Question by Delay: Who is best professional to advise on how to clean up old and neglected consumer credit? I have a friend that needs to clean up debt. Before charging off to be a hero and completely opening a can of worms on her poor soul by referring her to any joe shmo I want to inquire. I require to inquiring because cleaning up credit debt that has lay dormant for years is a tricky situation. The debts have been sold off and as soon as you make contact with the collection agencies all of a sudden the clock starts again and all he// breaks loose.So…we have BK lawyers, credit counselors, financial advisers,etc so which ones are going to truly assist credit debt payoff strategy and report cleanup with my friend’s best interest at heart?Thanks for that…but I disagree. Clearly I am the person to help initially by researching who the best person to go to for advise would be – and then forwarding said information to friend for reexamine. You appear more knowledgeable on the subject than me – great. But you still didn’t answer the question.
Best answer:
Answer by P J Certainly you are clearly not the one to help because you haven’t a clue with statements like “starts the clock over” without saying what you mean by the statement. Certainly if you agree to make a payment, in some states, that does start the collection SOL again but the reporting length with the Credit Bureaus is 7 years from deliquency.There is nothing tricky at all, you pay the debt and then wait while the negative slowly melt away. You can try and make deals with the creditors to take less than face value of the debt and then that will hurt too.
What To Expect Out Of Consumer Credit Counseling Services
Many households today are facing mounting debts, and it isn’t all because everybody’s been incredibly reckless. The fact of the matter is that a lot of consumer grade debt (in the way of credit cards and home mortgages) are fairly complex agreements and arrangements. This is why it’s super important for people to be aware of consumer credit counseling services and other support organizations. These organizations exist in order to fill in the gaps, where people just weren’t taught about the finer and more minute details, when it comes to consumer grade financial terms. The most common problem that faces many of the consumers in this country has to do with this spiraling down effect, when it comes to credit card debts.
Credit cards end up being this crutch that people use, in order to get by. And since those margins are pretty thin, a simple financial setback (like a hospital bill or legal fees) can really throw a shaky situation into turmoil. These hazards are the things that consumer credit counseling organizations deal with on a daily basis with their members. How this basically works is, you look up an organization (usually over the internet). You make contact; you call them up or you send over a few emails. During this phase, you’re interviewing them, in as much as they’re interviewing you. You’re asking (or at least you should be asking) prodding questions, even leading questions, in order to assess the kind of people you’re dealing with. You have to feel them out. You have to like the people at that organization; if you don’t, you don’t have to feel committed, in any way to them. There are plenty of consumer credit counseling groups out there.
If one rubs you the wrong way, simply look up another one, but let the one you’re talking to now, know that you might be back. Okay, so here are a few things that you can expect from a good experience with a team of counselors. For one, you can expect to learn a lot. This is (or at least should be) the impetus for you looking into these organizations, in the first place. You want to learn as much as you can, as quickly as you can. Second, you can expect for these consumer credit counseling teams to be tough, to be frank, and to be upfront in terms of the hardships you may face, in dealing with your credit, your debts, and your overall financial situation. The problem is that a lot of people don’t usually look for this kind of help until a lot of damage has been done.
(PART 5 AT THIS LINK) www.youtube.com I’m Lenny Dykstra – in 1986 when I was a rookie playing for the New York Mets, I was fortunate to be a member of the World Series Championship team. In 1993, I played in my 2nd World Series and over my professional baseball career, I posed several baseball records and was voted an All Star three times. After baseball, I got mastered to business and became a successful business owner and investor. I have always believed in working hard for the money I’ve earned, which earned me the nickname — “Nails” for being as tough as nails. But shortly after purchasing Wayne Gretzky’s Sherwood Estate in 2007, my life was turned upside kill, because even multi-millionaires can did mistakes. I did, and I became a victim of the same predatory mortgage fraud that has afflicted millions of hard working Americans. As a result, I had to file for bankruptcy protection in 2009. My well documented travelled through this quagmire of humiliation cognized as bankruptcy woo is what prompted me to start this company. Before I discovered this proven legal process, I was looking at the prospect of lost all my assets. However, I found I was able to recoup the losses inflicted on me by my lender with the help of knowledgeable experts in consumer credit law. www.predatorylendingrecovery.com _________________________________________ www.infowars.com http www.infowars.net http twitter.com SIGN UP FOR A MEMBERSHIP (FULL ACCESS to all files and content on PrisonPlanet.tv …
Question by joie: Does anyone know of a good agency that can handle consumer credit counseling? I have contacted different places that I found on websites or saw on t.v. ads about helping with credit card debt. My problem is that my 3 cards only come to approx $ 3500 & these set want me to have at least $ 10,000 in debt. Do you know of a non-profit agency that would take a lower amount in credit card debt & help us deal with the credit card companies? Thanks for your help!
Best answer:
Answer by G hey,try Incharge Debt solutions, they are non profitable
Know better? Leave your own answer in the comments!
Business Credit Application Is Not Approved, What to Do?
Banks and lending institutions are generally conservative in granting business loans. Their job is to make sure that there is a good chance that the debt will be repaid.
If in the case that you application was not approved for credit, find out the reasons why. Some of the reasons that lenders may give for denial of a business loan include, for example, insufficient owner’s equity in the business, missed of established earnings record, a history of slow or past-due trade or loan payments, or just insufficient collateral. Finding out the reason may help you be able to qualify the next time that you apply for a loan.
The lender should be able to maintained you informed about the status of your application. If you are reasoned a small business, a lender would typically have 30 days to allow you know either orally or in writing if you get the loan or not.
]]> If your application is denied, the lender must provide a written statement about the reasons for denial. In addition there should be a written notice telling you about the rights you have in terms of obtaining the reasons for denial of your loan application.
Lending institutions may also keep records relating to your application for one year.
Rules may be different for businesses that exceed million in revenues. Within a reasonable time period, lenders sort through the information as nd then decide whether or not to give you credit. You should have 60 days to request a written statement detailing the reasons that you were denied credit.
The creditor may retain the records that relate to your application within that same 60 days. It is neither the duty of the creditor to notify you of this compensate. You could extend the time in which they retain these records by requesting a written statement with regards to the reasons for denial. These entered could be kept for up to a year.
If in the case you go to apply for a lend and you find that your application has been denied, you should bespeaking a statement detailing the reasons why your application was denied. Correct the items that are causing problems in terms of getting loans. The records in regards to your request for that lent may be retained up to a year.
www.CreditRepairPublishing.com MARRIED? (or plan to be?) What You Need to Know BEFORE Signing Any Credit Application! Have you ever wondered if banks approve one gender for credit MORE than the other? Have you ever wonder if there is credit sexism in the marketplace? Hmmm…. The Federal Equal Credit Opportunity Act (FECOA) would have you believe that all sexes are approved for credit the same. But we all know that the relationship to income and credit approval is very strong. In our society if you make less money you will get less credit and that is a fact of life. It’s for this reason that women need to be even sharper and more educated about credit than men. Consider building your own credit in your own name. Never merge credit files unless you are looking to gamble and willing to be responsible for the other person if things don’t work out. Remember, if you share your credit, you share the responsibility and are putting yourself on the line. Credit cards of course of the most potential for abuse. We’ve all heard the stories and statistics. Over 50% of marriages now result in divorce. If you are willing to put your credit report and credit file on the line with a 50% chance of losing… then that is up to you. Just think before you leap. If we want to get ahead we need to think ahead. Expect the best but plan for the worst. It’s just a good insurance policy. Please rate this video. Your support is appreciated. Video Rating: 4 / 5
Act consumer credit became effective in 1974 and made mandatory for most companies to be licensed before providing services and goods to consumers. Without the license by the OFT, the negotiation will be considered a criminal offense and is liable to a fine and / or imprisonment. At the same time, the law requires that certain lease arrangements and funding are set out in a special way and it must contain certain specific information. However, since it has a lot of legal complexities, it is best to ask solicitors demand for consumer credit Act whenever you are in doubt. However, it is always useful to have a basic idea of the law.
Basically, the law was to protect consumers in the UK while taking the credit. After being adopted in 1974, the Act was, however, many addenda and changes with the change of time. The idea was obviously to make more efficient and understandable. But in reality, the law is one of the most misunderstood. In fact, banks have often misunderstood its points and created contracts that are simply /> However, the realization of the scenario, the Law on consumer credit has had an important change in 2006. Including a series of unexampled clauses that ensured that banks will act reasonably with their clients, the changes besides elucidate a number of issues that were quite perplexing differently. Until the date of April 6, 2008, companies necessitate to carry licenses for consumer credit and protected persons for loans up to £ 25,000. However, with amendments in 2006, the credit above £ 25 000 is also protected. Calls to this Act are made in the service of the Ombudsman of the OFT and finance.
If the agreement is canceled, there will be a withdrawal period of 14 days from the day the customer signs the contract. Otherwise, it should be done in five days after the client receives a copy of the notice of right to cancel or second copy of the agreement. Another significant change in the Consumer Credit Act 2006 is that it provides small sole proprietorships and partnerships of three people under the 1974 Act.
Now consider the two institutions are given the right to revise the law and resolve dispute. The Financial Ombudsman Service was established in 2001 as the Financial Services and Markets Act 2000. The aim was to resolve gainsay between consumers and financial services such as insurance companies, banks, building societies, investment firms, finance companion and even financial advisors. However, customers can now use this body if they are not satisfied with the effort by the dispute resolution service of the lender. In addition, the OFT is given the authority to review the licenses of credit and impose civil penalties if a breach.
However, if you live under stress and more debt, you should contact an attorney able and friendly that will understand your problems and get you out of it.More articles consumer credit
Question by Joms: Do you know a Credit Card issuer that accepts PRBC Consumer Report as proof of credit worthiness? I have a limited or no credit history at all but I have a Credit Consumer Report from PRBC which shows my worthiness in paying bills or utilities.
Best answer:
Answer by Frank Espinoza Hello, While I was looking for credit report, I found a company , that offers this service for free .They also offer credit monitoring, anti fraud alert, and many more benefits. Visit http://GoCreditReport.info and sign up liberate . I think this will help you
Question by mack l: Why was my online credit card application declined? I am a student and want to get a credit card, so I applied for catalog card USA platinum. Which supplied Guaranteed Approval with No credit checks, No employment verifications, No interest charges, you can be approved even if you have No Credit or Bad Credit. But they declined my application. Can any one know why was they declined my application?
Best answer:
Answer by RedSoxFan Even promotional offers that offer pre-approval with no credit checks and no job verification still have criteria that must be met prior to approval.Whenever you are denied credit, the company must send you a letter with the reason for their decision, so wait for the letter and that will give you the exact reason.
Question by loika61: when applying for a job, employers are asking for credit check form WITH the application? Hey there- I am applying for jobs and noticing that many accompany require you to fill out the ascribe check application or background check and hand it in with your application. This requires your date of birth prior to the interview (along with SS# for all to see) How does this conflict work with the potential of age discrimination? My prior company did these after offer and results dependent upon actual hire. Any thoughts?
Best answer:
Answer by alicegirl71 I don’t think it conflicts with the laws against age discrimination. A split of companies inquire for reference check information with the application in order to make the process more expedient. That way if they want to do you an offer, they have everything they need to move send with the hire, rather than having to wait for you to get back to them with more information.I think it would be difficult to prove age discrimination just because you provided your date of birth on a reference check form. If it was a more blatant request, wishing the interviewer asking you directly how old you are, that would be in violation of most states’ protected status guidelines.
One of the first steps consumers make when they are overwhelmed with debt is to consult with a credit counseling service. Each situation is different and for many, the idea of skipping consumer credit counseling and moving toward more direct action is preferable.
Consumer credit counseling consists of working with qualified professionals who help people review and determine what the best possible financial strategies might be. They do a formal analysis of living expenses, income and amount of debt, and help to put a plan into place to rectify a financial situation. The consumer then takes the plan and puts it to use on their own. Credit counseling can work for the person who is very diligent and purposeful in keeping to the plan of action. Some consumer credit counseling companies will offer to interact with creditors to stop legal action and to work toward a solution that satisfies both the creditor and the consumer. While these counseling services hold weight with creditors, they are not a be all and end all by any means.
All too many people feel that if credit counseling doesn’t work that bankruptcy is the only other option, and that idea is far from true. There are options, and good ones, that lie between consumer credit counseling services and declaring personal bankruptcy. Debt relief can also be found in debt settlement, debt management, and other means of debt resolution. The companies that offer these means of debt relief also work with creditors, but with much clearer goals in mind. Depending on the stream of income or personal circumstances, they work to cut the total debt owed and roll the settled on amount into lower, monthly payment plans. They also arrange for the debts to have lower interest rates. Where debt counseling often leads to obtaining consolidation loans, debt settlement and debt management do no do this. Most consumers can become debt free in twelve to thirty six months using these methods, and are in no danger of property loss due to obtaining secured loans to do so.
When talking with consumer credit counseling companies, it is important to understand exactly what services they offer. Some will be more limited than others in their capacity for recommending options so it is up to the consumer to do a little homework of their own. Check companies out, make certain they are reputable and check references. Even though there is hope for anyone in debt, it is important to understand all the details and offers that companies make.
Question by Amanda H: What does it mean when my credit card application was declined due to “Collection”? It would be my first credit card application. I asked some friends from work (where I have worked for II years- Best Buy) and they say to apply for a Discover Student Credit Card. I was declined for what they call, “COLLECTION” Does anyone know what this means?
Best answer:
Answer by Common Sense It means you have accounts that have gone to collections, obviously.
