—-(949) 379-1157—-American Credit Relief’s former trial Attorneys settle your credit card debt for up to 75%. www.americancreditrelief.com Call for a free quote: 949-379-1157
If you’re thinking about using a debt consolidation or debt settlement service to help you get out of debt faster and save money on your monthly payments, make sure you do your homework before choosing a company. There are definitely shams and scams out there.
First let me say that debt consolidation is *not* the same as debt settlement/negotiation, which most people don’t realize.
Debt settlement companies charge hundreds of dollars as an initial “admin fee” to set up your account, plus a monthly service fee. The fees vary depending on the company and the amount of your debts.
Such companies take your money every month, but don’t make monthly payments to your creditors! Instead, they put it in a trust account, negotiate your debts with your creditors, then make a lump-sum payment when there’s enough in your account to pay a creditor in full.
That can take *years* depending on the amount of debt you have with each creditor. Meanwhile, you can be sued by your creditors and your wages can be garnished! (Or just don’t make payments to your creditors. You’ll end up in the same spot without paying someone to help you get there!)
Settlement companies don’t ask your creditors to stop all interest, late fees and overlimit fees from accruing. That means while the negotiations are ongoing, your bills will continue to grow! So if you’re sued and a judgement is brought against you, you’ll owe more money than before!
And shoddy companies, which there are a lot of, don’t tell you *any* of this up front. I call it “getting permission by omission” because they simply don’t tell you how their program works *before* you sign an agreement with them. Or after, for that matter. But if you ask the right questions, eventually you’ll figure it out. (Or when the crap hits the fan. Whichever comes first.)
Let me give you an example of how debt settlement works.
Let’s say you have $20,000 in unsecured credit card debt. You owe $10,000 to one credit card company, $6,000 to another and $4,000 to a third. You agree to a 5 year plan where you pay $250 a month to the settlement company. (After all, $250 a month for 60 months is only $15,000, so you’re saving $5,000 and you’ll be debt-free in 5 years, right?)
The admin fee will cost you $750. Your first 3 monthly payments go towards that and nothing gets put into your trust account until your 4th month.
The settlement company keeps $50 of your $250 payment each month for the service fee. That means $200 a month is being added to your trust account.
Most debt settlement companies claim to be able to negotiate your debt for about 50% of what you owe. So let’s use the lowest credit card debt as an example.
If you owe $4,000 and your creditor agrees to accept $2,000 as payment in full, it will take 10 months at $200 per month to have enough in your trust account to pay off just that one credit card.
But remember, your first 3 payments to the settlement company only paid the admin fee. That means your first credit card settlement is 14 months *after* you started sending them money.
So what’s the problem? It’s simple. Your creditor won’t agree to accept half of your actual debt unless, or until, it can be paid in full. Otherwise, you’re expected to make your normal monthly payments.
Since you don’t have $2,000 in your trust account, and you won’t have it until more than a year after you stopped paying your creditor directly, they’ll probably take you to court and request that your wages be garnished long before you have that $2,000 built up.
And what about your other creditors? Well, they’ll be waiting even longer to get their money from the settlement company. The $6,000 debt will take 15 *more* months to pay off, assuming your creditor waits that long and agrees to 50%. And that $10,000 bill? You do the math.
On the other hand, if you signed up for a 3 year plan with the settlement company, your debts would be paid off sooner. But, the question is, will your creditors wait that long? Probably not.
The facts are, you can negotiate with your creditors yourself. Most will agree to take a smaller monthly payment from you and stop all interest and fees from accruing. And, of course, you’ll save thousands of dollars in fees to a settlement company.
Before signing up for any service, please be sure you check out the company thoroughly. And don’t let the words “non-profit” fool you either. A lot of debt settlement companies claim to be non-profit.
Going back to the example above, if you pay them $15,000 over a 5 year time frame and they settle your debts at half of what you owed, they’ll make $5,000 from you. I’d call that a profit, especially since they might not have actually helped you in any way.
Most companies will allow you to cancel your account and get a refund of what you’ve paid, less the non-refundable admin fee and the monthly service fees. If you feel you’ve been mislead about their program, don’t hesitate to argue til the cows come home. File a complaint with the Better Business Bureau or hire an attorney if you feel you’re getting nowhere.
You can visit the Better Business Bureau’s website (http://www.bbb.org) and find reports on hundreds of companies. Here’s a small listing of companies that have poor reputations with the BBB:
National Consumer Debt Council LLC – Irvine, CA (A.K.A. NCDC, United Consumer Law Group)
Financial Rescue Services – Burbank, CA
Debt Legal Services – Anaheim, CA
American Debt Relief – Los Angeles, CA (A.K.A. A M Debt, American Debts Relief, Debt Relief)
Please be very cautious when choosing a debt help company and ask lots of questions before agreeing to anything. If you find they’re evading your questions, run fast and run far. There are reputable companies out there, so keep looking until you find one.
More and more people are choosing installment loans to help with unexpected emergencies. Bad credit installment loans are repaid with a fixed regular installment, and a rate of interest fixed for the duration of the loan. Whether you are funding an education, purchasing a vehicle or simply…
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If you have ever gone shopping for a new car or made an attempt to purchase a new home then you are probably familiar with your credit score. Even if you haven’t made any type of purchase that required you to obtain a loan or credit due to the amount of money involved you’ve probably still seen or heard the words credit score mentioned on the television or in a business or financial article. The reason for this is because our financial well being in today’s complicated credit/loan society revolves around that very powerful three digit number known as our credit score.
There are many ways to explain what exactly our credit score is, but frankly trying to sort out the scientific and mental calculations involved only serves to give me one big giant financial headache. The main point to remember here is that the credit score determines an individual consumer’s credit worthiness as seen in the eyes of the three main credit score companies or bureaus as they are sometimes called. The score is based on a combination of a consumer’s current credit situation and their previous credit history with many additional mitigating factors.
The three main credit bureaus are Trans Union, Equifax and Experian. Each company has developed (with the Fair Isaacs Company) their own unique method to determine your FICO (credit) score. Don’t be alarmed by this because although each credit bureau has their own method for determining your credit score the numbers remain standardized across all three companies. For instance a 700 with Trans Union is equal to a 700 with Equifax and Experian.
So what exactly constitutes a good credit score? In order to determine that we first need to know the scoring parameters that makes up the scoring scale. As previously mentioned your credit score is influenced by a variety of factors such as outstanding debt, your credit history, the types of credit you current have or use and your payment history. These factors when analyzed form a score that can run anywhere from a low of 375 to a high of 830 or 900 depending on which expert you ask. These numbers generally serve as a guideline that a credit lender can then use to incorporate into their own credit rules that are tailored to their company’s in-house credit program. However generally speaking a credit score higher then 650 has the potential to be considered good credit in most cases. The national average for the FICO credit score varies. I’ve seen it as high as 723 and as low as 676. With that said a consumer with a credit score higher then 700 is considered excellent, a credit score between 601 – 699 is decent and anything less then 600 could probably use a financial makeover in order to raise the credit score.
Keep in mind that these categories could fluctuate depending on the national average and also remember these numbers just represent a guideline for lenders to use when determining your credit worthiness based on the FICO credit score. It’s their in-house line of credit rules and regulations that will ultimately decide if you have a high enough credit score to obtain financing at the most favorable terms offered by their company. Once thing is for sure the higher the credit score number the easier it is to receive credit and the more favorable the repayment terms are as far as interest rates go.
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DEBT CONSOLIDATION LOANS Bad Credit Debt Consolidation Bills and debts getting a little out of hand? Lower your monthly payments by consolidating them into one low payment. You can consolidate anything. Credit cards, car loans, personal loans, second mortgages anything and everything! We…
Bad credit personal loans help people who do not have good credit scores to get personal loans for taking care of their financial needs. So, if you have poor credit, how can you ensure that your application for a personal loan is approved?
There are many lending institutions which are available today who are willing to offer loans to people with poor credit ratings. These specific loans are given on different terms and conditions. In such cases, the lenders usually expect some form of collateral from the borrowers, which may be in the form of a house, jewelry or a car. Generally, the terms of repayment on such secured loans are more flexible and convenient for the borrower, which helps them to repay their debts without too much financial strain.
However, those individuals with bad credit history seeking personal loans without any security may face some difficulties in securing and servicing the loans, especially since they have to pay a higher rate of interest on the loans. Besides, these individuals may also be able to get only low amounts of money for the loan, which has to be repaid within a shorter time frame. Many people prefer secured loans as the best option, which helps them in managing their finances well so that they can pay all their outstanding debts easily.
Improve your credit ratings using bad credit loan
These loans provide you with an opportunity to correct your past mistakes where you may have defaulted on making payments; made late payments or got involved in other things which might have affected your credit history. Remember, your past credit history can have a huge impact on your ability to get a loan quickly from the lenders, as most of them are not willing to take such big risks on borrowers. However, people with a poor credit score can still have access to loans for personal use, if they are willing to pay a high rate of interest.
These loans dedicated for people with poor credit ratings can allow you to resolve all your issues related to bad credit where you can use these loans to pay all your outstanding debts on time. If you want to get this type of a loan for personal use, then you need to shop around and look for lenders who are willing to offer you the best rates. It is important to read the terms and conditions carefully and see if it suits your budget and requirements. The best way is to find an affordable scheme that can help you to repay your monthly installments on time.
You need to be careful about lending companies whose sole motive is to make profit and dupe customers by charging them exorbitant interest rates and fees for lending them loans. Always make sure to verify the credentials of the company while dealing with them to see that you get a fair deal on your loan.
It helps to get a bad credit loan from the highly recommended lenders.
Everyone is in need of hot cash these days. They have so many obligations, needs and necessities to fulfill in life and what they earn is just enough to sustain them on the daily basis. Where can they go when they need money urgently? Who will trust them and offer to help them monetarily? Necessity is the mother of invention as the famous saying goes is very appropriate and well suited in this case. Loan or money lenders manipulate this need of the general public by offering easy loans. The loans definitely are easy to get as anyone is qualified for a loan undeterred by the fact whether they can repay them or not.
Many people are over confident about their capabilities to repay the loan before they get the loans. Once the monthly payment day arrives they lose all self esteem, confidence and courage when they see the interest hike or repayment slip. Often it might so happen that many are even unable to payback the loans. In such cases the loan lender issues a bad debt or credit on the borrower. This bad debt history is a knife in the neck as someone with such bad credentials cannot very easily get loans. Bad credit debt consolidation offers timely help by providing credit card debt consolidation loans to even people with a bad credit or debit history.
Often many people become victim of these loan repayment problems because of their financial mismanagement. The bad credit debt consolidation companies offer debt consolidation advice as to how to overcome and set oneself free from the loan related problems. Bad credit debt consolidation companies’ offer free counseling or they might charge a small fee. Bad credit debt consolidation can be the only possible solution for anyone with a bad debt.
The valuable advice from financial experts in the bad credit debt consolidation company helps in customer debt consolidation. The application for the consolidation is easy to file. Online secured forms are also available for the convenience of the customers. The person who is need for the loan consolidation can also make a private enquiry or find details online about other consolidation companies and their policies. After careful consideration a loan plan suitable to the borrower should be chosen and implemented. Thus loan consolidation is the need of the hour, there is no time to waste as every moment counts. Act immediately apply and consolidate all your loans.
Are you clogged with multiple debts? Or are you having problems in paying a number of interest rates which is high and multiple in numbers? Do you find this repayment is eating up your financial freedom? Well, if you are in debt and facing problems in repaying these multiple debts, you can very well go for secured debt consolidation loans.
Secured debt consolidation loans rivet the borrowers because of their affectivity in turning the multiple debts into single loans with single interest. Here, you can easily turn the clock around your convenient curves. These are the loans where all of your existing debts are transformed and combined into a single loan where interest rate will also be single and cheaper than any of your earlier debts.
In Secured Debt Consolidation Loan, the main benefit lies with their being secured in nature. You are required to place the collateral of your property before the lender. The lender is assured through this and he gets to know that his money will be paid back timely. So, willingly he advances you the loans at convenient terms and at cheap rates of interest.
Secured debt consolidation loans are the loans advanced for a time frame ranging between 5 years to 25 years. Also, they are open to the bad credit holders, only with a moderate difference in the interest rates.
Well, this interest rate does not too high primarily because of the online availability of secured debt consolidation loans. You are to apply online through a small and easy application from detailing a few facts only. The lending agencies will find and compare the different loan quotes available in the market for you. Your task is simply to choose the right deal. So, secured debt consolidation loans are the loans where loans are available to get you off the hook of debt and this is indeed great, for anybody who is in debt.
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