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Should I File for Bankruptcy? - Some Things to Consider

January 5th, 2009    Subscribe To Our Feed

Some people think of bankruptcy as an easy way to offload a crushing debt burden, and it’s sometimes the first method they reach for. Well, it may well relieve the burden, but it’s far from easy and should be the very last thing you use to do so.

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How To Deal With Debt Collectors

December 29th, 2008    Subscribe To Our Feed

Debt collectors ringing your phone off the hook and sending intimidating letters can frazzle anyone’s nerves. But you have various forms of protection and many techniques available to deal with them.

Regulations have been established by the Fair Debt Collections Practices Act that stipulate how far debt collectors are permitted to go in their efforts to collect on debts. For example, there are only permitted to call between the hours of 8:00 a.m. and 9:00 p.m., and they are not allowed to make idle threats of action that cannot legally be taken. If you instruct them not to call you they cannot continue calling.

This presents you with choices. You can choose to screen your calls, allowing the answering machine to pick up, or use caller id to preview your callers and decide if you’d rather not accept the call.

If you decide to talk you can request that they not continue calling you. If you enforce this request by sending a “cease and desist” letter it is illegal for the collectors to continue to contact you. This can be a costly legal act, so it may be better to explore other options before resorting to this.

First, you should consider actually paying the debt, if you can and if you actually owe it. You took on the load, and the creditor is entitled to be paid. But, if you’re seriously short of funds, you can couple this with negotiating for a reduced rate.

If you follow up on the commitment, the phone calls will stop. Bill collectors, despite their sometimes unpleasant attitude, are just performing a service for which they get paid. They will move on to others, once an agreement is in place.

It is important to keep good record of all calls received and agreements made. If you have instructed a debt collector to stop calling you, make note of that, especially if they are calling your place of employment. If it is legal where you live you could record calls. However research this because you may be required to inform the caller that the conversation is being recorded.

If you inform the debt collector that you are recording the conversation, most will be very careful not to overstep their bounds. If you are trying to negotiate a debt reduction these recordings can be very helpful.

Remember that debt collectors receive their payment based on a percentage of whatever they are able to collect. Therefore, though they may be authorized to accept less than they are demanding, they want you to pay as close to the full amount as possible. If you are persistent they will reduce the amount. They realize that a part of the whole is better than nothing at all.

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You Should Opt Early for Consumer Credit Counseling

November 24th, 2008    Subscribe To Our Feed

You should opt for consumer credit counseling the moment you realize that you are unable to pay your bills on time, or are unable to pay the monthly minimums on your credit cards. There is no point in reaching a stage where debt collectors start landing at your doorstep every morning to extract their dues.

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Debt Management Is the Best Way to Live Debt-Free Life

November 17th, 2008    Subscribe To Our Feed

Although nobody’s goal is to get themselves into debt, the reasons it happens are varied. Some people simply cannot control their spending. Others fall ill, find themselves suddenly unemployed, or are the victim of another tragedy. In order to eliminate such debt good organization is a must.

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Debt Checklist - Are You Carrying More Debt Than You Should?

October 18th, 2008    Subscribe To Our Feed

No ‘one-size-fits-all’ recommendation is possible when considering the right amount of debt to assume. But that doesn’t mean there are no good guidelines at all.

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Do It Yourself Credit Card Debt Reduction Services

September 2nd, 2008    Subscribe To Our Feed

Dealing with credit card reduction services can at times be like walking through a minefield, and you really should be aware of what you are getting yourself into before committing to one of these services.

Keeping a few significant things in mind that will enable you to take advantage of  a do it yourself credit card debt reduction successfully is vital. Keep in mind, if you are not capable of getting rid of debt and avoiding bankruptcy with your credit card debt reduction services, you will be equally unsuccessful at attempting to do so with a debt management service.

Don’t Use Them Anymore

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Credits: Make Money Online | Matteo Turchetto | Andreas Viklund