Go Debt Relief

Touching on Bankruptcy

2009-04-22T13:53:00.000-07:00

For several months now, we have heard a lot about our Country's economic crisis. Fingers have been pointed and blame has been thrown. We have all watched to see if the bailouts will help. Some say yes and others say no. We are a divided nation with mixed feelings surrounding these daily events.

In the meantime, we wonder if these bailouts will help us, the individual working class, that is facing our own financial crisis. What are we to do about the job losses and our ever growing pile of debt that we can no longer control? Yes, we are to blame for most of our own debts, although, we don't want to admit it. The economy has hindered us all lately but, our debts have been growing for some time.

We have lived well above our means and now we are going to pay for it. So, how do we do that? One of the first thoughts that come to many minds is the B word, BANKRUPTCY. Yes, it can solve your debt problem for a while but, if you don't change the way you spend, you'll be right in the same hole again.

If you can avoid bankruptcy, it is for the best. Filing a Chapter 7, 11, or 13 (laws have changed a lot since my days as a paralegal and the listings may differ) may help relieve the stress and frustrations but they will haunt you for the rest of your existence. I know they tell you that in ten years it will no longer be on your credit record, but that just isn't so. Anytime you apply for credit of any kind after filing for bankruptcy, it will show up.

The step to make first is to get some help from those at www.godebtrelief.com. The folks at Go Debt Relief can help with those tough questions and help make those debts disappear.

In Over Our Heads with Credit Card Debt

2009-04-07T09:47:00.000-07:00

We are a society used to living above our means. We have put so much faith in credit that we are now paying the price. With that said, the price is extremely high. How are we to manage our everyday expenses and support our families these days? It is nothing new to hear about a person working on a Tuesday at a job they have worked at for years, then to go to work on Wednesday and be told they no longer have a job.

We panic at the thought of what to do next. Some have taken extreme measures because they cannot cope with the loss and others worry themselves sick.

We have all heard and even practiced some of the experts advice on putting your credit cards in the freezer or actually cutting them up but, do we realize that we still have to pay the bill. Just because we are not using them does not mean we have no payments.

Oh, and the bill just grows and grows. The interest alone is outrageous and if you do not have a good credit score it is even worse. That alone will eat us alive and to just pay the minimum amount on our card really does not seem to get us any closer to a final payment.

So what do we do? Well, I have some great news. There is a website that you can go to for help. It is: www.godebtrelief.com and they can help. They will listen to you and work with you to get started on the road to recovery. Please check them out.

Thank you for your time and attention.

Lower Credit Card Debt

2008-12-05T04:44:00.000-08:00

Credit card debt is a financial burden to almost each of every individual in America and even at the other parts of the globe. There are several options available that you may consider lowering your credit card debt. Getting out of debt is isn’t easy unless you have the dedication and self- discipline. The first thing that you need to do is to reduce your credit card debt and regain financial freedom, you can achieved this by stopping the increase of your credit card debt.

In reducing your credit card debt, you need to find out how much exactly are your credit balances and your annual percentage rate or interest rates, the company that offers the lowest interest rate is the one that you will consider. You can transfer your credit card balances with high interest rates to the company that offers less interest rate and this will save you from thousands of interests and annual membership.

After you have transferred your balances you need to cut off or close your credit card account. Keeping only one or two credit card accounts will help you in your budget plan. Create a budget plan considering much of your income and paying off your credit card balance more than the required minimum amount.

There are several other effective programs to lower your credit card debt, however these are only the simplest, easiest and effective method. You may also considering getting professional help from non – profit organizations that offer free of charge services to lower your credit card debt. All it takes for you is control that instinct that urges you to spend using your credit card. Beat credit card debt and regain your financial freedom.

Have you thought about debt settlement? Visit our homepage www.godebtrelief.com to learn more. Thanks for reading.

Eliminating Credit Card Debt

2008-12-04T06:00:00.001-08:00

One of the most common financial problems that most individual is encountering today is having an increasing credit card debt. And finding a solution to reduce credit card debts is almost everyone’s concern to ease financial burden. However, with careful plan and discipline you can lower your credit card debt.

The first step you should do to reduce your credit card debt is to stop using. Purchasing unnecessary things using your credit card will only add up your credit card balance, thus increasing your credit card debt. The larger your debt is, the longer the time you will take to pay it off.

Another possible way to lower your credit card debt is to cut off your credit card making them unavailable. However, keeping one credit card may make you feel secure for emergencies. Impulse buying is one common factor that adds up credit card debt and it only takes self- discipline to regain financial freedom.

And now that you have stopped the increase of your credit card debt its time to decrease the interest that accrues every day. Look into credit card that offer low interest rate and consolidate your debt, and call your credit card companies and see if they can offer you special or lower rates if you transfer your credit card balance to them. The next thing you need to d is paying your credit card debt off, you must pay more than the minimum amount and dedicate as much as possible of your income to get out of debt.

Creating a budget plan combined with self- discipline and living frugally can pay off your credit card debt. And in any case that you are unable to lower your credit card debt you may consider a credit card counseling service. They will help you to create an effective credit card debt solution.

Have you thought about debt settlement? Visit our homepage www.godebtrelief.com to learn more. Thanks for reading.

Erase Credit Card Debt

2008-12-04T06:00:00.000-08:00

By carefully considering all the available options in erasing creditor card debt, the debtor can successfully and effectively get out into financial crisis. One of the effective options that a debtor may consider is to have a nonprofit company to serve as his negotiator between his creditors, what the company does is they work with the payment plan that the debtor and creditor will agree on a low interest rates. This process is commonly known as consolidating, there are no more payments needed to send to the creditor, however the company that obtained the agreement to consolidate should received the monthly payment instead and they open an account for the debtor and distributes funds to the creditors every month. There are also profit companies that provide the same service however, the debtor needs to pay for its services.

Bankruptcy can erase your credit card debts and this is fairly common among lawyers. Nevertheless, bankruptcy depends on which kind you filed, that which owed may either be entirely forgiven or partially forgiven. However, if you are planning of getting another credit card it won’t be a good option for you. Declaring bankruptcy will be listed in your credit report from seven to ten years, giving you somewhat a bad credit reputation.

A debtor may also seek professional help with companies that offer consolidation of bills, the method teaches the debtor to fall into the same credit patter again. There are still several options available to erase your credit card debt and the ones mentioned are the most common. Learning how to erase and manage credit card debt gives financial relief to the debtor and brings back financial freedom.

Have you thought about debt settlement? Visit our homepage www.godebtrelief.com to learn more. Thanks for reading.

Terminate Credit Card Debt

2008-12-03T04:30:00.000-08:00

Credit card debt is one of the most common financial issue being encountered not just most Americans but people even on the other parts of the world. And if you are in the same situation, you do not just sit there and wait some manna from heaven to pay off your credit card debt, you should act now by having a debt elimination plan. If you are drowning into credit card debt and find your self difficult to get out its time that you should consider terminating your credit card debt.

There are several program options that anyone can use to terminate credit card debt that includes liability reduction, consolidation and bankruptcy.
A financial plan should be created regain the financial status that was lost. Through a financial guideline of the person’s spending habits and card use, the cycle of indebtedness will be put into end.

With the help of a liability consolidation company one can terminate its credit card debt using the bill consolidation principles. With this program a debtor’s unsecured accounts are consolidated into one monthly payment with substantial reduced interest rates. Another program to legally terminate your credit card debt is by discharging of liabilities on personal bankruptcy. However this may not be a good option if you are planning of getting another credit card, bankruptcy will be listed in your credit report from seven to ten years. One may even think of hiring a negotiator to terminate credit card debts, the negotiator will serve as the as its mediator to its creditors. By offering a reduced rate of pay off on the obligations, outstanding liabilities may be terminated.

Nevertheless, there are other ways to terminate credit card debts and it is up to the debtor what program he or she believes to be effective. To regain financial freedom, one should be free from credit card debts.

Beat Credit Card Debt

2008-12-03T04:13:00.000-08:00

Walking around the city or just roaming around the mall makes you feel a bit boring unless you are going to pick up something or purchased stuff that you need or eat when you are hungry. But most of the time it’s not need that make us spend our money but our wants and things that we really don’t need in our day to day life, not to mention that yes we got our handy dandy credit cards, those things are just a swipe away.

Now that is where the problem starts because you tend to spend more and more as we enjoy swiping our precious credit card, not knowing that we are increasing the chance of spending more than using money itself. I will not use statistics here but pure common sense, it is very obvious that we are not saving money when we are using credit cards but the truth is we are spending more and losing more especially if we don’t pay on time or just pay the minimum amount to be paid every month.

It’s a bit cool to carry that credit card into your possession but it’s not cool if your credit card debt is rising above you than you rising over it. I suggest you need to re evaluate yourself. We cannot end your debt but at the least we could reduce your debt First things first, learn to prioritize your needs. Second, learn to differentiate the needs from your wants. Third, just be wise in using your credit card, it’s not a toy but it’s a responsibility, always remember to consider everything that you purchased, use it when its needed not when you just want it.

These are just simple things to consider, if you want to rise over your credit card debt then consider those things that I’ve said, just very simple no mathematics, just plain common sense. Be a responsible credit card holder.

College Students and Credit Card Debt

2008-11-24T00:40:00.000-08:00

A lot of college students made bad choices with credit cards which end up to credit card debts and such situations are benefited by credit card companies. A bad choice with credit card comes with very high interest rate making you pay a lot of extra money with every purchase that you made using your credit card. Manage college credit card debt wisely and surely, you'll be in track of your financial status after college.

Credit card companies make a fortune on the interest payments from college students for their excessive spending using their credit cards, thus more college students are getting into debt that can even eat up most of their income after college. It is not suggested that you should not get a credit card. If used wisely, college students can benefit with credit cards.

There are several ways that credit cards can be managed effectively and avoiding the risk of having a credit card debt. It all start in choosing the right credit card, choose a credit card that offers low- interest rate. Low – interest rate means that you are not paying much extra money with every purchase that you made using your credit card. And paying on time and more than the minimum amount can prevent you from getting into a credit card crisis. And the most important thing to remember is to practice self- discipline, do not purchase things using your credit card that are way beyond your needs. We should benefit with credit cards and not the other way around, because of irresponsible usage more often a lot of college students end up with a pile of credit card debts after college.

How to Reduce Credit Card Debt

2008-11-11T07:32:00.000-08:00

The increasing credit card debt is a familiar problem encountered by most individuals however with thorough planning you can reduce credit card debt without having to encounter the stress that comes with it. Stopping the use of credit is one effective way that you can reduce your credit card debt, more you use it your debt increases making it more difficult and longer to pay.

Cutting off your credit card accounts can reduce your credit card debt, however you may keep one or two accounts for emergencies. You may let a family member keep the card to avoid unnecessary spending. After that you have stop using your credit card fro unnecessary spending, you may now start decreasing the interest that accrues every day.

Look for low- interest rate credit card and consolidate your debt, you can try calling your credit card companies and inquire if they can offer you any special rates if you transfer your balances to them. And also look for low- interest or no interest credit card offers on starting balances, nevertheless a new account during this time would be permissible as you are working on reducing your credit card debt, but cut the card up immediately so you’re not tempted to use it.

And now that you already have stopped the increase of your credit card debt, its time to start paying it and to effectively start the reduction of your credit card debt, you should pay more than the minimum payment. Allocate much amount from your income as possible to get you out from debt. Plan, budget and set goals and look for solutions to practical living while you are on the track of paying off your credit card balances. Unnecessary spending such as eating at an expensive restaurants and shopping spree of unnecessary stuffs will only increase your credit card debt, avoiding it and committing yourself with the process of reducing your credit card debt you will be surprised on how easy you have paid off your credit card debts.

Managing credit card debt

2008-10-10T09:07:00.000-07:00

Most people turn to their credit card when money is not available and they can be your immediate financial savior. However, they can be your greatest financial nightmare when you do not know how to manage your credit card debt.
Using a credit card to deal with your financial crisis can be a difficult move and you will be surprised how your credit card can debt surge.

To effectively manage your own credit card debt the first thing you need to do is stop or reduce the use of your credit card. You can achieve this by avoiding unnecessary new charges, although credit cards are a great use for medical bills and unforeseen accidents, saving for such instances is far better than charging your bills to your credit card and end up buried with phone calls from your credit card companies.

It takes no financial expert to manage your credit card debt, all you need is to have are self- discipline and sacrifice. It takes your common sense to analyze that if you only pay the minimum amount due of your credit card balance you will only be paying off your interest and it will take time to pay off your total debt, thus always pay more than your minimum amount due. However, if you are still having difficulties using your credit card and it seems that it is your only place to turn during a tough financial situation perhaps you can consider getting a help from a financial expert to guide you in creating a budget plan and how to manage your income wisely and effectively.

Statistic that will Knock Your Socks Off!

2008-10-09T12:00:00.000-07:00

I was reading an article by Gary Weiss on Parade.com that blew my mind. "Don't get clobbered by Credit Cards"

Here is a statistic that blew my mind away.

Gary reports...

The 40% of Americans who carry balances from month to month—known as “revolvers,” as in revolving credit—get socked the hardest. In 2007, credit-card issuers imposed $18.1 billion in penalty fees on revolvers—up more than 50% since 2003 and accounting for nearly half of the $40.7 billion in industry profits.

$18.1 Billion dollars. That is Unbelievable.

18 Billion dollars in fees. Here's the thing that gets me. If you are paying a fee on a credit card. You are paying more money for something then you had originally planned.

The obvious exception to this is if you are putting those credit cards to good use. An example of this would be that your card was at an 8% rate, but you were using it to make 10% on your money. In this case you would be ahead.

I should add that this is the only time it is a good idea to be paying a fee when you are making a profit greater then that fee.

The issue is that you can bet that over 98% of that 18 billion wasn't used to make more money. It was used to feed America Materialism.

Don't get me wrong. There is nothing wrong with wanting nice things. Treating yourself right feels good. But not when you are stuck trying to pay something off years later that you either no longer use or is out of style.

I'd like to look at how we got to this point? What was the evolution in our society that made us believe that if we wanted something we could just go out and get it?

How did we get this way?

My Grandpa beat into my dads head that if you can't pay cash for something, you can't afford it. He then beat this into my head. I'm glad he did. The only real exception to this I can see is buy a house. (Houses go up in value, so its ok to borrow for them. (Although I say that with caution due to the current housing market)

Here's the question I pose to you readers...

How did our society evolve into one that values material possesions so much to the point that we buy things we can't afford?

Let's hear it....

Now is the Time to Start Settling your Debts.

2008-10-08T11:20:00.000-07:00

Now, more then ever is the time to start Settling your credit card debts.

There is so much fear and uncertainty in our society about the economy. The stock market is taking a beating and people are lossing the money they have invested faster then they have ever thought.

It's rough out there and it's not just "Joe" consumer. The banks are hurting more then ever.

Now is the time to start settling your debts.

Credit card companies are making it harder to get loans for both people and businesses. They are even tightening up on their current credit card holder. Tightening up the belt on the people they already have pinned down with credit card debt. Be looking in the mail for info about how your interest rate could be sky rocketing.

Debt Settlement cuts your monthly payments in half and saves you over 40% of what you owe. While you continue to make your monthly payments, only part of your debt is getting paid down. So each month you are paying something for nothing.

Take the short term credit hit. It's worth it if you are paying out money in interest.

Debt settlement saves you money two fold. One. You typically pay out less each month then what you would with credit card payments. Two. Your money is going towards the solution. Not the interest.

Think the credit impact will be too great? Look at where you will be and how much interest you'll be paying if you keep paying on the card for a year. The number is probably in the thousands.

"Debt Settled" on a credit report only takes 90 days max to clean up and raise your score.

Which is better?

Having your credit score drop for a year and being out of debt? Or having an "ok" credit score for a year, but paying out thousands in intrest?

How are you dealing with your high interest credit cards?

First mortgages and now Credit Cards

2008-09-30T15:11:00.000-07:00

If you think you are in good shape with the current housing market slump. Think again.

Credit Card companies are the next to feel the heat....and turn it up on you.

After reading a blog by
JOHN PARTRIDGE
Globe and Mail Update
September 29, 2008 at 4:51 PM EDT

John says,

So far, credit-card “charge-offs” – debts declared irrecoverable by card issuers – have been “defying gravity,” with losses lower than in both 2001 and 2005, Mr. Larkin said.

But, historically, after a time lag, irrecoverable credit-card debt has followed mortgage charge-offs up or down, and U.S. mortgage charge-offs have rocketed up eight-fold since the last quarter of 2007.

He sites Innovest's senior banking analysts Gregory Larkin...

“If history is any indicator, there should be an equivalent surge in credit-card charge-offs very soon,” he said. “We forecast first quarter credit-card charge-offs will be $18.6-billion (U.S.) and that the total 2009 charge-off bill will add up to $96-billion.”

IT'S ALL TIED TOGETHER.

Banks used to lend anyone money for a home loan. Those same banks also used to pass out credit cards like they were trick or treat candy.

Those same banks that used to lend to people with 500 fico score and give out 15k credit cards to sub-prime individuals are feeling it now.

It was bound to happen. They were taking a gamble for many years and winning. Talk to a mortgage broker sometime about the good old days. They won't shut up. They could make 5 grand off of a 100k loan and everyone involved was happy. Lender, Broker and borrower.

Things have changed. That borrower all of a sudden can not keep up the payment that they got into. Surprise Surprise. THEY HAD A 500 Fico in the first place.

So the guy defaults and isn't paying on his 100k house. So now the bank has a house that they can't get rid of for 80k now that there are so many other foreclosures driving house values down.

So the bank is now sitting on what they thought was 100k, which isn't worth 70k. Now they have to hold on to there money to cover there ASSets.

So the banks hold the money. Now they aren't as likely to lend you out money on a credit card or home loan because....THEY AIN'T GOT IT. (bad English for emphasis)

So who is affected...YOU. There isn't as much money in the banks to lend out. Here is where it gets even scarier. You know things are bad if they don't lend John Doe consumer money, that's fine. But now the banks are not lending each other money..

It's a big game of "Go fish" The banks aren't willing to lend money to other banks because they aren't sure if they are ever going to see it again.

Less money available means lower spending limits on credit card for you.

Recession Wave Two has been spotted off shore and is headed this way....

$700 Billion isn't going to fix the flat tire on our "wrecked bike economy"

2008-09-29T13:22:00.000-07:00

I can not believe that the government is trying to patch up the economy like it is a bicycle with a flat tire. We'll stick with the bike analogy for a minute...

The countries economy is like a bicycle..

When it is running good we cruise along fine. The gears are all lubed up. The chain isn't rusty and the tires are full of air. So we've got on this economy bicycle and started riding it all over the place during the past 7 years of econmic boom.

The bike was riding all over the place with out ever stopping to look at the wear it was putting on its tire. Let's look at the tires like they are the mortgage loans. The bad mortgage loans.

The tires on that bike were worn away from slamming on the breaks going down a hill. Think of this when you were a kid on a down hill slope. Fun but dangerous and rough on your tires.

This kind of tire skidding fun was what the big banks were doing with creative mortgages. Adjustable rate mortgages. Just think about the name, the rate is going to adjust and the home owner is going to be paying more! How about option arms? You have the option pick how much you pay for for your mortgage payment! HUH?! So the big banks were accepting these kinds of deals as good assets. Assets based on the assumption that people with the 500 fico scores would keep current on their notes. HA. Why do you think lending guidlines were so tough back in the 80s? Because banks didn't want to loose there tail! And so wrecklessly the economy bike was riden.

Want a good example.....
Wachovia was just bought out by Citi group. Wachovia was one of the largest banks in the US. Here's how it tumbled...

On a May 2007 conference call, Wachovia Corp.'s then-Chief Executive Officer Ken Thompson trumpeted the $24 billion acquisition of Golden West Financial Corp., a California lender that specialized in payment-option adjustable-rate mortgages.

``I think that 12 months or so from now people are going to look at the acquisition of Golden West as one that produced great success for Wachovia,'' Thompson said.

Seventeen months later, Thompson is gone and so is Wachovia. After losing 82 percent of its market value since that conference call due to mounting losses on option ARMs, the bank was sold to Citigroup Inc. today in a deal brokered by the Federal Deposit Insurance Corp.

``Golden West was the beginning of the end'' for Wachovia, said Anat Bird, a former Wells Fargo & Co. executive who now runs SCB Forums Ltd., a Granite Bay, California, company that conducts peer group conferences for bankers. Golden West ``had lousy assets, lousy liabilities and they paid a fortune for it.''
,
Wachovia holds $122 billion of option ARMs which the Charlotte, North Carolina-based bank calls ``pick-a-pay'' mortgages, 72 percent of its residential loan portfolio, according to its Web site, and the most of any U.S. bank.

By Bob Ivry
Sept. 29 (Bloomberg)

The banks were riding wildly around on there "bikes" that were running on tires that were bound to burst. I mention Wachovia because I have a dear friend who lives in Charlotte and works for Wachovia. This flat tire hits close to home for me. But there are going to be more.

It will get worse before it gets better.

To spin this forward. ALL BANKS WERE LENDING LIKE THIS. How could you not? If one bank was writing option arm loans and making a killing, and you owned a bank, you would too. These kinds of troubles are deeply rooted in the financial system right now. A government bail out will help a few, but others will still feel the wrath.

The government needs to back off and let who's going to fall, fall.

All the banks are riding on tires with no tread. It's too bad they have to go flat before they stopped to fix them a few years ago.

Governments $700 billion bail out. Are you kidding me?

2008-09-29T13:20:00.000-07:00

The Government plans to bail out some of the largest failing companies in the financial sector with over $700 billion dollars. Not Million. $700 BILLION.

Are you kidding me?

The plan is to bail out the tottering financial firms that are suffering because of the weakened economy. The problem is that nearly all businesses and people are suffering because of current economy as well. Why bail out the big boys?

Financial firms such as Lehman Brothers and Bear Stearns are supposedly filled with some of the best financial minds in this country. Not so.

These are the same companies which funded mortgage backed securities. Mortgage loans. These are now rotten assets.

What did they expect was going to happen?

Lenders would give a mortgage loan to anyone. Someone with a 500 FICO could get mortgage with only putting 5% down.

Now if someone has a 500 FICO score, they absolutely have a history of late payments.

They had a clear history of being bad with money before they got the loan.

What did the banks think was going to happen?

Here is the scary part...

The government is trying to move quickly to repair the beat up economy.

However, it's not a quick fix.

(The last time the government moved quickly was the economic stimulus package earlier this year. How did that work out?)

The country did not get in to this mess quickly. It was over 5 year of poor lending practices.

It is going to take a few years to climb out of this.

Quick moves in congress will only put a small band-aid on a blood gushing wound.

The economy needs time. As the old saying goes, “Time heals all wounds.”

How Do I Get Out of Debt?

2008-09-25T15:35:00.000-07:00

The first thing you need to do is get your credit card debt facts. Which high interest credit card it hurting you the most? If you have high interest rates on any cards you need to stop using them and pay them down first if you want to be free from debt. Think of it like a ship that is sinking with holes in it. Find out where the biggest holes are and patch them first. The highest balances with the highest interest rates are the first debts to take control of. Debt payments on these credit cards should be the highest. Call and negotiate your credit card interest rate with the companies can help get out of debt faster. Once they lower your rates begin making much larger debt payments to “stop the sinking”

Go Debt Relief

Story of a South Florida Debt Settlement Company

2008-09-15T15:24:00.000-07:00

You can hear it all over the TV and Radio. "Save 60% of what you owe on your high interest rate credit cards!" These companies are referring to their debt settlement program.

How it works in a nutshell is that they pay your creditor less then what you owe once they come to a settlement agreement. The whole time you are making payments into an escrow account-NOT to your creditors.

You can see how there is a lot of room for problems here.

Booming Industries come in waves. There was a massive Mortgage Broker phase which slowly shifted into the Debt Consolidation/ Debt Settlement wave.

I was fortunate enough to have been able to see how one of these large scale Debt operations worked down in Boca Raton FL.

The company will remain nameless but I can tell you that they ended up getting sued by Chase for 3.8 million.

You walked into the place which had the front windows all tinted out so people couldn't see in. There was no major sign on the door marking who the company was. If you walked past it you would have no idea what kind of business they were in.

You open up the front and see what looks to be a normal office setting. Four normal sized offices, two on either side of the hall. But when you walked down the hall you realize what you were dealing with. The hall ended into a room that was the size of a gymnasium with rows and rows of cubicles. Each cubicle was small and only had a computer screen and a phone. This was my first boiler room encounter.

South Florida has always had a bad reputation for shady fly by night businesses. This looked to be no exception.

What they were selling was amazing. The reps were on the line pitching a guaranteed product. A product with a guarantee that there was no way could work. People were being promised a savings of 40% of what they owed. The company had attorneys who specialized in Debt validation and could look at your bills and find mistakes or error that could be used to settle your credit card debt for less. Here the best part. If the errors weren't there, they would make them up! So the reps were encouraged to push the guarantee and lightly glance over the fact that their credit was going to take a huge hit. They even were able to accept a down payment on a credit card, then turn around and bring the credit card on the program!

You could see a big dry erase board keeping track of the sales and the down payments people were making to come on to the program. The sales reps were putting up some big numbers

The reps were making all kinds of money because they got half of whatever they convinced the poor person to send in as down payment. The down payment just went more toward the company fees up front. So the clients were thinking that they were on there path to getting out of debt faster by paying a down payment. In actuality all they were doing was paying a heavy up front fee, and getting more into debt.

So what happened after the account came in? Here's where it gets even better. The clients were to make an agreed upon monthly payment, which was taken from their bank account each month automatically. This payment was supposed to go in to an escrow account building funds for negotiations with the creditors. It has to go through the owners pocket first. I don't know how long it took for the money to go into escrow, but it was a while. All the while, the client is getting harassed by creditors calling who haven't receive a payment in a few months.

If the harassment continued, one of the tactics they debt companies used was this. They would simply tell their client to change the address on where they wanted the bills sent. The creditors would then be sending the bills directly to their office, so the client didn't see what kind of a mess they had gotten into. Assuming the company was actually settling something with the creditor it was typically disputing false claims of charges with the original creditor on the clients behalf.

From reading other posting about this, people tried to call back the companies that were ripping them off only to not be able to get a live person on the phone. Nothing but auto attendants. Refunds were a nightmare.

This went on until about from March of 2007 until June of 2008 until Chase brought a law suite against the company. Everything shut down faster then it was thrown together. The owners moved on to another scam I'm sure

I'd love to hear about your experiences with one of these such companies. (Nothing feels better then bashing a company who screwed you over) It's amazing to look at the lack of a business back bone that some people have.

Get ready for the collection clowns!

2008-08-26T12:16:00.000-07:00

Debt collectors ringing up sales

- Bad times for the economy at large can spark good times for the debt-collection industry -

The Boston Business Journal has reported that the debt collection business is going to get bigger - fast. Revenue is set to reach a 10 year high to $14 billion. Revenue is expected to be up 4.8 percent this year and 3.2 percent next year and is one of the top 10 businesses in the country.

This is awesome news for debt collection agencies. But, what about consumers with outstanding debt?

This is real bad news for consumers. Do you need to know why? - Because debt collectors who want to increase revenues are going to get desperate to collect money. And, since the business is getting more profitable, less experienced collectors will get into the collection business to claim their profits. This is going to mean more debt collection violations and more consumers who will get harassed by collectors.

Remember, the best defense is knowing your legal rights. Make sure you have read up on the FDCPA and the Rosenthal Act.

If you are getting call from collection agencies please feel free to consult our debt settlement specialists.

It is also good to know your states statute of limitation regarding old debt.

Old Utility Bills? Do I pay them?

2008-08-26T10:35:00.000-07:00

So, it has been years since you lived at that one address, and suddenly you get a call about the outstanding balance you owe for some utility? Do you pay it?

If you did not receive a written document from this collector outlining the services unpaid, let the collector know that you are aware of your rights under the FDCPA and that you will no longer discuss the matter until the document is received. If the collector refuses, report the company to the Federal Trade Commission through the FTC's complaint form.

If you believe you do not owe the debt because the statute of limitations has expired on collecting the debt, then let the collector know that you are aware of this fact. It is legal for the collector to attempt collection on a debt past the statute of limitations; however, the collector cannot report the debt to a credit bureau or take any legal action to collect the debt, such as a judgment or other court action.

If you are still with in the limits, contact us and we can approach the debt through debt settlement, if you qualify.

My vehicle was repossessed and I still owe a balance?

2008-08-26T10:15:00.000-07:00

I recently handled a client in a bad repossession situation.

"I voluntarily surrendered my vehicle a few months ago because I got laid off and could no longer afford the payments. The bank auctioned it off, but I still owe a balance of almost 9000 dollars. It was a high interest loan to begin with (17.84%) and now they are charging me the same rate on the balance. I am paying $3.62 a day in interest on the balance! I talked to the banks collections department, and they said they have now classified the balance as "bad debt" and that they would give me one chance to settle for $6700 no sooner than the 29th (only 13 days away) or else they would turn it over to their lawyers. They suggested I get a loan from a family member to pay this. Unfortunately I don't have that option, and I am afraid I am going to get sued as a result. Do you have any advice for a situation such as this? Do I have any rights I need to know about? I should also mention that the bank is unwilling to accept smaller payments, they want all of it at once."

This is a too common situation for people today especially when lay offs are daily news. My answer to this was through our debt settlement program. Debt settlement for balances owed on repossessions works just like any debt settlement. In this situation the bank had already offered to settle, with interest and at something like 80% of the original debt. You can get much better than that. You can get your debt settled at more like 60%, even 40% in some cases. The best part is there is no interest. Learn More.

Dealing with Collection Agencies!

2008-08-26T10:00:00.000-07:00

If you haven't paid your collection account(s) yet, negotiate with the collection agency. State that you plan to pay in full, and that you want them to agree to remove the item from your credit report. If you've paid, and the item remains on your report, go to the credit bureau and dispute the item that has been paid. It's a good chance that the collection agency has purged your record and therefore will NOT verify a dispute investigation from the credit bureau. If the credit bureau doesn't receive verification from the collection agency in thirty days, they are obligated by law to delete the item from your credit report.

Last resort is to settle on the debt. Make sure you write a restrictive endorsement on the front of the check:

"By cashing this check Payee agrees to accept this check in full payment of the account as agreed and agrees to remove all derogatory information from Remitter's Credit Reports."

Now you have a canceled photo of your check in your bank statement as proof incase the bureaus don't adjust your report accordingly. Also make sure to mention your account number in the memo section.

Debt settlement can be a huge help if you are in deep financial debt and already falling behind on payments. Answering the calls from collection agencies can push you over the edge. Go Debt Relief specializes in debt settlement. Learn more.

Overdraft agreement debts

2008-08-26T09:43:00.000-07:00

Overdraft agreement debts are revolving credit accounts that are associated with your bank account. You are entitled to a certain credit with an amount limit. Up to that limit you can withdraw from your account as much money as you need even if you don’t have deposits on it to cover for the amount withdrawn.
Once you withdraw the money it starts generating interests that will need to be repaid along with the principal. These agreements work just like lines of credit so you won’t need to repay the amount you requested in certain fixed installments. You can repay the money the way you want. As long as the interests don’t push the account beyond the credit limit, you don’t need to worry.won’t need to repay the amount you requested in certain fixed installments. You can repay the money the way you want. As long as the interests don’t push the account beyond the credit limit, you don’t need to worry.

The Overdrafts Agreement Catch

These agreements usually charge higher interest rates in order to compensate for the lack of fees. Moreover, the penalty fees charged are also significantly higher and this turns free account overdrafts agreements into a much bigger danger than regular account overdrafts. If you ever incur in an unauthorized overdraft, you’ll need to deposit enough money in order to be below the limit again as soon as possible. Otherwise your debt will escalate quickly and you may end up being unable to repay it.

The best alternative to an Overdraft Agreement is the debt settlement program. It's not high risk because it does not tie to any personal property like your house. You can save a lot of money by going with a settlement program as well because you don't pay interest.

Help With unpaid Medical Bills

2008-08-26T07:36:00.000-07:00

Do you pay the bill?

Well, maybe, but certainly not without checking into a couple of things!

The first thing you will want to do is to call your doctors office and find out exactly what you are being billed for and why. Request a copy of the invoice listing these billed services. Sometimes the bill will indicate exactly what services the bill is for, but it doesn't hurt to make sure. If you have insurance that you feel should have paid for the services, ask the doctors office why they didn't pay. Tell them you need help with unpaid medical bills.

They may have not billed your insurance correctly. Verify the insurance company and the id #'s that they used. Also, verify that the service they billed for was the actual service you received. For example, did they bill for a routine check up when you were actually there for a medical reason? Some insurances don't pay for routine check ups.

Many times a call to the doctors office will clear up the matter. Based on information from your phone call, the doctors office will be able to go back and rebill your insurance for payment.

If you need help with unpaid medical bills, do not stop there. If your phone call to the doctors office did not clear up the matter, but you still feel that your insurance should have covered the charges, call your insurance company. The phone number is usually on the back of your id card.

Ask them to explain to you why the charges were denied. If the charges were denied, and the customer service representative tells you that the denial is correct, ask them if you are responsible for the charges. In some cases doctors are contracted with insurance companies and they cannot always bill the patient for charges that are not covered. Do not assume that the person doing the doctors billing knows if they can or cannot bill you. Many offices have people in charge of the billing that do not understand all of the insurance guidelines.

An example of a situation where the doctor can not bill you for the services is if the charges were denied for timely filing. Some insurance companies require that a doctor submit the insurance claim to them within a specific time period, for example, within 90 days of the date of service. It is in the contract that the doctor signs, and it states that if the doctor does not submit the claim in that time period, the claim will be denied and the doctor CAN NOT bill the patient.

I have seen many cases where the doctors office attempts to collect the money from the patient. However it is not the patients fault that the doctors staff did not submit the claim on time. The patient goes to the provider knowing that the provider accepts their insurance and expecting the doctor to be paid by the insurance company.

Many times the services can be reprocessed by the insurance company simply based on information that they receive from you during your phone call. Sometimes services are simply denied due to human error on the part of the insurance company. Since so many things are automated, the denial may be due to a computer glitch. In any case, it is well worth the phone call to determine if the charges can be paid.

There are obviously many other reasons that the services may have been denied by the insurance company. In some cases the services are denied simply because the particular service is not covered under your plan. If it turns out that the claim was denied correctly, and you are responsible for with unpaid your doctor, you should try to make arrangements with the office regarding your payment.

If the amount due is larger than you can pay at one time, ask if it is ok to make payments. It is ok to ask if they will discount the bill, since it is not covered by your insurance. Tell them you need help with unpaid medical bills. They may not, but you won't know if you don't ask.

Don't just pay a bill because you receive it. Unless you know for sure that you are responsible for the amount you are being billed, you should always check into it especially when you need help with unpaid medical bills.

800 Credit Card Debt

2008-08-21T16:04:00.000-07:00

“800 Credit Card Debt” is all you hear on the radio or TV anymore. With the engine of our economy stuck in reverse there has been a resurgence in the credit card debt help industry. Debt services vary in all flavors, shapes and sizes.

Most have heard of a Debt consolidation loan. A Debt consolidation loan might appear easy but is actually one of the toughest ways to eliminate debt. If you are concerned about your credit then a debt consolidation loan could be a good way to get debt relief. Debt consolidation loans typically have an interest rate this is not as high as your credit cards. The problem with a debt consolidation loan is that you have to put a secured item up for collateral such as a title or deed until you pay down your credit card debt. Homeowners typically refinance their houses to take out equity to pay off their debts. The upside to a debt consolidation loan is that it can be spread out over a longer period of time and have very little impact on your credit. They also take the most time and only save you a minimal amount of money.

The best alternative to a debt consolidation loan is the debt settlement program. It's not high risk because it does not tie to an asset. You can save a lot of money by going with a settlement program as well because you don't pay interest. Visit Go Debt Relief to find more information about these services and debt settlement.

Reverse Mortgages, a Good Idea for Retirees?

2008-08-18T12:49:00.000-07:00

Madeleine Brand speaks with Michelle Singletary about if reverse mortgages are the right idea for home owners that are retired. A reverse mortgage is when you can take a loan out against your house that will only have to be paid on once the property is sold, the owner dies or is not the main resident. Singletary writes "The Color of Money" advice column for The Washington Post.

Debt Happens.

2008-08-12T09:42:00.000-07:00

Credit card debt happens. The banks will send a credit pre-approval card to anyone, your five year old daughter, even a persons dog!

It is so easy to get into credit card debt that it is almost scary. The problem is that after only a short time or one slip up, those low interest rates can sky rocket. This is when paying off credit card debt can get tough. You want to get out of debt but can only afford to make the minimum payments. So if you are making the minimum payments, all your money is going to the interest and none to what you actually owe. You can see how much interest you end up paying on your debt with this great Debt Calculator.

Let me give you an example of this situation. We had a client who's husband had recently been injured on the job and couldn't work for two weeks. The normal bills kept rolling in. They were smart and paid their mortgage and car notes first. (You never want to default on secured items like a mortgage or car, because if you get too far behind, they can take them.) This didn't leave a much money left for their credit card debt. They missed a payment. Once you miss a payment on your credit cards, that's when all the fine print kicks in. The fine print is how they make their money on you by severely raising your rates. With their new 18% interest rates, they'll be paying off the credit cards for the next 30 years. At this point they are now running on the credit card debt treadmill. The best way off the treadmill is with a debt elimination service.

Know of a story how someone got behind? We'd love to hear about it. Feel free to post your stories here.

Credit Card Debt?

2008-08-11T15:54:00.000-07:00

Who doesn't have a credit card today?

Lets call it what it is, credit card debt?

So how do you get rid of credit card debt? How can you put an end to
all this madness that once started out so innocently? Go Debt Relief has an attorney driven program that gives its clients freedom from unsecured credit card debt, medical bills, department store accounts, furniture loan payments, signature loans, overdraft agreements, collection accounts, balances owed on repossessions and old utility bills. The program has a 98% sucess rate with proven results. With our debt relief program we have helped thousands of people climb out from under their credit card debts using the resources they already have; thus eliminating it altogether.

Fill out a simple form today to see if you qualify for the best alternative to bankruptcy.

Say goodbye to credit card debt!

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