Debt Relief Professional Tips and Reviews - Debt Relief

Fair Debt Collection Practices Act.

nospam@example.com (RV Team) — Thu, 29 Oct 2009 06:32:45 -0500

In the USA the Fair Debt Collection Practices Act (also known as the FDCPA) is a law that was added in 1978, which protects people in financial trouble from debt collectors that use illegal methods to extract money from people. It also provides an avenue for consumers to contest any information that is not correct that may be on their record. This extract gives an overview as we understand it although it is brief and we do not warrant the accuracy of the information.

Debt collectors, are by definition according to the FDCPA, as any person in a business where the main purpose is the collection of any debts, directly or indirectly. This may be debts due or owed or asserted to be owed or due. As well as any person who uses a instrument of commerce or mail.

This covers the collection of debt from you by a collection agency on the behalf of banks. The FDCPA does not apply when the bank collects directly from you although some states differ and their laws regulate financial institutions as well.

The obligations of debt collectors:

When contacting you they must tell you who they are and that they are a debt collector.

They must give notification that you can dispute the debt and this is called a 1692g notice.
If you require information (ask in writing within 30 days of receiving this notice.) they must tell you who the creditor is (name, address of company that you have a debt with) they must also give you proof of the debt.
If they file a lawsuit, it must be in the city where you signed the contract or where you live now. The debt collector can only file the law suit in those two cities, no other place.

Restrictions of debt collectors:

If you give them written notice they cannot contact you with other details such as you are not paying the debt. They will not be able to contact you but there are exceptions for example that they want to tell you they’re filing a law suit or they will dissolve the debt.
They cannot phone you before 8am or after 9pm, your time zone.
They cannot contact you at work after you’ve stated it in writing.
They cannot constantly ring and harass you by phone.
They cannot contact you if you’ve given your attorney’s details who’s representing you. They need to contact the attorney instead.
They must not deceive or misrepresent. They cannot claim to be an attorney or lie about who they are and they cannot demand more money than what you owe.
If you’ve asked for verification of debt within 30 days of the 1692g notice; they cannot contact you until they have sent you the details.
They cannot threaten you with arrest or legal action unless these are being planned and possible.
They cannot publish your details on a bad debt list.
They cannot use abusive language.
They cannot threaten to tell other people for example, an employer and they can only tell people involved e.g. spouse or attorney.
They cannot contact you in a way they reveal your details e.g. a letter or postcard marked being from a debt collection source.
They cannot put false details on your credit report.
If any of the above practices have occurred to you report the incident to the Federal Trade Commission. They will enforce the Fair Debt Collection Practices Act.

Live Life Debt Free!

Debt Snowball: Do it Yourself Debt Relief

nospam@example.com (RV Team) — Thu, 29 Oct 2009 06:31:47 -0500

Self managed debt relief, is often referred to as the “Debt Snowball”, a way to eradicate your debt. It is possible to not manage your debt no matter how much you owe.

The first thing you need to do is accept it wont be easy to get out of debt but with a budget drawn up it will be easier to tackle. It most likely took you years to accumulate all the debt, and it will take months or years to pay it off so if you want to get out of debt you will have to stop spending on goods & services that you do not really use or need.

Analyse your budget and try to decrease your expenditure and find a way to increase your income so you can pay living expenses along with the monthly payments for all your debt. Cancel anything you can, from gym memberships or subscriptions to any company that takes money monthly that can be cut back on.

Then start to save the amount you have cut back on each month, plus the extra income that you may have from additional work. To successfully operate the Debt Snowball you need to have some money in the bank as a reserve in case of an emergency. This being up to 1200 dollars for a couple or family and 600 dollars for a single person. This money is only used for the unexpected, an example is car repairs so you can get to work. The reserve of money you have is so if anything comes up you will not have to borrow from the bank or use credit cards.

Now you can start the Debt Snowball. You need to list all your debts in order from the smallest to highest. With the total amount owing not the monthly repayment amount. Firstly for example, you may have TV repayment and lastly mortgage. The next step is to then pay the smallest loan first using all the extra money you have that would have before been used as savings.

Debt professionals often tell people to pay the highest interest amount first, which is a great idea. By paying the smallest debt you will accomplish the repayment of the debt quicker and therefore you will gain a sense of achievement and success which gives confidence to table the larger debts.

Debt Snowball will motivate you by the success you have in the early stages while paying the smaller loans. When you’ve successfully paid off one debt, reward yourself and your family. Not expensively, but do treat yourself and involve the whole family.

Once successful of paying off the first debts, you will not want to fall back into debt. The Debt Snowball will roll on by itself. Debt relief managed by yourself is rewarding, so use the Debt Snowball to get yourself on track.

Don't Get Frozen - Get Debt Relief!

Debt Settlement

nospam@example.com (RV Team) — Thu, 29 Oct 2009 06:30:37 -0500

Some creditors in these tough economic times have called unsecured debt in from debtors. The fact that they call for a settlement mean they were willing to negotiate to settle for a smaller amount.

The amount of debt to be paid back to the creditor depends on the amount outstanding and how long the debts have been outstanding and generally the amount to be paid back is between 40-80% of the amount of debt outstanding.

When debt settlement occurs you need to have the money ready to finalise settlement otherwise you will be penalised with a negative effect on your credit rating.

Once the settlement has taken place the creditors can not sue the debtors. The creditors are responsible for contacting the debtors and giving them details on the debtors credit report. You will then have a record when you apply for credit later on but this need not be a major problem because you can build your credit rating again over time. This may be a short term pain in not being able to borrow the amount of money you need to finance business deals. But this compared to the pain of not being able to sleep knowing that all your working profits will be needed to pay the interest bill without ever paying the basics of life.

The psychological effect of relieving all the debt is like a great rock lifted off your shoulders. Debt settlement takes time and once implemented you will quickly feel the benefits, especially if you have professional debt relief specialists negotiating for you.

Get Relief With Debt Settlement!

Why Debt Relief?

nospam@example.com (RV Team) — Thu, 29 Oct 2009 06:29:39 -0500

Debt relief is a term used to explain how debt relief companies negotiate debt on the clients behalf. Also to explain the situation that the client is in so the lenders get an understanding of how serious the situation is. Once the facts & figures are explained, your debt relief company will then act on your behalf to negotiate a discount of up to 80% of the original amount owed.

Many companies consolidate debt, but do not decrease the amount you have to pay. Interest can be higher and fees can be added on. If you are like many people having debt collectors continually ringing you and asking for money that is owed, the resulting stress and worry is something that you can live without.

The companies that consolidate, pay the debts on your behalf and this doesn’t help with your credit rating. Therefore the best option is CuraDebt, to facilitate the solutions given by a reputable debt relief company. This will give you the ability of getting rid of all your debt by professionals working on your behalf. They will be entrusted with all the matters associated: litigation, negotiation and settlement, every case is different and the professional at the debt relief company will give you the appropriate advice.

Debt relief companies eliminate the risk of bankruptcy. They make you free from debt as quickly as possible and this will give you a chance to get your finances in order. There’s also no need to face creditors and go through the stress that many go through.

If many people had been advised about debt relief, their situation would have been much easier to cope with and not only that, but financially, emotionally, and relationship wise as well.

© copyright Wing Family Trust. All rights reserved worldwide October 2009.

Debt Relief is Stress Relief!