Settle credit card debt » Many People

Settle Your Own Debt ‘Only If’

admin — Fri, 23 Jul 2010 20:44:19 +0000

Time is valuable. Most people can not afford to lose time from work to negotiate settlements on their debt. Phone calls, and correspondence must to be answered. Complete contact must be kept with creditors and collection agencies, every detail of the debt being negotiated on must be known. Can everyone afford to do this, YES, if they are home unemployed! Arrangements sometimes may take up anywhere from one day to six months , this is why I say negotiating debt is time consuming.

Collectors will test your patience. The phone calls become unbearable, one call after
another, collection agencies do not give up. These calls come at all times of the day, and they are computer generated, knowing the stress you are going through just being in debt are you willing to add extra stress because you think you might know what you are doing? This is where many people quit their own efforts and contact debt relief agencies. Trust me I have the gray hair to prove it, collection calls are not easy to deal with.

If you are a car mechanic chances are I will trust you with the brakes on my car. I do not think I will go to my local garage to learn how to become debt free. The know how is not only how to speak, most of us know how to negotiate, it is not complicated. Working on oyur own debt is knowing when to say certain things and when not to. negotiating is like a boxing match, one must know when to take a punch and when to hit back. This is called experience, just like that car mechanic who knows when to change those brakes, debt negotiators know when to go in for the kill. Unless you are extremely good at knowing when to punch and when not to, debt settlement is not the business for you.

The contacts. Most people laugh when I mention this, the fact is this business is repetitive. What to say, what to do and whom to work with. Believe it or not, there are nice people collecting debt. It takes time, patience and the know how to find these people. Once you find them, you never let them go. You make your enemy your ally, in this case debt negotiators learn to work with debt collectors. They work up a rapport, they sometimes become friends, that is why it is so important to seek the proper help.

If you think you have what it takes to negotiate on your behalf, by all means go ahead. Keep in mind the road is not going to be easy but not impossible. It is highly rewarding to know you can make a difference in peoples lives, as a debt negotiator I take great pride in helping those in real need of debt relief, people with a real hardship. I wish you great success in your efforts.

By: Dan Delgado

How To Consolidate Debt and Be Successful in Life

admin — Wed, 21 Apr 2010 18:22:44 +0000

How to change your life and your bad habits to go beyond debt, and discover new trends to live the life you deserve…

What is Debt Consolidation? Debt consolidation consist to take out one loan from a debt consolidation service in order to pay multiple loans or bills like credit card bills, or other student loans.

For several reasons, it is not recommended. Debt Consolidation companies offers sound exciting, but many end up costing you much more than you think you earned. The major problem is that you may be tempted to use your credit card even more, simply because you rely on these companies and unconsciously, you spend and drag out your credit card and you don’t mind.

What is their goal, and what they will never tell you?
First you should know that they don’t have any interest in giving people the right advice, as their main revenue is from people like you, I mean people in debt.

What you should understand is that the ultimate goal of these debt consolidation services is not to help you, but their real purpose is to make money.

Well it is a good purpose, make money. The truth is that there is nothing wrong with that, and we all need money to live. But why make money with you when you need help?

These companies are playing on the psychologic side, they know that you have no choice and that you got to avoid bankruptcy, so you finish at their offices…

You may be asking yourself, why so much people are turning to these companies? If so many people are going there, it should not be a problem.

Well, I was working as a financial advisory, and do you know what was my first task when I come to my office at 7.30 am? No, how in the world would you know?
My first task was: take the phone, and call people who were delinquent with their account, people who did not paid their debts in time.
Most of the time, those people were still sleeping when I rang them! But I got to do it, because the system is like that.

The main reason is that people can’t afford the following: credit harassment, foreclosures, repossessions, tax levies and garnishment, bankruptcy, or loose their house… and family. They got no choice.

By: Franck Silvestre

How to Negotiate Debt Settlements

admin — Wed, 14 Apr 2010 07:09:28 +0000

Knowing how to negotiate debt settlements is the key to securing your financial future. Debt negotiation is the process where in you will contact your creditors and will appeal to them with an offer to pay off the amount you owe in easier installments that decrease the principal quicker.

Learning how to negotiate debt settlements can be a lengthy process and you may have to appeal to many people within the companies you owe, but this process is the best way to decrease the fees and interest that cripple your capacity to ever really pay off your debt. There are four easy steps to follow to ensure the process goes as smoothly as possible, and to give you confidence in fixing debt problems.

The first step to successful debt negotiation is to organize all of your debts and stop any compulsive spending. Find all of the documents you have concerning your debts, including bills and notices. Assess your interest rates, any fees you pay on a regular basis, and any charges you accrue either by maintaining a balance in excess of your credit line or with late payments.

The second step is to align your priorities and decide where your debt repayment plan should begin and be the most concentrated. Pay off high interest loans before low interest loans to save you money.

Third, approach your creditors and ask about their available debt repayment plans. Tell them what you are interested in, and present them with your program for repayment. They may not accept this initial proposal, but it is a good way to begin the process.

Last, be committed to following through on the terms of your debt negotiation settlement. When you agree to the terms, and your creditors agree to the terms, you must both be willing to do your part to ensure your success in fighting debt is attained. Knowing how to negotiate a debt settlement isn’t difficult, but it is essential to fixing debt problems and securing your future financial success.

Copyright

Medical Bill Negotiation – The Most Commonly Overlooked Medical Debt Solution

admin — Fri, 09 Apr 2010 03:40:23 +0000

Many people that are underinsured and don’t have means the means to pay their medical bills will normally try to deal with this debt using conventional debt relief methods such as debt consolidation, home equity loan or trying to settle their debt with the help of a debt specialists. Little do people know they can actually negotiate their medical bills. Did you know that insurance companies typically pay 60% less than individuals? If insurance companies can negotiate, there is no doubt that you can too. Just know that you will never get a discount if you don’t ask, sometimes it can be easy as simply asking, other times you may have to use your haggling skills a bit.

An important thing to realize if you cannot pay your medical debt and your debt ends up going into collections, the hospital or doctor will end up collecting much less than you actually owe. When your debt goes into collections they typically sell your debt to the collection agency for a fraction of the full value and whatever the collection agency collects above that amount, they get to keep as profit. The hospital or doctor would much rather get set an amount with you that you can pay rather than lose money by selling what you owe to a collection agency. Also, negotiating with the doctor’s office or hospital before the debt goes into collections will prevent you from dealing with harassing collection calls and problems with your credit score because of the debt going into collections.

People not getting up the confidence to ask for a lower price is the most common reason people do not negotiate medical debt. It is a fact that of the people that do ask for a lower amount, 70% actually do receive a lower bill amount. It is important to go out asking for the lower amount in a courteous manner. It may be difficult to ask a physician that you have a relationship with and you don’t want to hurt that relationship. You can start by talking with the billing office. The billing office sometimes will help you right away, other times you may have to escalate it to the doctor. Remember, doctors have gone through years of medical training and have likely been in debt or are still in debt and can see eye to eye with you.

When it comes to medical debt, negotiation is one of the most commonly overlooked solutions. This most overlooked solution is also the most effective way for decreasing medical debt amounts. Depending on policies, it may be extremely difficult or extremely hard to come to an agreement, but if you are persistent and understand that it is in the best interest of the hospital or the doctor to negotiate, you will be able to decrease your medical debt significantly.

By: Charlie Jones Jr.

Facts You Should Know About Before Negotiating Your Credit Card Debt

admin — Tue, 02 Mar 2010 17:03:58 +0000

Many people claim it is the debt relief programs they join that are at fault for their pain and suffering, in some cases it is true. What most people do not understand, it is their own responsibility to settle their accounts. I will explain what I mean in detail. When a person wants to negotiate or settle an account he/she is already delinquent on, what is most needed to settle such an account? MONEY!

That is right, money must come along sooner than later to be able to negotiate on a delinquent account. First of all people get in credit card debt because they have no money. If they had money in the first place they would buy everything they needed with cash. If you have no money, do not buy things you do not need. If you live by this rule it would be highly unlikely that you will end up in credit card debt. Lets assume you have delinquent credit accounts and you want to negotiate settlements on them, here is what you must be aware of:

1) Find an affordable agency to help you out. Find an agency that does not charge outrageous fees. Remember you are already in debt, some agencies will only get you deeper in debt. Find an agency with no retainer fees, monthly maintenance fees, or high commission rates. Shop around, do not join the first agency you speak with. Widen your horizons, do your homework, expensive does not always mean the best in the debt settlement industry.

2) Stay away from agencies that promise you the world. In the debt settlement industry there is nothing for certain. Do not let an agency tell you they can save you so much, that is a lie, not every person receives the same treatment from creditors or collection agencies. Discounts are given on a case by case scenario. Beware of false promises.

3) Do not ever under the advise of any agency stop making your payments. Whatever loan you are making payments on, it is illegal for anyone to suggest to you to stop making payments on it. If this advise is given, beware of the agency. This is only going to get you into more debt. Even though payments are not made, interests rates will go up, late fees and other charges will still continue to accumulate.

4) Do not send any agent any money unless you are absolutely sure they have a settlement letter in writing for you. Here is where the trust factor comes into play. If you have joined an agency after you have read all the advise given before, then you must trust your debt relief agency. Keep this in mind, most agencies will not forward a settlement letter to you unless the commission money has been paid to them. If you pay the commission money to your agent demand they fax a copy of settlement letter right away.

5) Most people fail to settle their accounts, why? Lack of money! Do not believe you have 24 or 36 months to settle your accounts. I have seen people get sued only after a few months of delinquency. That is a fact. Most agencies will lie about this fact. Be very careful, some people do get sued, have their wages garnished, leans on their properties, etc.. There must be money to settle your accounts somewhere along the road. The best time to settle your accounts could be around the sixth month of delinquency. Will you have the money then to settle on all your accounts let alone one account? In most cases I do not think so. By now you know why I told you before there is no one else to blame but yourself for the troubles you have brought upon yourself if you have stopped making your credit card payments, it is not your agencies fault, it is the lack of funds to settle with that is doing the number.

6) Let us say you do have funds to settle with. Great. Bad news is not all credit companies or lenders settle. Do not let your agency of choice tell you because you have funds to settle with you are going to come out smelling like a rose. That is a lie. Yes, you will probably settle many of your accounts, reach payment plans on others, the likely hood of getting sued will diminish. It does not mean because you have money to settle with you are going to get everything you want. That is why it is called Debt Negotiation, because that is exactly what it is, a compromise, two sides have to agree, or come to a common ground and then settle. Debt settlement in most cases is not a complicated process, but some negotiations take more time than others even if there are funds available to settle with.

7) After all this you are wondering if it is really worth it to have an agency negotiate on your behalf. I say you can negotiate for yourself. My question is, do you have the know how, the contacts, the experience or the time to do it on your own? If you answer yes to all these questions, then my answer is, in the form of a question, why are you in debt in the first place? Most people think they can negotiate on their own, some can to a certain extent, but remember what I asked before, are you really ready for it?

Promises, false promises. No agency can keep your creditors off your back 100%. Big lie, people are told this as a hook to join an expensive debt settlement program. We will handle all your creditor calls, big lie. 80% of the time your calls are not followed up on. We contact every creditor once you join our program, big lie. If that was done then you would probably have to settle your accounts all at once. We can save you 80% off your total deb, big lie. I have been in this business for many years, no one knows how much they can save anyone at a specific time, all we can go on are averages of many negotiations with the same company. You will not get sued, our program will allow you 36 months to settle your accounts, big lie. No one knows have much time before legal action is taken, any time you decide to stop paying your creditors you are rolling the dice on legal action. We will refer you to legal council if you get sued, big lie. You will get sent to your local court house to file a legal answer.

9) Be careful of all promises and lies, there are more but I can continue writing forever, just do your homework, stay away from fancy agencies that promise you the world. If I were in debt I would rather hear the truth, and you?

By: Eric Gartle

I’m Over My Head in Debt! What Can I Do?

admin — Sun, 28 Feb 2010 04:51:30 +0000

Are you over your head in debt? This has become a widespread problem in recent years. It can be traced back to the fact that many people are quick to assume large sums of debt on their credit cards and later have difficulty paying them back.

What is the root cause of this problem?

Not all people who find themselves over their heads in debt are necessarily to blame. Some people are unable to pay back what they owe when they unexpectedly find themselves unemployed or too sick to work. Many are unable to once again make the same amount of money as before, and thus find themselves in debt trouble.

Some people who find themselves deep in debt are to blame due to their shoddy economic administration. Many people have several different credit cards from companies who are willing to give much more credit than one can reasonably hope to repay. When they have every credit card at its limit, they find themselves only able to make the minimum payment on each one. This means that they will be paying interest on their debt for many years to come.

How to Control Your Debt

If you want to keep a handle on your debt, it’s important to be careful from the beginning. When you are going to get a new credit card, do your homework. Look for the card with the lowest percentage of interest. Also, don’t go crazy acquiring multiple credit cards. There’s really no need for more than two.

The best way to control your debt is to pay what you owe on your credit cards each month. Don’t let interest pile up. You will save a lot of money in interest and maintain a good credit rating. If an emergency arises and you must borrow more than you can pay off immediately, it is advisable to stop using your credit card until that bill is cared for.

Dig Yourself Out of Debt

Are you already over your head in debt? Do not despair. There is hope. It may not be easy, but if you recognize the problem early and exercise a little restraint, it is usually possible to recuperate your stable financial status.

The first step to take when you realize you’re in debt trouble is to quit acquiring more. A good budget is crucial as it helps you put the maximum amount of money possible towards repaying what you owe. Obviously you need to keep up with all of your minimum payments. Once that has been cared for, it is a good idea to rank your debts according to their interest rate. Any remaining money should be put towards paying off one debt at a time, starting with those that have the highest interest rate.

By: W. M. Blake

Do You Really Need To Hire A Debt Settlement Company?

admin — Mon, 15 Feb 2010 09:16:23 +0000

If you’re falling behind on your credit card payments, you’ve probably heard about debt settlement. It is a good alternative to bankruptcy, and can get you out of debt much faster than making minimum payments every month. And spare you the financial and emotional pain of declaring bankruptcy.

Many people wonder if hiring a professional debt settlement company is necessary. After all, by settling your own debts, you can save yourself quite a bit of money in fees.

But hiring an expert to settle your debts is a little like hiring a mechanic to change the oil in your car. Or hiring a painter to paint your house. Or hiring a landscaper to mow your lawn.

All cost you money.

But all save you time. All have the right tools and equipment. And all are experts who may be able to do a better job than you can do. Here are 3 points to consider before deciding to settle your own debts:

1) Settling your credit card debts is not “rocket science”. But you need to ask yourself if you have the time to learn how to do it right – and get yourself the best deal. Because it is possible that while you can settle your own debts, that you won’t save as much money as you would if a professional debt settlement company did the work for you.

2) If you do decide to settle your own debt, you should at least spend several hours researching the debt settlement process, and learning how it works. Learning as you go can be quite costly – and once you reach a settlement offer, you usually can’t turn back and try to get a better deal.

3) If you’re already way behind on your payments, how will you handle the calls from your creditors? And if the calls have not already started, they will come soon. The creditors want their money. The fact that you are trying to use debt settlement to pay off your debts won’t stop them from contacting you asking for your next payment (or worse).

So can you settle your own debts? Yes.

Is it better for most people to hire a professional debt settlement company? Probably.

Whatever you decide, make a commitment to getting yourself out of credit card debt, so you can live a more peaceful life. Without a serious commitment, no debt relief strategy will be successful in helping you get completely out of credit card debt!

By: Kris Bickell

Understanding Credit Card Debt Problems

admin — Sat, 30 Jan 2010 15:36:12 +0000

Nowadays it seems that credit cards are almost a necessity, rather than a luxury, which has caused many people to have a huge problem with credit card debt. Many people now have more than one credit card with a balance and you may even be one of those people. If you are one of the millions of people wanting to get out of debt, then you first need to understand what caused the problem to begin with.

A credit card is exactly what the name implies. It is a card with which you are able to use by borrowing on credit. Every time you use a credit card, you are borrowing money from the issuer. Also, each time you use your card, you are increasing your debt.

The total credit card debt is the full amount you have borrowed from the creditor. Each month you receive a statement showing the total outstanding amount owed with which you are given the option of paying the balance in full or making a partial or minimum payment. When making only the minimum payment due, you will then be charged interest on the balance owed. This will also increase your outstanding balance. If you are only making the minimum payment due each month, the new monthly interest charges are calculated on the prior months balance. This causes you to end up paying interest on the previous month’s balance as well.

The cycle just continues to increase, especially if spending habits are not controlled, which causes debt to increase even faster. What started off as a small balance rapidly becomes a large amount that can seem impossible to pay off.

Now that the credit card debt problem has been explained in a very basic manner, we need the solution to get the problem under control. The key to solving the problem is to stop the cycle! As hard as this idea may seem and as impossible as it might appear to be, it can be accomplished. Once you are able to stop the cycle, you will be able to stop your problem and begin on your journey to financial freedom.

By: A. C. West

Settle Multiple Credit Card Debts Through Debt Consolidation

admin — Fri, 14 Aug 2009 22:47:38 +0000

Debt consolidation is fast becoming the choice for many Americans who want to get out of credit card debt. There are numbers of assistance organizations who offer debt consolidation as one of their main services. But what is involved with this type of consolidation? Many Americans own more than one credit card and keeping up with multiple credit accounts can have an adverse effect on anyone’s finances, especially if one is barely making enough income. And it is no secret that many individuals are indebted to at least two card companies.

When their finances can no longer keep up with their debt because of the accumulation of the amount plus the interest rates and other late charges from various accounts, the usual method to remedy the situation is through the aforementioned consolidation.

Debt consolidation happens when a person fuses all his accounts into one and pays them all off by taking another loan. What makes this a popular alternative for people with huge debt is that they are left with one single account to worry about. Another good thing is that with the help of a one of these assistance experts, a person can get a loan together with terms and payment schedule that are easy to adhere to and keep track of.

Truth be told, many people have been pulled out of debt and ushered into a debt-free life through consolidating their accounts. If you are one of those who have huge debts on their name, it is an imperative that you eliminate debt now before it grabs hold of your life. You can discuss more about consolidation with a credit card debt help professional and explore other settlement options that are immediately available to you.

By: Jiles Masson

How to Definitely Settle Your Credit Card Debt

admin — Mon, 09 Feb 2009 09:50:02 +0000

Most people today are struggling to make ends meet and some have to resort to maxing out their credit cards just to do that. Hence, many people are now stuck with huge debts and unpaid balances. Debt settlement is one of the options you have when faced with overwhelming card debts. And there are many choices with which you can finally settle, or at the very least, reduce your credit card debt to a more manageable state.

You’ve probably heard of debt settlement companies who specialize in creating solutions on how to remedy your debt situation. But before you scan and surf the web for a company for some professional debt assistance, it is always best that you try to settle this matter yourself. Such move would give an impression that you are serious when it comes to your problem.

That said, if your debt is no longer within your control, then that’s the time you should call in the debt help experts. And here are some of the options you can exercise to reduce your debt.

The first and perhaps the most popular choice for settling credit card debts is by debt consolidation. Debt consolidation works best when you owe more than one credit card company. What happens is that you consolidate, or merge, all your balances and pay them all with one loan. This type of debt settlement eases the burden on your finances by cleaning all your debts and leaving you with one loan to take care of.

Another option is by applying for a lump sum settlement. With this option, a credit card company will ask you to pay 50-70% of the total amount and the rest of your balances will be forgiven. For instance, if you owe $10,000, and company asks you to pay a lump sum of 60%, all you have to pay in total is $6,000, with the remaining $4,000 forgiven. The catch with this form of debt settlement is that you have to raise and pay such amount within a given period. There is a relative difficulty of getting the amount, depending on the schedule and the availability of your financial sources.

These are just a couple of options a credit card debt assistance company may offer you. Of course, there are still some choices that would fit your financial profile and preference. It would be best that you really talk with your debt management expert about your options and explore your possibilities before you make a move.

By: Jiles Masson