The term charge off describes an accounting function followed by your lenders. When speaking of revolving consumer credit card accounts, a charge off occurs when the credit issuer either chooses to, or must, recognize an unpaid loan balance as a loss. Losses are bad news for lenders. The bad news gets reported and can affect […]
Which Credit Card You Should Settle First
Credit card debt settlement is not complicated. But there are several factors to consider when determining the order and priority of different debts to be settled. The main ingredient to your success in debt negotiation is; money. How much you can bring to the table, and over what period of time, in order to fund […]
How to Get a Refund from a Debt Settlement Company
The following is posted with permission from the author. It is word for word what can be found on Steve Rhode’s site: Getoutofdebt.org. This post is timely for consumers who enrolled in a program to negotiate debt with a debt settlement company – only to later learn the program did not live up to the […]
A Shining Example: Oak View Law Group
Over the years of providing debt relief related products and services, I have been hyper critical of companies operating in my industry. My criticism can be found in public commentary with regulatory agencies, main stream media articles, radio appearances, and on this very blog. Why the criticism? I find most companies offering debt relief, most […]
Dealing with Capital One in Collections
My experience working with financially-challenged consumers and their creditors nationwide since the economic downturn reflects that virtually every national issuer of credit cards, even larger regional credit unions, have gone as far as they can to assist their struggling account holders. Capital One is an exception to this. How Capital One goes about settling a […]
Debt Settlement and Negotiations – Past, Present, Future
After 10/27/10, virtually all of the companies offering to settle debt for a fee will have to charge those fees based on a contingency. In other words, you pay for the service contingent upon who you hire having successfully negotiated a reduced pay off amount with your creditors that you then accept and fund. Makes […]
Beware the Debt Consultant Who Sells Debt Settlement to the Masses
I have continuously written articles and spoken out in interviews about the practice of “selling” debt settlement. Selling someone into debt settlement is the number one reason the industry has been tarred and feathered in the media. The over hyped selling by profiteers and sales groups has resulted in enforcement actions by many states, and […]
Tax Deductions – A Better Form of Stimulus for the Middle Class
What if tax payers could claim interest payments on debts (other than mortgages) as a deduction? Would it assist in an economic recovery? I would suggest YES. The fundamental reasoning would be two-fold. It would allow consumers with debt to be able to more aggressively pay down that debt with the tax savings, which could […]
How Do I Sue A Debt Collector for Collection Abuse?
With debt collection abuse on the rise, debt collectors have been increasingly whiny lately. For the past year, I have seen weekly reports that provide a breakdown of how many consumers have filed suit against debt collectors for violations of the Fair Debt Collection Practices Act (FDCPA). I have also seen an increase of people […]
Debt Settlement Estimates of Savings, Fees, and Time to Complete
Debt Settlement is a very real option for consumers who are trying to avoid bankruptcy. Unfortunately, the decision to try it is too often made from an emotional perspective. This has, is, and will forever be; the wrong perspective to use in your decision making regarding this particular debt solution. Many people are understandably unsure, […]