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Debt And Financial Optimism In The UK Continue
With £1.3 trillion pounds worth of debt in the UK, Scotland’s Citizens Advice Bureau ( http://www.cas.org.uk/ ) has welcomed a new Bill to regulate lenders and protect borrowers from creating un-repayable levels of personal debt.
Chief executive...
Debt Relief - Debt Settlement vs Mortgage Refinance
How do you choose between debt settlement and mortgage refinance? What are the differences? Which option is better?
No financial planner would ever recommend a mortgage refinance (one form of debt consolidation) to get out...
Got Debt - Consider A Debt Management Company
You've been working yourself silly for years and yet... you still have no savings and the pile of unpaid bills seems to grow each and every month. You have creditors breathing down your neck - calling and sending you letters so much that you're...
How to become debt free.
In today's consumer society it is all too easy to get into debt. If you have a few credit cards, car loan, mortgage and possibly student loans it can easily add up. If your income is reduced for any reason you could find yourself in serious...
Why should I get a second mortgage? It's a good way to pay off high interest debt.
Second mortgages are basically any type of home loan that you take out while still making payment on the primary mortgage. This is not an arrangement to be entered lightly because you will end up paying a lot of fees and can rack up a huge debt that...
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Debts Negotiations
If you're in a really bad situation, and you just can't even
make your minimum payments this month, don't worry. You can
negotiate your debts, and pay back much less than you owe - as
long as they get their debt plus interest in the end, no-one is
expecting you to pay the full amount when you just can't afford
to.
If you've experienced some personal financial setbacks, and you
now find yourself with more financial obligations than you can
handle, you may be able to get the debt relief that you
need...quietly and discreetly, and without filing bankruptcy.
Believe it or not, nearly every financial institution will agree
to settle outstanding debts for less than what is owed if you
can demonstrate a legitimate financial hardship. If you are deep
in debt and currently having a difficult time meeting your
financial obligations, its time to take action before bankruptcy
is your only remaining alternative.
Settling your debts takes a lot of time, and many people find it
intimidating. If you do it right, though, you'll be surprised at
how kind your creditors (that is, the people you owe money to)
can be.
Close My Account
It might feel bad, but if you can't afford to pay that credit
card, you'll have to close the account - that means you can't
borrow any more money with that card. To close the account,
you'll have to negotiate something called a 'payment plan'.
A payment plan turns your credit card debt into a plain old
loan. The company might take as much as 50% off the amount that
you need to pay back. It might seem strange, but they're happy
you're paying at all - there are plenty of people who just don't
pay and have to be chased, costing their creditors time and
money. They'd rather hear from you if you're having trouble, so
don't bury your head in the sand.
It's in your creditors' best interest to take whatever you can
offer them, within reason. Their alternatives are
lengthy court
proceedings, or paying collection agencies to come round and
intimidate you. They know that your offer will probably be the
only offer you make before you do something more extreme that
could result in them never getting any money back.
Do It in a Letter
Phoning companies to ask to negotiate your debts isn't a good
idea - it's too easy to get flustered and say the wrong thing.
They're professional negotiators, and you're not. You need the
advantage of having time to think, which is why you should
always negotiate with them by post. Getting it in writing also
means that you can hold them to what they say later on. Here's a
sample letter:
"Dear Sir or Madam,
I regret to inform you that I can no longer afford to make my
minimum payments of $100 per month on my credit card account
with you (account number 111-222-333). I would like to request
the closure of my account, followed by the settlement of the
debt on a monthly payment plan. Please advise what kind of terms
I could expect from such a plan.
Yours faithfully..."
The Damage to Your Credit Report
You will rarely be able to negotiate over your debts without
doing some damage to your credit report. If you're willing to
pay a bigger percentage of the debt, though, you might be able
to persuade the creditor to say that it was paid off to their
satisfaction, instead of recording that they accepted less than
they wanted. It's up to you just how much you feel your credit
report is worth - if you're planning on getting a big loan
anytime soon, this could be something to consider.
About the author:
Original Source: Articles-Galore.com
Information supplied and written by Lee Asher of The Home Income Portal
Home of Serious Online Business Options.
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| Advertisements Promising Debt Relief May Be Offering Bankruptcy |
| Cautions consumers about ads in newspaper, magazine and telephone directories that offer quick fixes for debt problems. |
| www.ftc.gov |
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| Welcome to Debt Relief International |
| Welcome to the web site of Debt Relief International. |
| www.dri.org.uk |
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| Debt relief steps, your free guide to debt help. |
| Articles on debt relief, and credit management and repair. |
| www.debtsteps.com |
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| Factsheet - Debt Relief Under the Heavily Indebted Poor Countries ... |
| The HIPC Initiative is a comprehensive approach to debt reduction for heavily indebted poor countries pursuing IMF- and World Bank-supported adjustment and ... |
| www.imf.org |
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| Special report: debt relief | Special reports | Guardian Unlimited |
| February 6: A year ago the Guardian set out to track the west's promises of action for Africa on aid, trade, health and debt relief. As G8 finance ministers ... |
| www.guardian.co.uk |
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| Debt Relief Options - Findlaw for the Public - |
| Welcome to Debt Relief Options. This section contains information about the ... To begin, select one of the Debt Relief Options topics from the list below ... |
| bankruptcy.findlaw.com |
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| William Brewer |
| The Brewer Law Firm. William E. Brewer, Jr., Attorney at Law Board Certified Consumer Bankruptcy Specialist. 619 N. Person Street Raleigh, NC 27604 ... |
| www.debtrelief.com |
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| Debt Relief - InCharge Debt Solutions |
| There are many ways to get out of debt, for good, and it may be easier than you think. The first step is knowing your options, the second step is taking ... |
| www.incharge.org |
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| Economic Policy and Debt |
| May 2006, IMF And World Bank Support Cameroon’s Completion Point Under The Enhanced HIPC Initiative And The IMF Immediately Grants 100 Percent Debt Relief ... |
| www.worldbank.org |
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| Economic Policy and Debt - The Enhanced HIPC Initiative |
| The Initiative’s debt-burden thresholds were adjusted downward, which enabled a broader group of countries to qualify for larger volumes of debt relief. ... |
| www.worldbank.org |
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| Debt relief - Wikipedia, the free encyclopedia |
| Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ... |
| en.wikipedia.org |
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| Debt Analyzer, Debt Reduction Software, Home Page |
| Debt Elimination at its best! Potential savings of hundreds or thousands of dollars! Build debt reduction, timed elimination or consolidation schedules. |
| www.debtanalyzer.com |
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| Superior Debt Relief |
| We help you get rid of credit card debt much faster than you may believe possible with credit card debt settlement and negotiation tactics, providing debt ... |
| www.superiordebtrelief.com |
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| Debt Relief - Social and Economic Policy - Global Policy Forum |
| Aid Inflows, Debt Relief Yet to Translate into Reduced Poverty (March 20, 2006) ... Fearing that the IMF could tie debt relief to economic benchmarks, ... |
| www.globalpolicy.org |
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| Debt Relief - Global Policy Forum - Social and Economic Policy |
| Debt Relief - Global Policy Forum - Social and Economic Policy. The Debt Relief Page Has Been Moved to: ... |
| www.globalpolicy.org |
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| BBC NEWS | Business | Q&A: African debt relief |
| BBC News looks at the progress of international debt reduction efforts, and the sticking points which continue to hamper the process. |
| news.bbc.co.uk |
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| Debt Relief Australia - Start Reducing Debt Today! |
| Debt Relief offers Australians in debt assistance with finding the most appropriate debt relief solution. |
| www.debtrelief.com.au |
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| Debt Consolidation Australia, Debt Relief & Bankruptcy Information |
| Specialising in debt agreements, mortgage refinancing and bankruptcy. Company profile, calculators, solutions, media releases, testimonials and existing ... |
| www.foxsymes.com.au |
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| Oxfam - Debt and Aid - Debt Relief for Nicaragua: breaking out of ... |
| Oxfam policy paper on relationship between international debt servicing and poverty. Linked to table of contents and also zipped for download. |
| www.oxfam.org.uk |
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| What debt relief means for Africa | csmonitor.com |
| This weekend's $40 billion debt cancellation deal could spark major improvements in the lives of the world's poorest people. |
| www.csmonitor.com |
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