• Debt

    Statute Barred Debt

    The date in which the limitation period begins is from the last payment made on that agreement. From this information you should be able to determine as to whether your credit agreement is a statute barred debt.

    It should be noted that just because it has passed the statute limitation period, it does not mean the debt is no longer existent. It simply means that you can no longer be threatened with court action to repay the old debt.

    Even though the lender may now be barred from pursuing the debt recovery, it does not mean that they are not allowed to attempt to recover it. Many debt collection agencies will use underhand tactics in an attempt to re-engage you with your debt.

    If you have been approached by a debt collection agency about a debt which you believe to be statute barred, your first action should be not to … Read the rest

  • Debt

    Live A Debt Free Life

    Dispose of existing obligations. This is clearly your first stage to carrying on with a debt free way of life. Cut up any Visas that you have at this time on your person or in your wallet. Pay your bills on schedule, remitting as much as you possibly can on the smallest account, submit your regular payment to the other accounts. Continue this process until the debt has been paid, now keep repeating this process with the next smallest bill.

    Generate a plan. Each and every individual who exists without debt has a budget and accomplishes it. Without planning for liabilities and odds and ends, individuals over indulge on needless spend on things and all of a sudden, a real emergency comes along. Take an inventory of each months expenses after that create a listing of non monthly expenses. This could be anything from car tune-ups, property taxes, school supplies, … Read the rest

  • Debt

    About Debt Management Plans Work

    If you decide a debt management plan is right for you, then you can set up your own plan or employ a credit-counselling agency or a debt management company that can work with you to create a plan, arrange payments with your creditors, and provide advice. Choosing the plan that best suits you depends on how much time, money, and dedication you want to expend to get the plan in place.

    Debt Management Plans work to lower the total due balance and consolidate all debts into one monthly payment, which is affordable. Those who have the financial ability to make monthly payments cannot use this type of an arrangement. Usually creditors supervise these programs. The plan is most beneficial for those who cannot make payments each month because of late fees or high rates of interest. You should consult with the debt management company to figure out which plan suits … Read the rest

  • Debt

    Info of Free Debt Management

    First, you should make a list of your debts, including the creditor, total amount of the debt, and monthly payment. You can use your credit report to confirm the debts on your list. You need to update your list every few months as the amount of your debt changes. If you are late with your payments, you will have to pay a late fee and your interest rate and finance charges will increase. If you miss a payment, do not wait until the next due date to send your payment and send it as soon as possible. If you cannot afford to pay anything more, at least make the minimum payment. The minimum payment will not result in progress but it will keep your debt from growing. When you miss payments, it gets harder to catch up.

    Credit card debt should be repaid first. Credit cards with the highest interest … Read the rest

  • Debt

    Debt Reduction

    They were so ingrained that debt was something I expected to have and since I expected it, it happened. But eventually, I learned that most debt was not helping me and my family. Debt was keeping us broke and keeping us from enjoying the good things in life. It was also the driving force keeping me in the work force long after I wanted to retire. I was a slave to the creditors because I did not have a good handle on managing money and debt.

    Growing up with people who expected to be in debt probably did not help me much, but the only person that I can really blame is me. I was not dumb by any means, just uneducated when it came to managing debt.

    After I decided to turn things around, I learned two things that helped keep me motivated. The first thing was if you … Read the rest

  • Debt

    Not All Debts Are Bad

    Most people generally tend to have more bad debt than good, such as; Credit cards, Car loan, Personal loan, Holiday finance, White goods finance.

    Sounds familiar doesn’t it! Don’t get us wrong, it’s not an offence or anything, but keep this in mind – by decreasing these debts, you are more likely to steer yourself in the right path of financial success.

    On the other hand, some people think having a debt is a taboo/ sin/ whatever they want to call it – so they don’t believe in buying a property until they have earned their money to pay their house in cash. That can do – it’s just going to take them longer that’s all. Yes, debt is a risk, it is leveraging the bank, and you may not be able to repay that if you quit/ lose your job.

    That’s why without a doubt, you must budget. Manage … Read the rest

  • Debt

    Check That Debt

    • Get interest rate reductions. Ask every creditor to whom you have paid your bill in a timely fashion to reduce your interest rate. If a few of them agree to do so, you will be able to pay off the balances on those loans and cards sooner. You may also have more money to apply to paying off other accounts with the money you save from your lower interest rates.
    • If you get the interest rate on one or more of your credit cards reduced, transfer balances from credit cards with higher interest rates to the card(s) with the lower rate. Check to see if the card(s) with lower rates has any balance transfer fees associated with it. If so, is the spread between the cards with higher rates and the one(s) with lower rates still better when you factor in the transfer fees? If the difference favors doing the
    Read the rest
  • Debt

    Outsmart Debt Collectors

    • Make yourself familiar with the rights – No matter whatever the problem is, nobody can harass you or make you feel threatened. Moreover, these companies have many restrictions, which include use of abusive language, nuisance phone calls, misrepresenting the amount of your debt, unnecessary threats, and more.
    • Not to get emotional – it’s better to be straight forward with your collector and try not to ignore their phone-calls, mails, messages, or letters as this would definitely turn the tables in their favor.
    • Find a suitable lawyer – you must find an attorney who specializes in consumer law to represent you in court. Also, you must avoid giving your bank accounts and routing numbers to your debt collectors as by doing this you’ll be allowing them to make direct withdrawals from your accounts.
    • Keep track of phone calls & messages – create a document and note down all the important stuff
    Read the rest
  • Debt

    How To Gradually Get Out Of Debt

    Get Help From A Professional

    You can get professional help from financial advisors. Sure, this may cost you some money, but at the end of the day, you may be getting good advice from them, and they could help you save time and stress over planning debt management plan. The process may be slow and it may span across many months, but do realize that you cannot cancel a huge debt overnight? Painstaking measures need to be taken over a course of time in order to limit the damage you take in your bank account and earn enough money to pay off your debt.

    Plan Your Expenses

    Well, some of you may be reluctant to hire a professional financial advisor to help you out because of the situation you are in. Do not worry, because you can still come up with your very own debt management scheme. This may require … Read the rest

  • Debt

    Paying Off Debt

    A Pull in Different Directions. Sort of like raising kids, there’s no single “right” way to do it, yet everyone seems to have an opinion on the topic. As a consumer searching for answers, it becomes very easy to get sucked into one camp or another with regards to which regimen to follow. There is no shortage of financial experts, books and methodologies targeting people who need a little financial wisdom. The problem is, many of the pre-packaged debt payoff programs treat the journey to debt freedom as a cult-like religious following rather than a progression towards financial literacy and financial independence.

    Rather than adopting a “one-size-fits-all” (one-size-fits-none) approach, it’s important to consider debt, income, expenses, and financial goals in context with the individual’s household, habits, and goals. There are two parts to the debt payoff equation: the math, and the individual’s lifestyle. To be effective, any get-out-of-debt solution needs … Read the rest