• Debt

    Ways to Eliminate Debt Faster

    Refinance your debt

    If you’re struggling with a large debt such as a mortgage or a student loan, it may be possible to refinance to take advantage of low interest rates. When your debt has a lower interest rate, you end up paying less in interest over time. Depending on the term you refinance over, your monthly required payment may even go down and give you some extra breathing room every month.

    However, refinancing often comes with fees and closing costs, so it’s important to make sure that the money you save in interest is worth the cost of the process.

    Take advantage of balance transfer cards

    Credit card companies often attempt to lure in new customers by offering 0% financing for transfers from other cards. The promotional periods are generally short, but during that time, you pay no interest on your balance. That means that any money you pay … Read the rest

  • Debt

    Paying Off Your Debt

    Decide to Stop Creating More Debt

    Recognize that creating more debt will only make it harder. If you continue to create debt you’re only compounding the problem and adding to your debt crisis. If you have credit cards with an available balance put them somewhere they are not easily accessible, perhaps a safety deposit box. You may even have to resort to spreading them if you can’t resist the temptation to charge up more debt.

    Pay More than the Minimal Payment Each Month

    By paying the minimal payment due you are actually prolonging your debt and paying thousands of dollars in additional interest that could be used to pay-off the principle debt. By adding just a few more dollars to your payment each month you will be surprised at how much you will save and how much faster your debt will be paid-off.

    Target One Debt at a Time

    This … Read the rest

  • Debt

    Process Of Debt Recovery

    For many, the debt recovery process stops here – a campaign of letter writing and protracted phone calls is sufficient to extract from a wayward borrower, the repayments that are due. There is no doubt that this element of the process is integral to the smooth resolution of many debt cases. However for the aforementioned unscrupulous debtor, the service of process is merely a heads up – a cue to become slippery and attempt to avoid payment. In these cases, more aggressive actions are warranted. Unfortunately, the scary, intimidating stereotypes held by the public towards the debt collection industry are based on practices adopted only towards the most extreme cases, which have been generalised by the media and word of mouth to be mistakenly applied to the average case of debt collection. In reality, these cases occur as described before – largely without event. Even in more severe cases, the … Read the rest

  • Debt

    About Tracing Debtors

    A look into the financial history or an individual can often be very illuminating for a debt recovery firm. Commonly, failed payments can be attributed to a number of reasons: the debtor may have fallen on hard times – this would be indicated by financial records that indicated that the person was a reliable payer until a certain date, at which point they run into problems. Others, are simply unaware of the payment terms and need to be prompted by a standard reminder. On other occasions, a customer may have simply moved address and in the ensuing disorder, failed to inform their various financial obligations, resulting in their falling behind on payments. Finding the new address can take finesse, but otherwise these individuals are often regular, if disorganised, payers. In other circumstances, there may be conflict between the customer and the client – the customer is unhappy with the services … Read the rest

  • Debt

    Coping With Debt and Retirement

    Get professional debt advice

    Research conducted by the Prudential recently showed that one in five people hoping to retire in the UK this year will do so with more than £30,000 worth of debt. Wales was at the top of the list in terms of numbers, with 26% of people retiring with significant outstanding debts.

    Unfortunately the average retirement income from an annuity is at a 6-year low and as a result thousands of retirees will find themselves with much less to live on each year than they need to pay their household bills, living expenses and debt payments.

    If this sounds like your situation then you should seek professional debt advice as soon as you can. A qualified financial advisor can help you to make the most of any pensions and investments you have while also showing you where you can save money in everyday life. In addition though, … Read the rest

  • Debt

    Struggling With Debt

    There has been a huge increase in the number of families relying on food banks this winter to keep them afloat during the cold months. It’s a difficult position to be in when you find yourself choosing between turning on the heating or stocking up the fridge.

    Families that are struggling with debts will find their financial position even tougher, because they don’t only have to contend with soaring food and fuel prices, but huge chunks of income are eaten away by debt repayments every single month.

    People that are unable to cover their usual household expenses, including shopping and heating, because of unmanageable debt, need to take action. The longer financial difficulties are ignored, the harder the problem becomes to resolve, so it’s imperative that people start as soon as possible. Facing up to debt worries and financial problems can be really scary – to the point that some … Read the rest

  • Debt

    Effective Debt Management Advice

    Troubling situation

    Although many financially indebted consumers do not look forward to seeking out professional financial consultants on eradicating their financial dilemma, there are limited alternatives for their consideration if their debt level has escalated to an uncontrollable volume.

    Consumers in debt usually run away from the facts and belie themselves that they can work out their financial problems personally. Embarrassment is the main factor of seeking professional financial assistance; ego is another. However, the sooner the financially troubled consumer seeks the assistance of professional financial experts, the faster they can be eased of their embarrassment and financial burden.

    When a consumer gets into debt that is running out of control, it is crucial to seek professional financial assistance as the situation has gone beyond a personal control. Proper financial and legal knowledge, skills and actions must be undertaken as quickly as possible to keep the debt situation in good … Read the rest

  • Debt

    Negotiating Debt Settlement Options

    Understanding Your Financial Situation

    When you seek help from a credit company, the manager will initially fetch the complete profile of your finances. You will have to make sure that the credit company and you are in sync with each other. It should not happen that the credit company comes across more debts related to you when they search through your profile.

    You can make a file containing all the bills for the last three months including the interest rates, service charges and the balance that remains after all such deductions take place. If you take all these papers and documents with you to your first meeting, it will save a lot of time and you’ll be spared with more time.

    Get Someone to Speak on Your Behalf

    When you are considering a debt negotiation, it will be better if you could hire a debt attorney from your end. A … Read the rest

  • Debt

    Consequences of Debt Settlement

    • Proof for Debt Settlement: Before you go ahead and relax about your debt settlement, you should have a hard copy from the creditor that states that all your debt has been cleared off. You should obtain an authorized and certified copy that says you have been let off and that your creditor will no longer bother you.
    • Effects on Credit History: Damage of your credit history goes hand in hand when you choose for a debt settlement. If you miss payments on purpose, your credit history will take a hit. Even if you have cleared off all your debts, it will always be called a “settlement” and not considered “paid off.” Though, debt settlement does not leave a scar like filing for bankruptcy does; however, it does sent a message to the creditors you might contact in the future that you had chosen to settle your debts instead of paying
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  • Debt

    Ways To Deal With Debt During Tough Times

    If you’re having debt problems

    If you are experiencing problems with debt, there are things you can do to ensure yourself of a better financial future. Here are six things you could do to brighten your financial picture regardless of the state of the economy. But do understand that doing a better job of managing debt requires you to change how you think about spending your money and must be open to utilizing the professional and educational resources that are available.

    Be ready to make sacrifices

    The first and probably most essential step if you’re stressed by credit card debt is to determine where you can make spending cuts. You will have to look at what luxuries you could give up and your decision-making process, especially if you feel you’ve been making bad decisions.

    Learn how to do things differently

    You’ve probably heard the old saying, “if you keep doing … Read the rest