November 11th, 2011

Could the Debt Arrangement Scheme help me with debt?


If you’re a Scottish resident looking for a way out of debt, you may qualify for DAS, the Debt Arrangement Scheme, if you can’t repay your debts as you originally said you would.

DAS – a Government-run scheme – helps people repay their unsecured debts at a rate they can afford, while freezing debt interest, fees and charges. If you’re bankrupt already, or on a Trust Deed, you can’t apply for DAS.

If you enter this debt solution, you’ll make payments as agreed in a Debt Payment Programme (DPP). Your payments go to a payments distributor, who hands out the money to your lenders for you. As we mentioned, you can write off fees and interest on your debt, but only if you successfully complete your DPP – and that involves making all your payments, for the duration of the programme.

There’s no actual time limit on the length of a DPP, but if you cannot repay your debts in any kind of realistic timeframe, bankruptcy may be more appropriate. DAS is an alternative to bankruptcy and protects participants from legal action from their lenders – including attempts to make them bankrupt.

Other features of DAS include:

Lower your monthly payments to an affordable level.
Potential to vary your payments on the DPP if you need to.
Breathing space – more time to repay your debts.

Further information on Debt Arrangement Schemes is available at Debt Advice Now, whose advisers will be able to talk to you about your current debt problems and tell you whether you qualify for DAS.

They’ll also be able to tell you about the consequences of joining DAS, such as the fact that it’ll be recorded on your credit record, which can affect your ability to obtain further credit. People on DAS also have their personal details recorded on the DAS Register.

September 23rd, 2011

Debt Relief- Need To Know


If you are like most Americans today, you may have a lot of debt. With a poor economy and few jobs to go around, the lack of extra money to make ends meet just isn’t there and people are having to go further into debt. If you have found yourself in more credit card debt than you can handle, then you may need to consider some debt relief options such as credit counseling, debt settlement and bankruptcy. Each of these options has its pros and cons and you need to know the details of each before you decide what is right for you.

Credit Counseling

Credit counseling is the one method that helps you get a handle on the debt you have and how to stay out of debt. Credit counselors can show you how to set a budget so that you don’t overspend and have to rely on credit cards. They can also help you develop a plan on how to pay your current debts off and begin saving money instead. It may be a good idea to sit down with a credit counselor as they may have ideas that you haven’t thought about. Their outside and neutral perspective may help you handle your debt differently.

Debt Settlement

If you are considering debt settlement as a way of getting debt relief, then there are a few things to be cautious about. Debt settlement is a way to negotiate your current debts and pay them for less than the full amount. It also may lower your payments if creditors agree to reduce your debt, your interest rates or the minimum amount due. Settling a debt for less than the full amount can go against you on your credit reports and lower your credit scores. Although this is a quick way to get out of debt, debt settlement does have its disadvantages as well and can blemish your credit report.

Bankruptcy

This should be the last option you should seek to get out of debt. In return for your debts being completely absolved, you will have a blemished credit report that will stay with you for 7-10 years depending on which state you live in. This can have adverse effects as you will have a hard time securing a home, auto loan or other loans with a bankruptcy on your credit report. You should seek professional advice before considering the bankruptcy options.

June 29th, 2011

Trust is everything when choosing a Debt Settlement company


 

Would you trust just anyone to interfere with your finances? If your answer is no, you need to be very careful when choosing a Debt Settlement company. The field of debt settlement isn’t one that is excessively regulated to the point in which the companies that exist are just cookie cutter replicas of each other. In fact, that’s far from the case. Different companies offer different services, different timelines, and different fees. In addition, not all companies are in the business for the same reasons. While it’s nice to think that most are in it for the sake of the financial benefit of the client, the truth is that there still exist companies that are in the business to scam vulnerable people for a lot of money.

What to watch for

Unfortunately, you’ll almost never be sure of the intentions of the Debt Settlement company until you have already started doing business with them. Though there are some exceptions, like if the business does something so overtly unethical or illegal that you have no doubt they are trying to rip you off, the majority of the time it will come down to small bits and pieces of information that you gather to find out if the company is going to be looking out for you. When looking for a company to relieve your debt management, you have to go into the process understanding that there are no people more vulnerable financially than people with large amounts of credit card debt. Scammers are very much aware of that fact, and many have resorted to impersonating legitimate business in order to make a few bucks.

Many times companies that are out to cheat you will try to lull you into a false sense of comfort. A popular method by which they sucker you out of your money is that they string you along, requiring new fee after new fee as time goes along. Before you know it, you can be so far in the hole due just to the fees that you’ll need bankruptcy just to get yourself out. Other times the company will charge huge upfront costs in order to guarantee the profit from the onset. The high cost of the initial stage should be a warning sign that the company likely isn’t looking out for your best interests.

No two Debt Settlement companies are the same

This is Debt Settlement, not fast food. No two companies are the same all around. Each company has its own distinct characteristics, motivations, etc. You want one whose goal, first and foremost, is to free you of your debt as quickly and painlessly as possible. There’s one quick and easy way to make that happen, and that is to give us a call today. You owe it to yourself to take the first step to a better life.

June 7th, 2011

Traps to avoid and tricks to apply while going through credit card consolidation


If you’re knee deep in credit card debt and you’re getting warning notices from your creditors, you must be looking for a way to put an end to all such harassing creditor calls. Irrespective of the ways in which you have racked up huge amounts of credit card debt, most people resort to consolidation options as this is the best way to reduce your high interest debt burden without hurting your credit score. With the abundance of the debt consolidation companies in the market, the scams are on the rise. Have a look at some of the traps that you must avoid and some tricks that you may apply for making a successful debt consolidation.

Traps you must be aware of while opting for credit card consolidation

If you fall a victim to the traps of debt consolidation, you must be sure that you’ll end up losing a huge amount of money in the entire process. Check out some traps that you must be aware of if you’ve opted for debt consolidation.

Hefty upfront fees while consolidation: There are many debt consolidation companies that charge hefty upfront fees for consolidating the debts of the debtors. However, since the FTC has passed a new set of rules, no for-profit debt consolidation company can charge advance fees from the debtors before they reduce the portion of the debt burden.

Closing your credit card accounts: There are many debt consolidation companies that ask you to close your credit card accounts while consolidating your debts. This can have an adverse impact on your credit score and therefore you need to take care that you don’t close your credit card accounts while you’re consolidating your debts.

Pushy attitude: You may also come across many debt consolidation companies that show a pushy attitude towards getting you into their business. This is an attitude that must be avoided by a debtor as the debt consultants must be careful about your personal finances and they must assess your finances before telling you to consolidate your debts with them.

Tricks you must apply to avoid being a victim of the consolidation scams

Thankfully, there are some tricks that you may easily apply to avoid falling prey to the scam debt consolidation companies. Check out some such tricks.

Avoid the temptation of choosing the first company: You must avoid the temptation of choosing the first company that you come across. Though it needs no mention that you are in a hurry with your debt situation, you must always shop around to check the various quotes that you get from different countries.

Stay updated about the industry rules: You must stay updated about the rules in the industry that are coming into effect. Recently the FTC rule bans all for-profit debt consolidation companies from charging advance fees from the debtors. If you were not aware of the rules, you may be easily duped by the creditors.

Check the authenticity of a particular company by making sure whether or not it is registered with the BBB. Look for a non-profit company so that you can save money while consolidating your high interest debts through consolidation options.

June 6th, 2011

Client Banking Officer, LATAM


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