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Tuesday, January 21, 2014

Reader Question Which is Worse for Credit Score Settlement or Bankruptcy

Hello Lee!

I, like all of the people on here, am stuck in a bad situation and I dont know what to do. I went thru a nasty divorce that lasted 3.5 years and in that time I was a single mom trying to survive. All money I made went to lawyers, a roof over our heads and food. I had to take loans out and credit cards to just buy groceries. Im slowly (I mean SLOWLY!) getting back on my feet. Im looking at $27,00.00 in debt. I thought about filing bankrupt papers but wanted to look into setteling my debts with the CA. Which would kill my credit more you think? It literally has been years since I paid anything. I think last year I paid $50.00 to each company (4 of them) to get them to stop harrassing me on the phone. You seem to give amazing advice! Please Help!!!

Monica

Monica,

Unfortunately, $27,000 is a large enough amount that a collection agency wouldnt hesitate to sue. Im hoping this $27,000 is your total debt and not your debt to a single creditor. That might make this situation easier to manage.

You made a mistake by paying them anything. Each time you send them money, that resets the statute of limitations for a lawsuit. You dont mention which state youre in, but the SOL ranges from 4-6 years in most states.

Your position to settle depends on your ability to pay. For example, if you have a job, money in the bank or own property, such as a home or car, the collection agency can sue you and force you to pay the full amount by garnishing your wages, emptying your bank accounts and seizing and selling your property. When you contact a CA you havent heard from or spoken with in a long time and propose a settlement, all youre basically saying is "I have money now! Come and get me!" So, of course, the CA begins to rabidly pursue you (usually for the full balance).

The older an account gets, the less likely it is that the CA will get paid and the more likely a CA is to accept a settlement. Theyll generally send you a settlement proposal in the mail. Once you know the company is ready to settle, you can then call the company and negotiate back and forth. Negotiate up, not down. For example, name a lower number than you can afford to pay and let the collector bring your price up. Dont start from the collectors settlement offer and start negotiating down. This is a cheap psychological trick, but it often works. It makes the collector feel that hes "won" by getting you to pay significantly more than you offered while simultaneously helping you get a lower settlement than you would have gotten by negotiating down from their offer.

Settling with the original creditor on a debt will decimate your credit, that much is true. Settling with a collection agency, however, wont. You see, the collection account on your report is as bad as it can get. It cant get any worse. So whether its paid, unpaid or settled, its still a collection account and it still affects your credit rating exactly the same. In general, however, bankruptcy is always worse for your credit report than settling with anyone. And if you file Chapter 13, you have to pay those debts back anyway – sometimes in their entirety.

Now, since you mentioned bankruptcy, heres where things get interesting. If you end up filing for bankruptcy, the collection agencies get NOTHING and they cant sell the debt either. If and when you call for a settlement, tell the collector you speak with that you are filing for bankruptcy if you cant get these debts taken care of. The word "bankruptcy" will usually make creditors much easier to work with. After all, youve got them over a barrel. They either work with you and give you a reasonable repayment option or they get nothing.

If bankruptcy is really an option, I wouldnt make a single payment to any of these creditors until youve got settlement agreements IN WRITING from each of them. The last thing you need is to settle with several of them only to have the last sue you and force you into bankruptcy. If you end up filing bankruptcy anyway, paying the first few settlements was nothing more than a big waste of money. Its all or nothing here.

Oh, and if youre outside of the SOL in your state for any of these debts, feel free to twiddle your fingers until they go away. They cant sue you. You can send a written request that they stop telephoning you and they have to adhere to it. Its just as effective as sending a payment and, if the SOL has expired, a whole heck of a lot safer. If the SOL hasnt expired, let them call. Prohibiting contact with an SOL thats still in effect is just begging for a lawsuit.

If you have any other questions, feel free to ask.

Best of luck to you,

Lee

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Monday, January 20, 2014

Ideas To Adhere To While Buying Commercial Real Estate

By Shawn Espinoza

It is only natural that there is not a single person who is not dreaming about fantastic success while buying commercial real estate. If perhaps you are a commercial real-estate buyer, you will want to be prosperous in this project you launched into. With that, I have here several helpful suggestions that could direct you towards a successful commercial real estate investment:

You should not rush. Those who always rush into accomplishing things frequently commit the most mistakes and those who constantly rush in leaving will be the ones mostly forgetting things. Its identical with regards to commercial property. If you are in a hurry, even though you are alright with the spending budget, you might end up making plenty of errors. You can throw away cash and become left with nothing. When it comes to making the selection of what sort of commercial real-estate to purchase, you could make a lot of mistakes while hurrying too.

In case you discover how to invest correctly, you will discover that commercial real estate is a really beneficial thing. Hurrying would make you overlook all the important facts and also things to consider, which is why failure is definitely at hand. If you want to achieve success, you should take some time to study the real-estate market, the commercial real estate and all regarding it, as well as take time to get to know much more about real-estate regulations. This is actually so that the result of your commercial real-estate investment is guaranteed beneficial.

Do not forget to conduct checking as well as verification of commercial real estates. There are plenty of unsuccessful investors who simply miss to check on the condition of the various real estate properties they may have decided to invest in. Only because they want to buy, they invest right away and never check some things about the property which could make or break the purchase. This is why you shouldnt ever miss to investigate the state of the property, to see if it is valuable of investing. Is it about to reap you great earnings or are you simply going to waste a lot for fixes and servicing for it?

Do not ignore the need for a real-estate lawyer. Some commercial real estate traders often ignore the need for a real-estate attorney. This must never be if you wish to become successful in your own commercial real-estate purchase and if you intend to prevent problems. Some spots may be progressive however, you are not immune to probable real estate frauds as well as issues that could possibly affect your investment. To talk plainly, you only need a great attorney if you wish to be certain regarding your endeavor.

It assists when you stick to helpful suggestions that could direct you towards your commercial real estate purchase. All these suggestions will end up being amazingly valuable once the time for investing finally comes upon you, and you will be largely prosperous.

About the Author:

If you are on the process of selecting the best Chicago commercial real property (commercialrealestatechicago.org/), get all these things into account. Read here if you want to know more regarding investment in commercial real estate.

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Bad Credit Debt Consolidation Loans How You Can Get Out Of Debt

In todays economy, many people with poor credit find that they are drowning in financial difficulties due to various bills such as credit card bills, vehicle loans and mortgages. There is a record number of people in serious debt today, and many of them have no idea how to solve their problems. Many people think that the only answer is filing for bankruptcy; however, there is a less drastic solution, and it is bad credit debt consolidation loans.

There are many lenders that are willing to help people in these situations, and people simply need to go online and search for them. The requirements for these funds may vary slightly from one lender to another; however, some common requirements are that applicants must be 18, have a GED or high-school diploma, be citizens of the US, and they must have some form of steady income.

While a consolidation loan will not cut down on the amount people owe, it can reduce their interest rates and may extend their terms, making them easy for people to pay the monthly payments. This, in turn, can help people manage their monthly budgets effectively and even improve their credit rating if they pay their bills on time. It will also eliminate phone calls from creditors.

The most essential benefit of obtaining these funds is that it offers people a fresh chance to manage their money properly. However, it is vital that people do not continue their poor spending habits while paying off the loan. They need to avoid any unnecessary purchases; and if they find that they have extra money near the end of the month, they should put it towards their bills.

It is a common mistake of many consumers to continue spending unwisely while paying off funds of this type. They find themselves with extra cash or room to purchase something new, and rather than investing the money into their existing debt, they purchase something they do not need. This can place them even further in financial trouble.

In conclusion, when people decide to consolidate their debt, they can reduce their monthly payments, making it easy for them to pay their bills on time. Consumers who choose to apply for these funds will see their financial troubles melt away, but they must remember to spend and invest wisely. It is best if they destroy all but one of their credit cards to help them accomplish this.

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Sunday, January 19, 2014

Collecting Debt From the Dead Survivors Rights Against Collectors

When I was in my late teens, my father died. He wasnt feeling well one evening so he went to bed early...and just never woke up. He left behind some debts that ended up in collections and before too long, collectors were calling our house on a semi-regular basis. My mother wasnt emotionally capable of taking these calls, and I was trying to take care of her the best way I knew how: by fielding away my fathers creditors. My story to any collection agencies that called was that my mother had packed her bags and left myself and my father three years prior and I had no idea where to find her. Once I even mustered up some fake sobs and asked the collection agent if he found her, would they please call and tell me?

Long story short, I didnt have to give the collection agencies a lie when they called to collect after my fathers death. If I had a time machine, one of the things I would do is go back in time and give my young self instructions on how to handle this. I cant do that, but I can give those instructions to you.

But first, the basics.

Debt After Death: The Probate Court

When a person dies, that individuals estate goes into probate. The estate isnt limited to property the deceased owned, but encompasses all of his/her worldly assets (there are some exemptions that are not included in the estate, but they arent relevant for the purpose of this post). Its the creditors responsibility to file claims with the probate court against the estate within the time limit set by the state. At the end of the probate period, the court "settles" the estate by paying off creditors that filed legitimate, timely claims and turning the remainder of the deceaseds assets over to his heirs.

Oftentimes, there are creditors that dont get paid. Those creditors, unwilling to do what theyre supposed to do and write off the account as a total and complete loss, "accidentally" sell that account to a collection agency. Thus, they get some scratch for the debt while simultaneously passing the buck to someone else.

The natural course of events transpires and debt collectors begin calling the deceaseds house nonstop. The surviving family members inform the bill collectors that the debtor is dead, but the debt collectors dont believe that. The family might even send the collection agency a copy of the death certificate. Sometimes, this is the end of the story, but more often than not the dog and pony show is just beginning.

You Owe Your Dead Parent/Husband/Wife/Brother/Grandmothers Debt!

First and foremost, debt collection is an industry with a high turnover rate. Agents dont stay at the job very long. Its just too disheartening and most people arent nasty enough – or desperate enough – to make that a long-term profession. Because of this, bill collectors rarely have the training and experience necessary to know all of the small ins and outs of collection law – especially when it comes to the deceased.

Make the collection calls stop

To make matters worse, bill collectors work on commission. The more money they collect, the more money they make. This gives collectors who know better a strong incentive to toe the line of the law or even jump over it entirely. Most consumers know their basic rights, but have no idea how to handle debt collection activity after the death of a loved one.

So the debt collector calls and demands that you pay the debt of your husband/sister/brother/grandparent and you say..what? Youve been put on the spot. You know nothing about this debt, but this person says you have no choice but to pay it. If the collector is particularly nasty, hell threaten to do something like sue you, garnish your wages, take your car and home or ruin your credit rating. If youre like many scared consumers, youre blinded by grief and confusion and you either promise to make a payment or worse – give the debt collector your banking information to allow the company to debit the money directly from your bank account.

How the Law Protects Survivors

Heres the first thing you need to know. With few exceptions, you do not owe this debt. Let me say that again for emphasis. YOU DO NOT OWE THIS DEBT. Got it? Good.

The law is a grey area as to whether or not a bill collector who knows your loved one is dead can still call and ask you for payment. The Fair Debt Collection Practices Act makes it perfectly clear that collectors can only discuss the debt with the debtor, not a third party (in this case, you). But when the debtor is dead, the debt collectors almost always ignore this rule and, to the best of my knowledge, theres no case law on this yet.

But one thing is painfully clear: a bill collector can never, ever threaten someone with legal action they cannot actually take. The collectors cannot lie to you in an effort to scare you into paying off your dead loved ones debts. Theyll do it without blinking an eye, but its illegal.

(If youre curious about just how low collectors will go to collect the debts of the deceased, this New York Times article, Youre Dead? That Wont Stop the Debt Collector is both fascinating and cringe-worthy at the same time.)

What To Do When the Collection Calls Start

When your phone starts ringing off the hook with calls from collectors wanting you to pay off the deceaseds accounts, your first course of action should be to inform the collector that the individual has passed away and ask for an address to send the death certificate to. Contrary to what you may believe, most debt collectors arent evil beings sent from the bowels of Hades to terrorize the living. Theyll give you the correct address and hang up the phone. So here we go, step by step:

1. Get a copy of your deceased loved ones death certificate.

2. Write a cease and desist letter to the collection agency noting that the only individual legally responsible for paying the debt in question is dead and that the company is not to contact his/her family members any further.

3. Mail the death certificate and cease and desist letter to the collection agency via certified mail with a return receipt requested.

4. Repeat the process for every collection agency that calls until the calls finally stop.

5. Sue at your discretion.

Exceptions to the No Liability Rule

In rare circumstances, family members can be liable for a deceased loved ones debts. Namely, if you were a joint account holder for the account or you live in a community property state that applies the community property rules to debt as well as assets. Thats important. Collection agencies and creditors alike would love for all consumers to believe that living in a community property state is enough to be saddled with their spouses debts upon their death but it simply isnt the case. All community property states treat debt after death differently, so know your states rules before you assume you have to pay your deceased family members collection debts after theyre gone.

Related Posts:

Send a Cease and Desist Letter to Debt Collectors

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Can Collection Agency Take My Tax Refund

If youre one of the many lucky Americans who receive a tax refund at the end of the year, the last thing you want to have to worry about is having your refund snatched away from you by bill collectors. Unfortunately, if you owe debt to a collection agency and the collection agency has a judgment against you, losing your tax refund is a very real possibility. If you know your tax refund is at risk of being seized, there are steps you can take to protect your money and prevent collectors from garnishing your federal and state tax refund money.

Tax Refunds Exempt From Garnishment

Collection agencies love garnishment because it provides them with a way to recover unpaid debts without having to rely on the debtor to send in a payment each month. Garnishment ensures that payments arrive on time each and every month until the debt is paid in full.

Certain types of income, such as disability, unemployment, child support, etc. are all exempt for collection purposes. Collection agencies can neither garnish these or levy them directly from your bank account. Your tax refund is a special case, however. While debt collectors cannot garnish your tax refund from the IRS before its sent your way, once you deposit it into your bank account it becomes fair game for judgment creditors to seize.

Government Debt Collection

I cant bring up tax refunds and claim that creditors cannot garnish them when there is one glaring exception to this rule – the government. If you owe back taxes or unpaid student loans, rest assured your tax refund will either be garnished or withheld in its entirety.

You see, its entirely too much trouble for the IRS to work with commercial creditors in order to facilitate garnishment of tax refund money. Your right to your full tax refund, even if a creditor holds a judgment against you, isnt a way for the government to ensure that you have the money you need. Its merely inconvenient for the IRS to permit creditors to garnish tax refunds before they are sent out.

How do I know this? All other forms of income that are exempt from garnishment are exempt due to a special status as a "benefit" (usually, but not always, a federal one). These benefits are exempt from both types of garnishment. Your tax refund is not a benefit of any sort. Its your money. It was always your money. You just used it to pay your taxes. Its no more exempt from seizure than money you receive when you return an item to a department store.

Protecting Your Tax Refund From Seizure

Because debt collectors cannot garnish your tax refund directly from the IRS, you should receive your full refund. Provided you cash your refund rather than depositing it into your bank account, debt collectors – even those with a judgment against you – will not be able to touch it.

Get your tax refund on a pre-paid Visa card.

One thing to remember: If you are e-filing, request that the IRS mail you your refund via a check or prepaid Visa card (yes, they do that. Cool, huh?) rather than using direct deposit to deposit the money into your checking or savings account. While direct deposit is much faster than getting your refund through the mail, its also much safer and less stressful than waiting with baited breath for your refund to clear before racing to the bank to withdraw it before the collection agency can freeze your bank account.

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Funds Exempt From Bank Account Garnishment

Make Yourself Judgment Proof

Checking Account Garnishment

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Saturday, January 18, 2014

Why Getting 30 000 Personal Loans With Bad Credit Is No Lie

It is no surprise that the majority of people would consider the chances of securing a $30,000 personal loan with bad credit next to impossible. The sum is high and the perceived risk is too. So, what lender would agree to the deal? Well, the truth is that, with the right application, even this loan is attainable.

It is easy to look at the loan application at face value and reckon lenders would reject it. When it comes to traditional lenders, the likelihood is actually very strong, but the growth of online lending has opened up many niche markets - such as bad credit lending. Online lenders are willing to grant approval despite poor credit scores.

Their willingness is not rooted in foolishness, however. They are bad credit lending experts, offering a route to vital funds to those unable to secure affordable deals from traditional lenders. Lending a large personal loan to applicants eager to improve their credit ratings is not as risky as it seems.

Two Kinds to Consider

There are two types of personal loans available on the market: secured and unsecured. The core difference between them is the presence of collateral with secured loan, but the type chosen can have a big influence on the chances of getting a $30,000 personal loan with bad credit.

Basically, getting approval with a secured loan is much easier because it is backed up by collateral that can be used as compensation should the borrower default on the loan. With no collateral provided, income is the key hope to securing approval despite poor credit scores.

But there are problems with large personal loans, namely getting collateral that matches the value of the loan. It is no great problem when $1,000 loan is being applied for, but a $30,000 loan is a different matter. But if collateral can be found, the interest rate lowers and repayment scheme becomes more flexible.

How Cosigners Solve the Problem

There is a security option open to applicants that cannot find collateral when seeking a $30,000 personal loan with bad credit. A cosigner is not technically security, as he or she is not required to get involved unless the borrower becomes unable to make repayments.

A cosigner is effectively a guarantor, providing an assurance to the lender than the monthly repayments will be made. This is the best possible addition to a loan application since lenders only ever want to be sure of receiving the repayments on time. So, with a cosigner the chances of securing approval despite poor credit scores is extremely high.

However, there are conditions to the deal. A cosigner has to have an excellent credit history and have a large enough income to meet the loan repayments should that become necessary. But once the right candidate is found, securing the large personal loan becomes a probability rather than a possibility.

Your Credit Scores

A final issue to consider is your own credit score, and whether they can be improved ahead of submitting the application for a $30,000 personal loan with bad credit. The score, remember, influences the interest rate that is charged on the loan, which in turn influences the monthly repayment and its affordability.

Improving your score can see the interest rate lowered, thus helping to make the loan more affordable and the likelihood of approval despite poor credit scores improved. The only way to improve the score is to clear at least some of the existing debt.

Taking out a consolidation loan can accomplish this, with the right terms not only clearing the debt, but ensuring extra cash is freed up with which to pay the large personal loan.

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How To Find The Ultimate Nanny Job

Being a nanny is a rewarding career choice. How you become part of someones family due to the fact help to raise the group and provide care for them. There are different kinds of nannies and Nanny Treatment types. These jobs can range from a live out position following a live in position. The rate of pay and hours are usually also vary by home and family.

Most families enjoy employing nannies through the flexible hours and having lived environment. Parents may have to depart for work early morning meal and may have hazard hours at night and on the weekends. People with shift work may like help that a nanny can present you with. Keeping the kids in your own home, may also be an added feature that families get obtain the.

Many nannies will take kids to varsity, activities and programs as needed. The flexible schedule usually allow the nanny to engage in several different busy activities typical. This busy daily schedule can help to create an interesting as well as can rewarding environment and cooperate choice. Nanny agencies can provide a link between looking into families and nannies. They will listen in regards to what the family wants in a nanny and always match up possible seat coverings. Nannies will be interviewed by not just agency, but also or your family in need.

When a nanny Surrey is used in a home, they can ensure that kids have their needs viewed. Not only will they be sorted, but their days made of stimulating programs and regular activities. There may be indigenous groups and programs which often enrich the lives of something like a child.

Some job agency companies recommended that there nannies offer any type of experience or training. There are a number early development programs that people may have in ones own background. Some workers can also get experience providing nanny attempt to and childcare. Some classes are also tailored to teaching adults how to provide health and safety measures for people connecting kids, these qualifications may be went out by families looking for a nanny.

The hours in the job could range by using an family. Some jobs will start early breakfast and end late at bedtime. A live out position would require the nanny to come by week for during a period of time during the existence. A live in nanny may work usually with the weekends and nocturnal off a week. If a nanny has to are powered by the weekend, they may ask for the evenings regarding.

A Nanny Job can provide a person many pay down features. They will get to work in a home environment which help children grow and learn of the day. A busy day may help the time fly and help to offer a rewarding experience for the child and adult. There are jobs located in the city, as well as ones located past the city. Some jobs wonders that the nanny have her license, while others dont have a car to be used. The appreciation that can be viewed for a nanny is huge between family and carer.

Industry leader and helps locate diamondpersonnel. com/nanny_agency/Nanny_Vancouver. php caretaker Surrey and nanny Vancouver. Let the leaders support you in finding the Nanny job you are considering.

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