad habits are bad habits, the sooner you can recognize this, the sooner you can gain healthy spending habits. Having a lot of stuff wont make you happy. In fact spending too much money can actually make you miserable. Once you are in debt, the mechanism of worry and fear will probably kick in. Now your life will be about working to pay for all your new stuff. If you are lucky, mommy and daddy can bail you out. If so you will probably end up in the same place again, in debt and broke.

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What is debt consoladation?

What is debt consoladation? Debt consolidation will give you one payment instead of many. If you are getting behind on your bills and are experiencing late payments and over the limit fees, debt consolidation may be for you. It is a way to lower payments and possibly even an option to filing bankruptcy. Once you miss a few payments, your creditors are going to jack up your rates and then you are screwed. Debt consoladation is a way to break the cycle of debt. Once you enroll in a program, your interest rates and payments will be lower. Often the debt consolidation company will work out a plan for you to be out of debt in less than 5 years.

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New bankruptcy law

Filing bk is an important decision to make. The impact of this decision will have great ramifications on the rest of your life. George Bush definitely stuck it to the people when he passed the new bankruptcy law in 2005. The new law was supposedly supposed to cut down on bk fraud and reduce abuse. If was a huge gift to the credit card companies. It made it a lot tougher for people to file for bankruptcy. There is no right way to decide whether you should file bankruptcy or not.

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Can I get a credit card after a bankruptcy

Can I get a credit card after a bankruptcy? You can, oddly enough creditors will be banging down the door to give you another credit card, so don't worry about it. You can always start off with a secured credit card or secured debt card. A secured credit card works just like a credit card except that you have to add money to it first before you can use it. It's basically just like using cash.

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I can't pay my bills

I can't pay my bills, what do I do? Many people in this country are asking the same questions right now. There are options but it will take some effort on your part. The easiest solutions is to just see how you can make more money to get yourself on track financially. If this is not an option that is available to you, you have a few options. You can look at doing one the the non profit debt consolidation programs. They will help lower your payments and interest rates. If you are getting over the limit fees and late fees, those will stop as well. The other option is you really can't pay is bankruptcy or debt negotiation.

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Tips to Negotiate unsecured debt - bankruptcy questions

With the recent changes to the BK laws, it has gotten a lot harder to file for a BK. To file for bankruptcy used to be a piece of cake it is no longer a foregone conclusion. You have to attend classes and attorneys are more stringent on what they will allow to be included and repayment plans are much higher in a lot of cases. What other options are there besides bankruptcy? No too many, but there is the debt negotiation option. Anyone can negotiation their own debt. It just takes time and thick skin. The creditors will be coming after you hard to collect. They collection agencies will use every avenue they can exploit to get you to pay up.

If you don't want to handle it yourself, there are professional debt negotiation companies that can assist you in the process. (10 tips for debt negotiation)

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Cease and desist from my debt negotiation company

If you have enrolled or are thinking of enrolling in a debt negotiation program I have one point of information for you to consider. If the company you are speaking to promises that they will be able to get the credit calls to stop with letters or a cease and desist, you may be in for a shock. Once a creditor knows that you are in a debt settlement program they are more likely to sue you. A debt negotiation company that tells you they can get the calls to stop, probably doesn't know what they are doing. This is just a sales tactic to get your money. A reputable debt settlement company will tell you to stop taking the calls or change your number frequently. I hope this helps. There are good debt management companies out there. Unfortunately there are a lot of bad ones as well. Do your homework, ask for references, check with the better business bureau but don't do anything unless all of your questions have been answered and you are satisfied.

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What is USOBA?

What is USOBA? USOBA stands for The United States Organizations for Bankruptcy Alternatives. USOBA was founded by members in the industry seeking representation for debt settlement and debt negotiation outside of credit counseling and bankruptcy. The goal of USOBA is to create and advocate an agenda only for the debt settlement and debt negotiation industry.

We are seeing record levels of consumers filing bankruptcy each year, the credit counseling and debt consolidation industry under fire from the IRS, FTC, U.S. Senate and House, consumer advocates and the state legislatures, USOBA members are the last line of help before going bankrupt.

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Why do creditors try to scare you?

Why do creditors and collection agencies try to scare you? It's simple really, they just want to collect money from you. The more you are afraid of what they are telling you they are going to do to you, the better chance they have of collecting from you. They know that most people have a fear of the unknown. Getting sued for most people is the biggest worry. If you are already not paying your bills, threatening court and wage garnishment can sound pretty horrifying. They want you to do what ever you have to do to get out of debt. You do have rights as a debtor. It would be very smart to read the fair debt collections act to see what your rights are. I think you will find out that the bark is worse than the bite sometimes. I think a little knowledge will give you some peace of mind as well. I'm not saying that you will be able to ignore it, you will have to deal with it at some point.

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What is credit repair?

Credit repair is the process of improving your credit score. Bad credit is the major factor for people not being able to finance their consumer or home purchases. It can also be a process of disputing or fixing discrepancies shown on your credit report in the credit bureaus. A credit must be able to show proof of the existence of a debt. If they can't, they must take it off of your credit report.

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What is a charge off?

A charge off is an accounting method that allows a company to remove a bad debt from the company balance sheet. This can be utilized when a bad debt is clearly no going to be paid by a debtor. Charge offs provide several advantages for a company. It eliminates the appearance of the line item on the income statement for the corporation. This would mean that the bad debt does not appear as net income on the financial records of the company and would not be subject to taxes. The people that handle the accounting, no longer have to spend time dealing with it.

As a debtor, a charge off would be a negative mark on your credit report and would impact your credit score greatly. It is in your best interest to try to negotiate or pay the bad debt off. You can contact a lawyer or a debt negotiator to try and help you if you are not comfortable doing it yourself.

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What is the Universal Default Rate

The Universal Default Rate in relation to the financial services industry allows a lender to change the term of a loan from the normal terms to a new default term. Typically a default rate will be activated when loan payments are missed or a loan goes into default. The term is most associated with credit cards in that when a consumer fails to make a payment on a credit card, interest rates can soar to over 30% in some cases. Once you are in a default rate on a credit card, there is not much you can do to get out of the high rates. You may want to consider doing a debt consolidation program. Once you enter a debt consolidation program, your interest rates will be reduced, over limit fees stopped as will as late fees.

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What is a judgment

A judgment is simply a legal document stating the reason for a judges or judicial decision. They are written by a singe judge. In a court of law they require the repayment of a debt, the court has the authority to place a lien against the debtor's real property as collateral for the judgments creditor.

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What is CCCS

CCCS stands for consumer credit counseling services or debt management. You will also sometimes see it written as CCC. Essentially it is the same thing. A debt management company is a third party that will help you restructure your repayment of debt in a more manageable manor. Typically a debt management company will help you lower interest rates, stop late and over the limit fees. Most debt management companies design plans to have you out of debt in 5 years or less.

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