Posts Tagged ‘debt management’

Want Debt Consolidation? Read This Now!

December 13th, 2018 Comments off

When you are deep in debt then things can seem pretty bleak indeed. I understand this from first hand experience. In my position as a mentor and consultant, I am always getting emails and messages from people who don’t know which way to turn.

Debt can also be really difficult thing to talk to friends and family about, and many people feel like they are going through it alone.

Whether that is true in your case or not, it’s vital to not dwell on them and realize that there is a way to get out of things. In fact it is not just a way, but there is a whole industry, that is dedicated to helping those that are in debt. It is actually common and once out, people can go back to rewarding and successful lives.

The first part of the process is to arrange a consultation with a fully qualified professional who can look at your situation and then give you an honest and unbiased review, then explain the full range of options available.

These people are found in the best debt relief companies that are in the industry. There is a world of difference between these consultative companies and the ones who just want to sell you more debt in the form of debt consolidation loans, or the ones who just want to connect with people in desperate situations to make money

When you start to working with one of the best debt relief companies, then you can understand that they can provide a whole range of possibilities depending on what suits your circumstances best.

These different possibilities can range from simply going through your situation and explaining a full personal financial management plan, to actually going out and negotiating with a person’s creditors to adjust, or reduce a person’s current terms and debt levels.

There is always something that can be done, but really the hardest part in all of this is to make sure you find the right people to help you. Once you have done this you can really get a clear understanding of just what is possible, and exactly how it can be done. Now this may not be easy, but if you are motivated, you can get there.

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Lessen that Debt!

April 10th, 2018 Comments off

From the neighborhood grocery store to the biggest of banks, everyone was affected by the previous years recession. The worlds most powerful financial institutions collapsed right before our very eyes. This created a domino effect that led to smaller companies closing shop and their employees losing their jobs.

But with most people thinking that all this was caused by the biggest businesses, this is only partially true. It all started with the sub-prime crisis. Borrowers with low credit scores were given loans with interest rates so high hundreds of thousands of them, werent able to pay back.

Everybody blamed the Treasury department for the mess. Although they were in charge of lending together with the banks, it was the sub-prime crisis that fuelled this economic collapse. People with bad credit history were allowed to take on mortgages with the condition of higher interest rates in return. That alone made it unmanageable for most which led to the free fall of everything.

In short, the US and the entire world were crippled by one thing, bad debt.

Though getting credit is not always a bad thing. Even the richest governments and businesses borrow money. But it only turns out well if you can manage it correctly. For those who are already unable to repay their loans, it is good advice to start looking for a debt settlement program.

This also gives a sigh of relief to those in debt because it gives them a chance to clear their records while paying off a smaller amount than what was originally being asked of them. This could be possible with the help of these companies that offer debt settlement services. If the debt settlement program eventually works for you, youll be able to keep your house.

In the search for a company that provides debt settlement services, make sure you go for someone you can trust and is easy to work with. Their purpose is to help you lessen your burdens. You can have them organize your different credit card statements and settle it all at once, they can ask your creditors to give you lower interest rates, and they can also assist you to get a better credit standing despite your debt. You wont need to hear from those pesky collectors again!

You can also compare how different companies charge for their services. Some companies take off a certain percentage of the amount you pay to your creditors. Others collect payment from you when they have done the settlements in your behalf while some companies ask to get paid first before they even start assisting you. Talk to different people. Ask around for their recommendations. Do so as soon as possible so that debt gets cleared as soon as possible as well!

My name is Mike Edwards and I am a professional writer with a good knowledge of the Debt Settlement Program that Christian Debt Consolidation offer. I have also been very impressed with the Debt Settlement Services they offer and suggest you check them out.

Important Reasons Why A Business Should Use National Collection Agencies

March 2nd, 2018 Comments off

When shopping for a collection agency you may not have stopped to consider the benefits of national collection agencies versus smaller local collection agencies. National collection agencies have a lot of reasons to recommend them. Following is a discussion of their benefits.

The first reason a national collection agency will trump a small local agency is their greater number of resources. Any business which has enough funds to operate offices in each state is going to be better equipped to collect on your debts. An example of this is the fact that over 50% of US states require that anyone doing collections have a license. The licensing procedure takes time and costs money.

If you’re using a local agency to call people in other states, they may not be aware of licensing requirements. National collection agencies will keep abreast of each state’s requirements and conform to them so you are in compliance with local laws at all times.

National collection agencies have well-trained staffs and make the commitment to continue this training even for their most experienced employees as collection techniques evolve. The debt management industry is very different today than it was even three years ago, and it’s crucial that you hire a firm that continually improves its practices if you want your collections to be successful.

Because they are more prestigious, national agencies get the cream of the crop when it comes to collection employees. They are also more likely to impress debtors into paying something. They will realize you mean business when you have a national debt collection firm representing you.

Since they attract the best people, national agencies are more likely to have specialized staff for unique industries. If you require medical collections, for example, you don’t want someone who’s mostly done collections on credit cards handling the files for you. If your collection needs are specialized, a nationwide firm is more likely to be able to fit them.

National agencies have an advantage when it comes to time as well. They have larger staffs so they keep longer business hours, and with offices in each state, you don’t have to worry about time zones. If you need to collect on accounts on the West Coast and your collection agency is on the East Coast, you’ll be missing out on some prime opportunities to reach the client due to time zone issues.

Finally, national collection agencies use advanced computer utilities that facilitate communication and allow you to check up on their activities. With most of them, you can monitor your account online in real time whenever you want. This is far preferable to the monthly reports that smaller agencies tend to send out. You want to check up on the rate of return, how quickly they’re getting your money back, and other details, and the best way to do that is by having access to your own files. Most smaller agencies just can’t offer this, so if keeping informed is important to you, you’d best consider national collection agencies.

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First Party Collections Information Important To Your Business’ Cash Flow

November 26th, 2017 Comments off

The term first party collections refers to any collections that are performed by the company to whom the debt is owed. You may not have realized it, but any time you call a client and ask them to pay up on a bill or send a reminder notice, you’re doing first party collections. Some large companies go as far as to open their own collection agency as a subsidiary to handle this.

“First party” literally means that you were the first party in the original exchange of goods or services for money, i.e. the lender. The person who accepted the goods or services and promised to pay, i.e. the debtor, is the “second party.” If an outside collection agency becomes involved, they were not part of the original transaction, which is why they’re called “third party.”

First party collections activity has some unique advantages. For one thing, there is no lag in time between an account becoming delinquent and the beginning of the collections process. Also, you have knowledge of your customers’ needs and practices, making it easy to maintain a positive relationship even after debt is incurred, which helps down the road if you want to keep the customer as a client.

Often the debtor will be more inclined to try to please their original creditor, especially if you have a product or service that he or she needs in order to maintain their business. Sometimes a gentle reminder that you won’t ship any more items until their past due amount is cleared up is enough to get recalcitrant debtors to pay.

Another difference is that unlike third party agencies, first party collections do not fall under the Fair Debt Collection Practices Act. When you are the original party or a legal affiliate of it like a subsidiary, you are considered a lender rather than a collector. Third party agencies therefore do not have as much wiggle room in their practices as first party collections entities due, but the latter are still subject to state and federal law.

Once a bill gets past due beyond 2-3 months, though, it’s usually time to turn it over to a third party agency or sell the debt. The ability to collect on past due amounts drops steeply after this time statistically, so rather than continuing collections actions in vain, you’re better off handing them over to professionals with more resources.

In addition, first party collections aren’t very effective unless you have a specialized collections staff. Your sales force, accounting staff or management are not trained collections people and their time is better spent elsewhere while you save collections endeavors for people who know how to perform them.

If you hire an individual or create a department to handle first party collections, however, they can be just as successful as third party collections. If they are knowledgeable in modern collection techniques like private investigation to track down new addresses and phone numbers, offering incentives to get the debtor to call in or working out settlements, first party efforts can be remarkably efficient. When trying to make the decision of which type of collections instruments to use, keep in mind whether you’re spreading your resources too thin or if you have the team in place to do first party collections.

David P. Montana has written extensively and served as a business advisor in collection agency services for three decades. David provides additional helpful tools and resources about outsource billing service options.

Filing for Bankruptcy: Some Important Things That You Should Know

October 26th, 2017 Comments off

Often quite extensive, filing for bankruptcy is very rarely any sort of easy process. In fact, many people handling foreclosure proceedings run into some serious problems when they begin working on their claim. Even though it is true that a person who chooses to file for bankruptcy will be able to receive some legal protection, that does not mean that it is any less important to learn as much as is possible regarding the in depth process of filing for bankruptcy.

First off, is the need to ensure that there is in fact no other solution in sight because once you are bankrupt, it will reflect on your credit file for many years (as many as ten) to come?

Types Of Bankruptcy

Having decided that you are indeed going to file bankruptcy, you next need to consider two important types of bankruptcy that will prove useful to you in your endeavors and which will also come in handy for you regarding how to file bankruptcy.

Most individuals who claim bankruptcy choose to do so under chapter 7 bankruptcy. Some people who would like to file under chapter 7 are not able to due to BAPCPA. This forces some people to file under chapter 13 bankruptcy whether they like it or not.

Another useful tip on how to file bankruptcy is that you need to research well all of the available options before you which relate to filing bankruptcy, and though you may be thinking of filing without hiring a lawyer, the best way of going about how to file bankruptcy may indeed warrant hiring a bankruptcy attorney or lawyer, and even then you need to research different lawyers before selecting a particular individual or firm.

After deciding which lawyer you are going to be working in conjunction with, speak with them about which chapter bankruptcy is right for you to file under. You need to know exactly what costs will be involved in your claiming bankruptcy. Besides the fees your lawyer will charge you, you will incur fees and charges related to the filing process.

Once you have spoken with your lawyer, make sure that all of your creditors understand that you have hired legal counsel and that their calls and questions should be directed to your attorney. This will prevent any creditors from getting in touch with you regarding debt after you file for bankruptcy.

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