Many people claim it is the debt relief programs they join that are at fault for their pain and suffering, in some cases it is true. What most people do not understand, it is their own responsibility to settle their accounts. I will explain what I mean in detail. When a person wants to negotiate or settle an account he/she is already delinquent on, what is most needed to settle such an account? MONEY!
That is right, money must come along sooner than later to be able to negotiate on a delinquent account. First of all people get in credit card debt because they have no money. If they had money in the first place they would buy everything they needed with cash. If you have no money, do not buy things you do not need. If you live by this rule it would be highly unlikely that you will end up in credit card debt. Lets assume you have delinquent credit accounts and you want to negotiate settlements on them, here is what you must be aware of:
1) Find an affordable agency to help you out. Find an agency that does not charge outrageous fees. Remember you are already in debt, some agencies will only get you deeper in debt. Find an agency with no retainer fees, monthly maintenance fees, or high commission rates. Shop around, do not join the first agency you speak with. Widen your horizons, do your homework, expensive does not always mean the best in the debt settlement industry.
2) Stay away from agencies that promise you the world. In the debt settlement industry there is nothing for certain. Do not let an agency tell you they can save you so much, that is a lie, not every person receives the same treatment from creditors or collection agencies. Discounts are given on a case by case scenario. Beware of false promises.
3) Do not ever under the advise of any agency stop making your payments. Whatever loan you are making payments on, it is illegal for anyone to suggest to you to stop making payments on it. If this advise is given, beware of the agency. This is only going to get you into more debt. Even though payments are not made, interests rates will go up, late fees and other charges will still continue to accumulate.
4) Do not send any agent any money unless you are absolutely sure they have a settlement letter in writing for you. Here is where the trust factor comes into play. If you have joined an agency after you have read all the advise given before, then you must trust your debt relief agency. Keep this in mind, most agencies will not forward a settlement letter to you unless the commission money has been paid to them. If you pay the commission money to your agent demand they fax a copy of settlement letter right away.
5) Most people fail to settle their accounts, why? Lack of money! Do not believe you have [...]
Posts Tagged ‘About’
Facts You Should Know About Before Negotiating Your Credit Card Debt
Posted in Debt Cutback 
Tags: About, Before, Card, Credit, Debt, Facts, Know, Negotiating, Should 
No Comments »Consumer Credit Repair – Why Should I Care About My Credit Score?
A bad credit score is not like other problems. It is not a noticeable feature and unless you tell someone they will never know your credit score. Many of us in our early years tend to ignore the issue altogether. Really who cares if your score is 550 or 750 when you’re 18? I know I didn’t. At some point though most of us come face to face with this three digit number and reality sinks in. Bad credit really can make life tougher. Consumer credit repair may be the right choice for you.
If the situations above sounds even remotely familiar chances are you now know your credit score and you’re not too happy with. Maybe you’re looking to purchase your first home and the bank denied your loan. It could be time for a new car and you can’t do it without a cosigner. These are just a few of the many situations that stem from a poor credit score.
Find Out How To Repair Credit Score Here…
Basically paying late on bills, defaulting on debts, and getting sent to collections sends your credit rating down the drain. Not only are you being hit with late fees but you’re actually setting yourself up for high interest rates in the future. So you are essentially costing yourself money down the road that you don’t even have yet. It’s important to stop the cycle and take control of your credit.
Your credit scores are never set in stone. It will fluctuate for the rest of your life. What you need to do is make sure that it is going up instead of down. Consumer credit repair will take effort on your part. By eliminating negative items from the past and adding positive items from here on out you’ll be able to save yourself a lot of money. Just remember if you don’t take action your situation will likely continue downward.
Find Out How To Repair Your Credit Score Here…
How To Complain About a Bad Debt Collector
For some people it’s been a rough couple of years. Our financial system is in the middle of a long-needed correction but it hasn’t been easy for many people. If you’re in that boat with the rest of us you know what I’m talking about.
You may owe more than you can pay and as a result, you may have been contacted by one, two, or more bill collectors. That’s never a pleasant experience especially if they call you several times a day, leave messages, and send letters, etc. It’s especially unpleasant when you’re being contacted by a bad debt collector, someone who attempts to get you to pay by bullying you.
Unfortunately, a significant number of collection agencies employ this tactic and often get away with it. And if you’ve summoned up the courage to actually speak to a collection agency representative to try and work out your problem only to be treated in an abusive manner, it’s very disheartening. But under the umbrella of the Fair Debt Collection Practices Act or FDCPA, there are ways for you to counteract that kind of treatment.
You can file a formal complaint with the Federal Trade Commission (FTC) against the collection agency. The FTC’s job is to enforce the FDCPA and their website has a form just for consumer complaints of this type. Understand that a single complaint won’t cause any collection agency to shake in their boots, but if you copy them in on the complaint you’ll be announcing to them that you know at least a little bit about your rights and that may get them to back off of their hard-handed tactics.
You can file a formal complaint with your State Attorney General or the Attorney General of the collection agency’s state (if they’re based outside of your own). On a state level, the Attorney General is usually charged with enforcing a state’s collection laws so a letter to his or her office pointing out the specific abusive behavior you experienced is probably the right place to go. Again, copy in the collector so they know you’re an advocate for your own rights and won’t be pushed around.
Remember that complaining about a bad debt collector or even suing one yourself does not in any way erase your obligation to pay back a just debt. But no matter how much money you do owe or how long you’ve owed it does not entitle any collector to treat you unfairly.
