Month: September 2018

Exposed! The Legal Loophole That Lets You Wipe Out All Of Your Credit Card Debt.

Debt blogger

There are literally millions of credit cards in the world today and even with the current credit crunch, the numbers of cards being issued is still on the increase, so the ramifications for the credit card industry are immense and for them at least, difficult to comprehend.

During the good times, credit card companies issued cards under the guidelines of the Consumer Credit Act 1974. However, in their greed to attract even greater numbers of customers each month, they forgot to ensure that their consumer credit agreements they issued to customers were legal and above reproach. This situation changed in April 2008 with the creation of new rules and regulations that fully covered every lending institution that issued a consumer credit agreement.

However (and this is the good part), there are literally millions of potentially flawed agreements in existence that mean you, the consumer, can wipe out your total credit card debt in an instant, legally and ethically/

The other thing to consider is that legal loophole applies to all unsecured debt such as personal loans, car finance, mortgages and PPI. They all have to abide by the Consumer Credit Act (CCA) 1974 and if they do not, then they could be left open to all of their customers making a claim against the vaibility of their credit agreement.

This is the hottest topic in the financial services industry at the moment as credit card companies frantically look to avoid claims and the potential for huge losses. They are full aware of this situation and are bracing themselves for the fall out as this dwarfs anything we have seen from the ‘reclaim your bank charges’ scneario that has been on the news for the last 12 months.

The process itself is simple to administer if you know how and if you have the right Barrister contacts. The Barrister in question must have an understanding of the legal process and the ensuing legal complexities of wiping out credit card debt. But remember, it is happening now and hundreds of thousands of people have started to wipe out their debts and ensure that they can start living a debt free life once again.

Excessive Credit Card Debt

Debt blogger

Most people advocate the case of credit cards, quoting the benefits and convenience that arises from them. However, there is another group/line-of-thought that strongly opposes credit cards. The reason being Excessive Credit Card Debt’, which is one of the most serious problems faced by the credit card holders and credit card industry. However, you can’t pull the shutters on the credit card industry just because of a few irresponsible people (or even if it’s more than few). That is not a solution for beating excessive credit card debt. Moreover, you can’t overlook the benefits associated with the credit cards.

The issue of excessive credit card debt can be looked at from 2 angles. First is addressing of the excessive credit card debt problem at the industry level and second is the addressing of the excessive credit card debt problem at the individual’s level i.e. at the credit card holder level. The first method involves increasing awareness of the excessive credit card debt problem to the masses. This is more or less being done currently too. However, there should also be an effort to tackle this problem of excessive credit card debt at an even deeper level. This means trying to devise a mechanism to nip the problem (of excessive credit card debt) in the bud. This mechanism should actually be a part of the overall system. A lot of thought needs to go into devising such a mechanism. Case studies should be taken up, statistics gathered and a proper forum formed (with representatives from the credit card holders and from the credit card suppliers). As of now, the credit card suppliers just seem to be engaged in coming out with new products and getting customers enrolled to those products. There is little attention paid towards addressing the problem of excessive credit card debt in the real sense. Something like attending mandatory seminars on the root causes of excessive credit card debt could be made part of the credit card application process.

Another way of dealing with the problem of excessive credit card debt could be: developing a system for calculation of applicable credit card limit at the individual level i.e. no standard/product-based credit limits. Then there could be mechanisms for proactively warning the users about excessive credit card debt (based on their credit card usage) or even imposition of early restrictions on noticing the first signs that lead to excessive credit card debt.

At the individual’s level, the treatment of the problem of excessive credit card debt would include following of best practices (on credit card usage and avoidance of excessive credit card debt) by the individuals themselves. A checklist or a set of questions could be provided to individuals for recognising the first signs of excessive credit card debt.

So, the problem of excessive credit card debt can surely be dealt with by putting together some serious thinking at a broader level together with discipline at the individual’s level.

Debt Settlement Companies – Why Would You Hire One

Debt blogger

Do you have some large debts that you have either stopped paying on or have been paying on without the balance going down much? Is there a way that you can settle these debts for less than what you actually owe? Yes there is and that is where debt settlement companies come into play. They will help negotiate a settlement for between 30% and 60% of what you owe on the balance in most cases. The only catch is you will have 30 days at the most to come up with the money to pay it off. Here are a few scenerios that debt settlement companies can be used as a benefit in.

First of all you need to understand that these are not debt management companies. They will not get you a payment plan and they will not train you not to go back into debt. All they will do is negotiate a settlement for the debt that is a portion of the full balance owed. They also charge a fee that is a percentage of what they save you so be aware of that as well.

So, when should you consider using a debt settlement company?

You need to be able to pay the debts you want to settle off in full so there are a few times that this type of company comes in handy.

If you are refinancing your home to pay off some debts, then this is the perfect time to try to save yourself some money by having the debt settlement company get your a smaller balance to pay off the debts you are working with. Since you will have a large amount of money at your disposal with the refinance you can have them negotiate settlements for your debts and you can have them paid off rather quickly.

Also, if you are taking out any other type of loan of $10,000 or more to consolidate your debts. This will give you a good chunck of change to work with and even with the fee that you will be charged by the settlement company you can save yourself some money and maybe even squeeze a couple of extra debts in there.

Last, if you have a lump sum of money that you have saved or are cashing out from somewhere, then you can do this as well. Debt settlement companies will help you save more of your money by settling your debts for less and they usually are very good about gettting right around half the balance cut, especially on older debts and unsecured debts.

Get your Debt Settlement Companies and get out of debt once and for all. Get more information here:

Debt Settlement Companies

Debt Settlement and Unsecured Debt

Debt blogger

Debt settlement, also called debt negotiation, is a method of debt management in which an agreement is made with a creditor to accept some amount less than the full balance as payment in full on a debt.

Debt settlement is often used to eliminate unsecured debt, which is a debt that is not tied to any property.

The most common type of unsecured debt is revolving credit card debt. Credit cards authorize the person named on the card to charge (become financially liable for) goods and services. With revolving credit, you can make charges up to a pre-established credit -limit.- As the money is repaid, it can be borrowed again.

Debts that are tied to property such as a car, refrigerator, house or vacant land, are secured debts. When you default on a secured debt, the loan company can take possession of your property and sell it. The money received from the sale is used to pay off the balance of the loan.

The most common form of secured debt in real estate is the lien. A lean is a legal claim that gives the creditor the right to take and hold or sell the debtor’s property. Liens are removed when the debt is settled.

The procedures for securing other types of personal property debt are contained in the Uniform Commercial Code (UCC). This statue includes forms and public filing documents that can be used to establish the creditor’s interest in the property.

Secured debts reduce the financial risk of the creditor (the person or company that has extended the credit and to whom the money is owed). This is why secured loans typically have lower interest rates and better financing terms than unsecured debt.

People who experience a long-term loss of income for any reason, are good candidates for debt settlement on unsecured loans and revolving credit card debt. It can be a very beneficial solution to resolving debt problems

Chris Scully is a consumer advocate for ethical debt settlement and credit repair practices, personal finance expert and blogger (), and author of the book The Debt Survival Kit. You can contact Chris at .

MyMoneyMess.com

Top Debt Consolidation Loans

Debt blogger

How do you get top debt consolidation loans that can help you get out of debt? There are many different ways to get loans for debt consolidation, unfortunately most of these ways require good credit. However, there are a few top debt consolidation loans that are specifically for bad or not so good credit. Here are your options.

If you own your home, then you are in a good spot, especially if you have a large portion of equity built up in your home that you can use to get the money you need to pay off your debts. You can do this through a second mortgage or a refinance of your first mortgage. Sometimes you can even get companies to go all the way up to 125% of your homes value.

Another option, if your debts are fairly small is to go to your bank and see if they will be willing to refinance your vehicle. If your vehicle is paid off you should be able to get a few thousand, depending on the vehicle, and if not they might be able to give you some money on top of paying it off for you. You never know unless you ask.

A third options for top debt consolidation loans is to get a couple of credit cards with relatively low rates on them, but high limits. If you have ok credit you should be able to get a credit card with a few thousand dollars as the limit. Turn around and use this card to pay off some of your other debts and you will have less to worry about because it will be consolidated on one card.

Get all the information you need on Top Debt Consolidation Loans here:

Top Debt Consolidation Loans