• Debt

    Stop Debt Collectors Cold

    Some collectors would call you every day. It is distressing because the conversation is repetitive. He tells you that your account is delinquent and you tell him that you cannot pay (probably because you lost your job or you spent a lot on medical bills). Whatever it is, the debt collector continues to tell you that he will continue the collection efforts. You can request him to stop calling you and tell him that you will write a certified letter. The calls may continue until they have received the letter.

    You can ask the debt collector to stop calling you on your next conversation but writing a letter to the debt collection agency is the surefire way to make the calls stop. In your letter, ask the collection agency to verify the debt and stop calling you unless they have already verified it. It will usually take long for them … Read the rest

  • Debt

    Fight Back Against Debt Claims

    Read and Understand the Notice

    The Fair Debt Collection Practices Act give debtors the upper hand in any consumer debt claims so don’t be too quick to hand over your hard earned money once you see a collection letter in your mail. First, read and understand the notice and then check if they got the right person. Some collection agencies are known for sending collection letters to the wrong address. Note if the debt amount is clearly defined and their contact details, so you can respond accordingly.

    Respond to the Notice

    Once you read and understood the notice, it’s time to respond to it. The worst thing you can do at this point is to ignore the notice as this could result in a credit card lawsuit. Your silence over the issue could be translated as consent on the debt’s ownership! You will be given 30 days to dispute the … Read the rest

  • Debt

    Handling Your Debt

    Every single person who earns a stable income, and doesn’t fall prey to any terrible misfortunes, should be able to build a sizeable nest egg for himself or herself with a little self discipline. It doesn’t matter how much you earn, if you plan properly, you will be able to save.

    The trick is to delay gratification when it comes to spending. Ask yourself what the real cost of an impulse purchase will be. Think of what it will cost you today and also tomorrow. One of the worst reasons for over spending is because you want to compete with somebody. Always trying to have better things than the next person can turn into a disease and severely hamper your financial stability. People guilty of doing this will normally over spend and then borrow more and more money, putting themselves into serious debt.

    Avoid the debt-trap at all costs, because … Read the rest

  • Debt

    Corporate Banking and Its Products

    Products under Corporate Banking

    Project Loan: Commercial banks offer project loan to export-oriented customers for setting up new projects as well as for expansion of an existing projects. To finance costs of building, machinery, equipments, vehicles and other fixed expenses may be the objective of project Loan. Project Loan is provided to the customers in the form of hire purchase, lease finance, loan general etc.

    Working Capital Finance: Business enterprises engaged in manufacturing, trading service business are eligible to avail working capital loan to meet day-to-day expenses for processing of manufacturing and selling product and services. Working capital products include both fund and non-fund based products. Fund-based working capital products include secured over draft, cash credit, packing credit, short-term loans payable on demand bank guarantees. Non-fund based products include bank guarantee; performance guarantees and bid bonds are also supporting the business of our customers.

    Lease Financing:┬áLease financing became a … Read the rest

  • Debt

    Other Cost of Debt

    Perhaps enticed by these products, you spurge left and right, swiping your credit cards as though there is no tomorrow. Remember the movie Confessions of a Shopaholic? Sometime, people tend to be guilty about it. However, the reality is that our life is not a movie that someone must direct us what to do to make it a happy ending.

    More than the financial costs of debt, there is one factor that is detrimental if left unheeded and unsolved. This may cost more than your wealth simply because nobody can buy it. When you lost a thing, you say, “it’s just a thing, I still can buy it.” But when the emotion is involved, it’s something that is serious and it needs careful attention.

    When you are unable to pay your debts on time due to financial scarcity and whatnot, it leaves you feel desperate and not in control of … Read the rest

  • Debt

    Zombie Debts

    The principle behind this business deal is simple. All debts at some point of time become uncollectable as they have passed the time period laid down in the statute of limitations. This time period could range from 3 to 7 years. This period varies from state to state. At this point collection companies who wish to make some money from this deal will buy the debt at a fraction of its value. It can be understood that older the debt the less its market value. Thus a debt over 8 years will cost a fraction of the money that would be paid for a debt that is 3 years old.

    In earlier times the collection agents had a free field and could use any method to recover the outstanding debt. This could include threats and intimidation. However The Fair Debt Collection Practices Act passed in 1996 has put a premium … Read the rest

  • Debt

    Avoid Getting Bad Credit

    Most lending institutions are reluctant to lend cash to individuals with an unfavorable repayment history. Therefore, it is better for people in this position to deal with an accredited agency that is used to obtaining loans for bad credit on behalf of its clients. It is particularly advantageous if the agency has an established network of lending institutions as this enables them to shop around for the best interest rates.

    Surprisingly, bad credit unsecured loans can also help to repair a poor credit history. This is because it will work in your favor if you can successfully obtain borrowing. Additionally, if you ensure that any repayments on unsecured bad credit loans are made on time, you will begin to demonstrate your capacity to meet your financial obligations. You may find yourself with a poor credit history for a number of reasons including bankruptcy, Individual Voluntary Arrangements, County Court Judgments and … Read the rest

  • Debt

    Debts Incurred Overseas

    If you do not pay the debts that you have incurred overseas, you should not expect to have a clean slate in the particular country that you have gotten these. Apparently, the creditors would surely make the necessary steps to recover the amount that they have loaned to you through legal means. If it seems difficult for them to make sure pursue this in your current country, they would at least make sure that you would not be able to return to theirs without having to repay the debts that you have incurred.

    Another step that they may take is to hire debt collection agencies in your current country. Such firms may also employ legal maneuvers in order to compel you to pay up for the loans that you have acquired abroad. The presence of debt collection agencies in the country that you are currently in are actually the most … Read the rest

  • Debt

    Direct Deposit

    To verify an account, an employee must send a statement or a blank cheque from his bank. By doing this, he will provide vital information that will enable the employer’s bank to get the individual’s bank account number and the routing number. The routing number is a coded string of numbers which identify the employee’s banking institution. Another prerequisite of certain pay roll processors is a pre-note. This is an electronic transaction from the payroll processor’s bank to the employee’s bank, and it authenticates the account’s information. After such an authentication, an employee can expect regular pay checks which come on time.

    This method has various advantages. It saves time because cash is easily and conveniently deposited in an employee’s account thus saving the employee time which he would otherwise use standing in long queues at ATM’s. The employees also do not need to wait for cheque clearance since, funds … Read the rest

  • Debt

    How to Be Debt-Free

    Do not think of access to debt as a status symbol. Change your frame of mind about debt. Credit cards are a sure way to financial worries. Throw them into the bin.

    Spend within your means. Do not think of spending more than what you have. Credit cards are very tempting as they are convenient to use. However, its end result is headache and financial exhaustion. Oftentimes, people who patronize credit cards are tempted to have more credit cards than what they already have. Common sense tells us why these people are now working just to pay-off their debts.

    Be guided by a financial record. Take note of your regular income and the monthly expenditures for basic needs. List the items that needed to be purchased regularly with an aim of making savings. Keeping a record allows you to track your expenditures and it is really nice reading these records … Read the rest