Credit Card Companies Willing to Deal Over Debt

Posted January 2009 by admin

The New York Times published an article today about Credit Card Debt Negotiation.

“You can’t squeeze blood out of a turnip,” said Don Siler, the chief marketing officer at MRS Associates, a big collection company that works with seven of the 10 largest credit card companies. “The big settlements just aren’t there anymore.”

So even as many banks cut consumers’ credit lines, raise card fees and generally pull back on lending, some lenders are trying to give customers a little wiggle room. Bank of America, for instance, says it has waived late fees, lowered interest charges and, in some cases, reduced loan balances for more than 700,000 credit card holders in 2008.

American Express and Chase Card Services say they are taking similar actions as more customers fall behind on their bills. Every major credit card lender is giving its collection agents more leeway to make adjustments for consumers in financial distress.

see the full article

Posted in: Credit, Credit Cards, Debt, Debt Settlement | Comments(0)

Debt Settlement is similar to the 700 Billion Debt Bailout

Posted September 2008 by admin

Debt Settlement is very similar to the Federal Debt Bailout bill on a smaller scale. The US government is removing the “toxic” debt that is on the books of the major banks. Debt Settlement removes your “toxic” personal debt so you can start new and improve your cash flow situation.

Posted in: Debt, Debt Settlement | Comments(6)

How to Fix your Credit

Posted September 2008 by admin

Regaining Authority Over Your Good Name
Millions of Americans are struggling with expensive liabilities. Bad credit happens when average men and women fall behind on their credit card bills and other debt payments because of unemployment, lack of employment, or the unavoidable challenges of life.  If you have gotten yourself in this state of affairs, it is a good idea to take command of the situation rather than letting your bad credit to get worse. In this article you’ll learn the most to the point method of regaining control over your bad credit and on the road to zero debt.

1.    Get Your Equifax, Experian and/or Transunion Report. Some balance carriers are merely a few billing cycles behind on their credit card bills due to financial hardships, and they may have forgotten about several unpaid bills that are bringing their FICO Score south. A few of us have gotten ourselves so far back in credit card bill payments that we have lost track of what is due! The initial required action for getting back on the path to good credit is to obtain your credit report so that you can see

1) the creditors you are indebted to,

2) the amount you need to pay them, and

3) the total of your monthly payment. You are entitled to one free credit history from all 3 of the key reporting institutions each year. Once you are aware of your debt figures, you’re in an improved position to make a smart resolution regarding your debt affairs.

2.    Reopen the Lines of Communication With Your Card Issuers. This might be difficult for you. At some time you’re going to have to reopen a connection with your creditors if you have lost contact with them after not making payments. In the worst case scenario you will have to withstand a long quizzing with a sprinkling of unfriendliness. The great news is that there’s a chance that you will be offered an agreement to pay off debt that can put your bill back to current and probably get rid of some of those flaws on your credit.

3.    Quit Making Charges to Open Accounts. Probably the most important resolution you have to make in order to re-establish power over your credit and debt situation is to cease utilizing your credit accounts. This means you have to cut up those credit cards and begin living on a cash only basis. Adopt this way of thinking: if you do not have the greenbacks to pay for a buy, then you cannot afford it.

4.    Be Sure That Your Income is Sufficient To Pay Your Debts. The hardest step to eliminating your debt issues is taking home the salary that is required to cover your payments and get current with your debts. That’s because your take home pay is often not in your control. Consider finding a 15 hour per week side job and dedicate all of the earnings from that to your debt balances.

5.    Learn About Debt Solution Plans.  If you’re trying to pull down your regular payments, pay off debt more quickly, or if you just desire to steer clear of open phone calls with your creditors, you might want to learn about an online debt Consolidation plan. These helpful programs are put into action by debt settlement companies that focus on debt reduction and debt negotiation with your card issuers.

If you’re serious about getting control over your credit and learning how to pay off debt quicker, dial the online debt consolidation lawyers at NetDebt (877) 998-DEBT or get started on the road to debt relief by dropping in on Net Debt‘s online questionnaire at www.netdebt.com

Posted in: Credit, Debt, Debt Settlement | Comments(5)

FTC To Host Workshop On Debt Settlement Industry

Posted September 2008 by admin

The Federal Trade Commission staff will hold a workshop on September 25, 2008, to explore the growth of the for-profit debt settlement industry and to analyze how this model is affecting consumers and businesses. The event is free and open to the public; pre-registration is not required.

WHEN: September 25, 2008, 8:30 a.m. to 5 p.m.
WHERE: FTC’s Satellite Building Conference Center, 601 New Jersey Avenue, N.W., Washington, DC. A valid photo identification is required. A live webcast will be available at www.ftc.gov.
AGENDA: Topics will include regulation and legal developments, advertising and marketing of debt relief services, role of third-party lead generators and other service providers, the history and development of the industry, and consumer education.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,500 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s Web site provides free information on a variety of consumer topics.

MEDIA CONTACT:
Office of Public Affairs
202-326-2180

Posted in: Debt, Debt Settlement | Comments(5)

Statute of Limitations by State

Posted September 2008 by admin

State
 Written contracts Oral contracts Promissory notes Open accounts (including credit cards)
Alabama
6 years
6 years
6 years
3 years
Alaska
6
6
6
6
Arizona
6
3
5
3
Arkansas
6
3
5
3
California
4
2
4
4
Colorado
6
6
6
6
Connecticut
6
3
6
6
Delaware
3
3
6
3
D.C.
3
3
3
3
Florida
5
4
5
4
Georgia
6
4
6
4
Hawaii
6
6
6
6
Idaho
5
4
10
4
Illinois
10
5
6
5
Indiana
10
6
10
6
Iowa
10
5
5
5
Kansas
5
3
5
3
Kentucky
15
5
15**
5
Louisiana
10
10
10
3
Maine +
6
6
6
6
Maryland
3
3
6
3
Massachusetts +
6
6
6
6
Michigan
6
6
6
6
Minnesotta
6
6
6
6
Mississippi
3
3
3
3
Missouri
10
5
10
5
Montana
8
5
8
5
Nebraska
5
4
6
4
Nevada
6
4
3
4
New Hampshire
3
3
6
3
New Jersey
6
6
6
6
New Mexico
6
4
6
4
New York
6
6
6
6
North Carolina
3
3
5
3
North Dakota
6
6
6
6
Ohio
15
6
15
6
Oklahoma
5
3
5
3
Oregon
6
6
6
6
Pennyslvania
6
4
4
6
Rhode Island
15
15
10
10
South Carolina
10
10
3
3
South Dakota
6
6
6
6
Tennessee
6
6
6
6
Texas
4
4
4
4
Utah
6
4
6
4
Vermont
6
6
6***
6
Virginia
5
3
6
3
Washington
6
3
6
3
West Virginia
10
5
6
5
Wisconsin
6
6
10
6
Wyoming
10
8
10
8

Posted in: Debt | Comments(0)