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Get Your Credit Score To Soar In The Twinkling of An Eye.
Ever wonder how a creditor decides whether to grant you credit? For years, creditors have been using credit scoring systems to determine if you'd be a good risk for credit cards and auto loans. More recently, credit scoring has been used to help...
How To Negotiate A Higher Price For Your House
Negotiation is where many FSBO home sellers really have problems. The wrong attitude or a slip of the tongue could cost you thousands. Here are a few pointers to keep you on the right path:
1. Show interest in selling the house. In an effort...
Lightening the Load ... Getting Help When You Need It
If there's one immutable fact of life when it comes to this business, it's that there's so much to do but so little time to do it all in. At some point around the one year mark, if you've been even moderately successful in your online business,...
Negotiating Rates with Your Credit Card Company
Ok, let’s face it, everybody hates high credit card rates, and they drain hard earned money out of your wallet. As a valued consumer, it is apparent that you learn how to negotiate to get the absolute best rate that you possibly can. The good...
Starting your own small business
Starting your own business is quite easy. It is challenging. You must organized your thoughts and steps to make your success. Think of your everyday life. If your hobby is writing articles then create a publishing business or create your own book...
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The Ins and Outs of Credit Card Debt Settlement
Are you a self-confessed shopaholic who buys anything and
everything that you get your shopping addicted hands on? Such
thoughtless and impulsive buying will most likely result in the
accumulation of a bunch of junk that will simply collect dust.
Can you even remember that silk scarf you just had to have and
since it was a virtual steal at 50% off you just had to buy it?
Where is it now and how many times have you actually worn it? Is
it still fashionable?
If you're like most people, chances are you'll have to rummage
through bins and bins of collected shopping "litter" which
you've accumulated through the years, just to be able to see
that once precious scarf. You may still be in a state of denial
by saying "Fashion goes round and round and that scarf will have
its shining moment once again."
Unfortunately, many people fall into this mode of impulsive
buying that they really can't afford and before they realize it
they become saddled with debt. If you fall into this category,
you'll soon need to learn a thing or two about debt settlement
which can assist you in extracting yourself out of that
self-imposed state of financial trauma and begin to start
rebuilding your life bit by bit. And the time to start is now!
Of course, you have to be honest with yourself, admit that
you've got a serious debt problem and then humble yourself
enough to seek the help you need to pull yourself out of this
devastating ordeal.
First things first, a lot of people may actually think that they
only have a few choices when it comes to solving their debt
problems. The two most common options for those who are burdened
with enormous amounts of debt are either to consider declaring
bankruptcy or debt consolidation. Unfortunately, if you take the
easy way out by declaring bankruptcy, it will leave an
embarrassing and indelible mark on your credit report for up to
7 years, which will result in higher interest rates, less credit
and if you try do qualify for a mortgage (some lenders do give
loans immediately after bankruptcy) you will most likely not be
able to get a loan to cover 100% of the financing you need.
Normally, an 80% first mortgage and if you can get a second
mortgage, it will be at much higher interest rate and probably
only 10% of the loan value for a total of 90% of the loan to
value and you'll have to come up with 10% down.
Clearly, everything will come with a higher price for a period
of time but you'll have to weigh that with a straight debt
consolidation solution in which you pay off your debt. However,
in many cases you can negotiate with the collection agency and
it's realistic to get 25% - 50% of the debt forgiven, if you can
show that you'll continue to make monthly payments until the
remainder is paid off.
Many of the debt settlement / debt consolidation companies were
actually established by
the credit card companies themselves.
Why, you ask... because it only makes sense for the credit card
companies to help you pay off your debt because they can either
forgive some of the debt or reduce the interest rates, lower the
monthly minimum payment requirements or some combination and get
paid a portion of the money owed or receive nothing if you
declare bankruptcy. What would you do if you were in their
shoes? The answer is obvious. This is why a lot of people who
have been saddled with debt are now being offered debt
settlement. Of course, not all debt consolidation service
companies are owned by credit card companies but many are.
Some groups offer debt settlement programs through arbitration.
The "selling point" when it comes to these kinds of solutions is
that debt settlement will actually help end your debt problems,
without having to go through declaring bankruptcy, without
having to pay overcharged debt consolidation program fees as
well as helping you avoid getting caught in the debt
consolidation trap that a lot of people have fallen victim to.
In many cases, what the organizations do that offer debt
settlement services is negotiate your debt down with the
collection agencies that have been given your case. I would
encourage you to contact a number of companies to ensure you
feel comfortable and that you are working with a quality company
that doesn't over-charge you for their services.
On the other hand,if you would really like to save money, which
only makes sense since you are already heavily in debt... then
negotiate with the collection agency yourself. It's not
difficult, rather than getting upset when you get called night
after night simply tell the collection agency rep that you would
like to pay off your debt but you can only do it if you can get
it reduced and then ask them that you would like to get the debt
you owe reduced by 50% - 60%, even 75% and ask them to see what
they can do. Ask for a lot up front because as in any
negotiation there's always a give and take. Believe me, they
will go to work for you and your offer will be seriously
considered because they only get paid when they collect and it's
better to get their percentage on a smaller amount than "diddly
squat" on the full amount.
Of course, you'll have to decide what route you want to take...
bankruptcy versus debt settlement but shop around and realize
that you do have options. The internet is full of companies
offering their bankruptcy or debt settlement services, but be
careful and don't let them push you around and never work with
anyone you don't feel 100 percent comfortable with.
About the author:
Kevin Erickson is a contributing writer to the following
websites: http://www.aneyeondebt.com/ and
http://www.debtmergeresources.com/. This article may be
reproduced only in its entirety.
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| :: Negotiations Affairs Department :: |
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