It is good to look for alternative ways to collect debt from your customers. However, if all other avenues have failed, you may have to use debt collectors to get your cash. Every agency is different from the other and not every one that is right for your kind of business. Here are a few things to consider.
Some debt collectors specialize in dealing with large businesses while others deal with small businesses and households. Check in your locality for the collectors that target similar clients like the one that has defaulted. The method the agencies apply has a high likelihood of succeeding in your case.
Every state has its own regulations that cover how debt collection is done and how the agencies work. It is important to ensure that you select a firm that adheres to Fair Debt Collection Practices Act. Moreover, the firm should be bonded and licensed to work in the locality.
Sometimes the firms use very uncouth means to collect the debts. This may raise legal cases if the debtor
There is a lot of misinformation about credit. This article will disprove many of the common credit card myths and provide some tips on increasing your credit score. There is no arguing that a better credit score means better interest rates for your mortgage, auto, and all other areas where credit is used. By implementing these tips you could save hundred of dollars in interest in the long run and put cash back in your pocket in the short term.
1) Avoid using cash and borrowing from family for all your purchases. In the eyes of creditors no credit history is the same as a bad credit history. You may get away with paying cash for your car but when you buy your first home it will come back to haunt you. Even if you can afford to borrow or pay cash try opening an account to buy your furniture, automobiles, or home improvements. A diverse credit background will help with your credit score.
2) Your credit report tells all. Do not lie or stretch the truth
The other day I received an email from a guy who was looking for some help with his budget. What he really wanted was to run his family like a business.
While I think it’s a great idea to have the mindset that your family does operate with a bottom-line (that can’t or shouldn’t be masked by credit cards and borrowing beyond your means), you also need to remember that creating a home budget needs to be simple – and stay simple.
This guy wanted to know if a personal budget should allow him to do accruals. Heavens no! An accrual is basically where you might pay for an expense (such as car insurance) every six months, let’s say it’s $300. But you know that the expense really applies to the next six months. So you would spread that $300 over the six months – recognizing the expense on a month-by-month basis.
Sound confusing? It’s really not too bad. Businesses do it all the time because it gives a more realistic picture to
Individuals in debt who wish to make use of the services of a debt management firm should do research before committing themselves. An unscrupulous debt management firm can harm a debtor’s interests in many ways, so make sure to keep the following 4 things in mind before hiring a debt management firm:
1. Avoid any agency that calls you by phone or sends you spam: Most debt management firms advertise in the yellow pages or on the Web, but do not over-aggressively solicit clients. Therefore, there is a good chance any company which does so is not on the level. Debt management companies that follow a cold calling policy or send unsolicited emails will usually not be able to provide any solid references. Most of these companies do not even keep a reserve fund, which serves as a guarantee for the debtor that his creditors will be paid.
2. Non-profit agencies do not necessarily offer better service: First, not all non-profit debt management firms offer their services free; some firms charge up to 15% of the debt amount. Being a non-profit organization does not make a debt management firm a better and more efficient service provider
How do you know if you have too much debt? Credit is a great way to get what you need when you need it, but many Americans are finding that credit can get out of control rather quickly.
Just look at the amount of advertising for refinancing, consolidation, credit counseling and credit cards.
You may not have any problem paying on your debts right now, but that doesn’t mean that you don’t have a credit problem.
Betty and John didn’t see it coming either. They lived as they liked, had several credit cards, two auto loans and a small mortgage that they were prepaying. They were able to make extra payments on all of their debts and thought they were doing well. If there was something they wanted, they just charged it and paid for it later.
Then Betty found that she was no longer able to work. A total surprise, they didn’t realize how much the second income really mattered until the monthly bills started coming in. Suddenly, they found themselves unable to pay their bills.
John and Betty were better off than most. They budgeted and used their savings to pay
Personal loans are a type of credit, in general, that falls under the consumer loan category, which consists of: secured, unsecured, and short-term loans. Secured credit is used to purchase a car or home, and the purchased item will then become your collateral. This type of advance typically has a lower interest rate when compared to the others due to the low risk associated with it. Unsecured, on the other hand, requires no item to be attached to it, but the interest rate is much higher. Same deal with short-term credit-the interest rate is higher because the repayment period is shorter. In addition, the maximum amount you can borrow is limited.
Early Repayment is Important
From recreational use to financing a new car, there are many reasons why people take out personal loans with a bank. Before you go borrowing, though, it is best to make sure you are capable of repaying it. The longer it takes for you to repay, the more that you will pay in interest over that period of time. Therefore, the ultimate way to reduce the cost of your credit is early re-payment. Just keep in mind that some advances have
It can be surprising how many people don’t have a credit history. There are actually quite a few older consumers without a very strong credit history. They may have never had any credit in their names. Many wives find that their credit has always been maintained through their husbands. When they apply for something on their own, they have no history.
Students, young people, newly single women and many older Americans may find that they are in need of a credit history. Or perhaps you have already established credit, but it is less than stellar. What should you do?
You can’t get credit if you haven’t had credit, but you can’t get it without it! Wow. How do you get around that?
There are a few ways. The best way is to simply apply for a small loan or line of credit from your local bank. Make sure that they will report the information to the credit bureau. You can also secure a store credit card. These cards do come with a little higher interest rates than other credit cards, but are a good way to build your credit. You can often only use the
There are loads of reasons why people decide to start an online home business and some of them include convincing sales copy and promised riches.
Sales pages are read and the emotions that “promises of riches with the least amount of effort” instill in us become more powerful than our logical mind that will very happily let us know that we really don’t need it!
Our emotional response to a sales page is what “hooks” and the need to be lead by someone we hope will show us the way to a no-brainer cash cow with an endless stream of $100 bills is what has us whipping out our credit card faster than we can say “compound interest”!
You could try willpower as a method to stop this endless, expensive necessity to buy, but it can be easier said than done. When you are staring at a timer ticking down the seconds before the offer ends, or there is a fast action bonus that you have convinced yourself you need. Or even worse, the price is rising with every second that passes and the longer you wait the more expensive the product gets. Resistance of
A clean credit report can make life much easier than would otherwise be possible with a credit report littered with negative items. A good credit history can often significantly impact your chances of getting a loan, finding employment, renting an apartment or buying a car.
Sometimes, the negative items on your credit report are a direct result of financial decisions you have made in the past. However, there are times when your credit record contains negative items that should not be listed. Can you have those items removed from your credit record? This article will provide some insight into identifying these types of errors and offer a few helpful tips that will help you get them removed.
Identifying Negative Items
The credit reporting agencies and credit bureaus that track and report your credit history are not infallible. They make mistakes. That is why most experts suggest that you request a copy of your credit reports from the main agencies. That is the only way you can identify errors and begin the process of removing negative items that should not be listed. Maintaining a clean credit report required this type of annual review of your credit
Budgeting is a chore people put off indefinitely. They know the bills pile up, the only time they jolt out of complacency is when they have to pay them.
This creates a problem. The difficulty is created due to the fact that you deal with matters as they arise. So you have no organization or direction. You do not put yourself in a position of anticipation.
Why do we need a budget, family or individual? This question may sound silly, because it is so obvious. A lot of people know the importance of it, yet do not have one. Often those who do not budget have poor discipline in spending.
Let’s say one earns $2000 a month net. In your budget you save 5% of your net earnings. Secondly you pay rent or mortgage which costs $700 a month. Then you have living expenses, such as gas for the car, utilities, food, credit card bills, and recreation. With a written budget you can see the interest charges on your credit card. The budget helps you to see how much the interest charges cost. You now see that making your current payments how long it would
With interest rates being at an all-time low, I can understand the urgency for people wanting to purchase a home. But I caution the first-time home buyer to learn how to budget their money before buying a new home.
I happen to live in a state with one of the highest foreclosure rates in the country. I was so shock to learn that many people lose their homes within the first couple of years. I wondered why so soon. Sure the economy is not the best and people are getting laid-off and having hardships, but some people are simply not prepared for the unforeseen problems and expenses that comes with owning their first-home.
When I received a call from a friend telling me about a property less than a mile from my home that was in the process of being foreclosed on, I quickly made arrangements with their agent to view the property. It was a nice single family residence with some minor wear and tear. The family that was losing the home was a basic middle-class family. I had less than three weeks to close the deal since the home was to be sold on
The honeymoon is over! How times have changed from those glory years when you and your spouse-to-be were footloose and fancy free. You were dating, having fun, planning your dream wedding, the vacation on some exotic island and then living happily ever after.
Now, you’ve settled into the routines of life: work, paying the ever-increasing bills, and perhaps you have been blessed with a child (or two). The priorities have certainly changed! And, so has the financial picture. Your planning horizon has shifted from month-to-month to building a long-term future for your family.
What I am describing can be a very large burden on young families. This was a very difficult time for my wife and me, but with almost twenty years of experience under our belts, I now feel equipped to offer you some advice.
1) Share The Budget Burden – Budgeting decisions shouldn’t be made in a vacuum! Both husband and wife must set up a monthly budget together. If one person is not involved in these important lifestyle decisions, there is bound to be bitterness and anxiety. I have found that, in most marriages, the husband and wife will have opposite habits
What is a balance transfer ? A balance transfer can be explained simply as a balance transfer! When a balance is transferred usually from a credit card, but possible from a bank account or loan to a credit card with a offer interest rate (usually 0%) for a set period. It does not have to be the entire amount. The card receiving the balance will an interest rate for a set term, normally 6 months, but can be 9 months or even a year. Take a look at the current balance transfer deals currently available. This will give you a flavour of the typical kind of deal available.
Should I apply for a balance transfer ?
It is important to remember that a balance transfer does not mean that the debt has gone away. It just means you are not paying interest on it. You will still have to maintain payments.
This may seem obvious but many people do not get this straight in their mind.
The basic criteria for getting a balance transfer is when you regularly have an outstanding balance after making your monthly payments. This is the amount you should look
The articles and tips provided on this site are intended to help you access credit card offers that suit your lifestyle. By providing you with some basic information, we are confident that you will be able to easily identify which are the best credit cards for you. There are literally thousands of offers online which make deciding on what cards apply to your needs very challenging.
The best place to start when shopping around for credit cards is knowing your credit score – you are now entitled to a free credit report annually – order your 3-in-1 report to have a complete picture of how a credit card bank might view you. How your credit report looks will determine which credit cards you quality for.
Excellent Credit Reports Qualify For:
If you are among the elite few who have managed your credit cards and other loans responsibly the bank will reward you with added perks such as airline points cards or low interest credit cards. There are many card offers that will reward your good financial habits with low or no annual fees, some great reward points as well as introductory rates of 0% APR
Most of us get a credit card on our name when we go to college or when we are in our senior years of high school and all of us stumble into the same types of difficulties when it comes to finding an issuer and managing the credit card. Most banks ask for a prior type of credit history that most of the time lacks and for some type of warranty that we will be good payers. It is true, finding the right issuer and building a credit card history is not easy, but it can be done.
When you apply for a credit card the bank will usually ask you questions regarding your previous credit lines. Most young people do not have any type of credit history and this makes the banks unable to positively respond to their application.
There are two things that you can do to go around this problem. One is looking for an issuer with a special offer, as there are many banks that offer credit cards for people who are just starting their first credit line. It is true that you will not have an extended credit line at first,
There are many evils associated with credit cards, but there are benefits that are hard to ignore. One benefit is having the credit card company act in your behalf to recover funds from a disputed transaction. Under the Fair Credit Billing Act the credit card company has to investigate the dispute and either take the charge off your bill or explain why it is correct. Even better, you don’t have to pay the portion of the credit-card bill or related interest charges while the dispute is being investigated.
The types of billing disputes/errors covered by the Fair Credit Billing Act are:
- Charges that list the wrong date or amount.
- Charges for goods and services you didn’t accept or weren’t delivered as agreed.
- Math errors.
- Failure to post payments and other credits, such as returns.
- Unauthorized charges.
Before you dispute any of issues you must first contact the retailer and try to settle the dispute. If they ignore you, or the dispute is not settled then contact the credit card company. Usually you need to have your dispute in writing to the credit card company. The address for billing disputes is different then the address to send payments. The billing
In the olden days, about 10 years ago, before the internet, consumers would have to fill in applications for credit cards, loans, mortgages and so on by hand. It’s hard to believe now, but this lengthy process was the norm, with requests for extra documentation and references going backwards and forwards, until finally the application was accepted or rejected. These days with the advent of the Internet an application can validated, accepted and a credit card or loan offered with minutes.
The availability of credit card comparison engines has revolutionised the way people look for the credit cards. It means that when comparing credit cards a consumer can make very quick and meaningful comparisons very quickly. Consequently, they can compare the credit cards pertinent to their needs and identify the best card for them. It means that for things like balance transfers, the best available product can be found with relative ease.
Credit cards can be compared accurately using the typical APR or Annual Percentage Rate. Credit card companies are required to produce a typical APR figure under new regulations. It is an attempt to standardise the way a card can be promoted and to reduce
1) Do your homework. Applying for and getting approved for a credit card is nothing more than legwork. Credit card contracts can sometimes contain onerous terms that might make you sorry that you signed up for the new card that you did. Read the fine print carefully. If a deal looks to good to be true, it just might be. Credit cards can be a great way to finance your purchases, but make sure it’s not at such an expense that you end up paying for a long time afterward.
2) Read about the APR. The APR stands for “annual percentage rate”. Yes, the APR of a credit card is important no matter what people tell you. A low APR for a credit card is more critical than you think. When you sign up for your new card, you probably are thinking that “hey, all I never miss a payment so who cares what the APR is?” The fact of the matter is, expenses come up. Unexpected expenses that you have to pay for no matter what. If your credit card’s APR is low and when those expenses arise, you will be in a better financial position
When you are deciding what type of credit card to get it is important to compare credit cards to each other and find the best deal for you. There are a variety of different credit cards available, from low interest cards, cash back cards and even reward credit cards, it’s hard to decide what exactly the best credit cards are.
The best credit cards are generally going to have a few things in common. The first thing, being a low interest rate. Low interest cards can save you money over time, by not requiring you to pay large amounts of interest on your purchases. Some of the best credit cards in addition to offering a low interest rate will be reward credit cards. Reward credit card will give the user some sort of incentive for choosing their card to make a purchase rather than another. Rewards can vary from cash back to gift certificates at your favorite department store. Some cards will even offer actual merchandise or trips as rewards for using the card.
Compare different offers you receive for credit cards in the mail, and look for the credit card offer which is giving you