Friday, August 24, 2007
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Sunday, August 19, 2007
There are many choices to solve debt. It can be through debt consolidation loan, debt settlement, self repayment plan, credit counseling, cash out refinance, retirement benefits, home equity loans, credit union, insurance, credit cards and bankruptcy.
One of the best among these debt solutions is the debt settlement or debt negotiation. It is also known as debt arbitration. This solution allows an agency to negotiate with the creditor to request for a lower interest rate for the debt. The agency will also ask the creditor to allow a certain period of time for the debtor to save for a full payment of the accumulated debt.
Debt amount can be reduced from 50% to 60%, depending on the amount the creditor will agree.
Debt settlement is usually offered to people who are near bankruptcy or those with a big amount of debt. It is not allowed for people who are financially stable. Instead a legal action is made with these individuals.
Here are several tips that you might want to consider when applying for a debt settlement.
First, you have to talk with your creditor and inform them that you would like to avail for a debt settlement because of reasons like sickness, bankruptcy or failure in business. Always record the basic information of the person that you talk to.
Take note of the arrangement that you will make. Be particular with the dates of payments and the number of installments to be completed. Some creditors request for a checking account draft. Make sure to have a written agreement after the deal is made so hat you will have something to show in case a problem arises.
Some creditors do not allow settlement unless you can show them some funds. This can change from time to time, still depending on the agreed terms for the settlement. Do not pay anything until you haven't finalized any contract with the creditor.
For settlements amounting to more than $599, you need Form 1099. This is required to be submitted since it will be added as your income and it will be added to your taxable amount for the year.
Certifications indicating your zero balance will only be released 30 days after your final payment is made.
It is also important to note that not all types of debt are possible for debt settlement. Credit card bill and medical bills are the only once accepted. Other loans such as car and housing loans are not allowed because the creditors can take those properties when they are unable to pay. The amount should also within the range of $7,500 to $10,000 but some other companies allow any amount below this.
There are some arguments with debt settlement. Other companies do not agree with this form of debt solution because they believe that more are stuck with their debts than getting out of it. Damages credit, increased collection calls and possibility of lawsuits are some of the objections for a debt settlement.
With regard to damage of credit standing, it says that once the borrower is saving for the full payment, he can no longer afford to pay for his other dues such as credit cards because he is indeed experiencing hardship with money. Whenever he fails to pay, he is reported to the credit bureau, giving him bad credit standing.
Another is the increased collection calls. Whenever a person fails to pay for his payments due, he will again added to the number of people the companies are calling. It doubles the work for the company. And another is the possibility of lawsuit if the borrower fails to pay for his debts.
Being debt-free is a difficult task as long as you do not have self-discipline. You can only help yourself if you believe in what you are doing. Whatever way you want to settle your debt is acceptable as long as you can do it.
Remember that there are advantages and disadvantages for every debt solution that is offered to you. You just have to make sure that you weigh it well.
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Saturday, August 11, 2007
The sad fact is that when you have maxed out all your credit cards and can only pay the minimum amount each month, you are already in trouble. Things may get so bad that you will have to choose between buying food, gas, clothing for your kids and paying your electric bill. Once it gets to that point, you are in a serious financial crisis and must act immediately. But what choices do you have, short of filing for bankruptcy?
Regarding bankruptcy, with the new laws now in place, it is much more difficult to file than it was previously. Unless you can prove that you have a true financial hardship, you will not be able to file for bankruptcy. And even if you can, in most cases the debts that you owe to your creditors will have to be reconstructed - not eliminated. And be aware that if you have student loan debt, you can never get out of paying it off. It is something you will be stuck with for the rest of your life. If you are a homeowner and still have a mortgage, another option might be trying to get a second mortgage. The advantages of a second mortgage are that you can spread out your debt over a greater time span and lower your payments at the same time.
With so many other people in your situation, there are now many websites offering credit counseling, debt consolidation loans and information on debt settlement and reduction. If you do not see any other way out, a debt consolidation loan may be a good choice for you. Current interest rates are very low and there are various options available with these loans. Many organizations have solutions that can help reduce your debt so that you can even have money left over after you get your paycheck. And once you resolve your problems with a debt consolidation loan hopefully you will have learned enough so that you never again have to live from paycheck to paycheck!
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Friday, August 10, 2007
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Wednesday, August 8, 2007
Settlement loans are never really about the actual settlement but rather the immediate and necessary financial needs of an individual. The settlement is merely the means to obtain a loan and financially stabilize a personal injury or workers compensation victim. While a settlement loan can be obtained by almost anyone with a pending lawsuit, most often it is those with bad credit that resort to this type of financing.
Understanding a Settlement Loan
Opinions vary on the prevalence of settlement loans and it is difficult to state with certainty that the loans are widely available. Estimates of settlement loan awareness range from two to eight percent within the general population. Global Financials' research indicates that only 15% of all plaintiffs are made aware of the option to obtain a loan against their settlement. Our research also indicates that only 20% of all plaintiff lawyers know that settlement loans are available for their clients.
Many of the factors that differentiate a settlement loan from other financial transactions are related to credit and income verifications. While traditional banks require a good credit score and proven income to obtain a loan, settlement funding companies do not require good credit or income verification. These settlement funding companies use only the potential settlement value as a means for advancing cash to the plaintiff. In fact, a settlement loan is not actually a loan but rather a contingent cash advance. These transactions are not subject to usury laws because they are only repayable if and when the case settles and not absolutely.
Regardless of whether a settlement loan is a loan or not, it provides many people to only means to obtain immediate cash to satisfy medical bills or living expenses. There a settlement funding companies located in 3 states and most of them do business across the United States and Canada.
The Impact to Personal Injury victims and the need for Settlement Loans
There are more than 41,000 deaths on America's highways every year and this figure has remained constant for more than 20 years. In fact, the automobile is the single most destructive and dangerous object that we touch everyday. The average American lives paycheck to paycheck and only has 4 weeks of cash to live on if he or she is unable to work.
Now let's consider the situation that so many victims are in. A person is waiting for red light to turn green when a dump truck smashes into them at 50 mph. This person is hospitalized for 5 days, suffers several broken bones and a closed head injury. This person loses their job and will be out of work for 3 months not to mention they have $50,000 worth of medical bills to pay for. No bank will consider lending this person money and there arises the need for settlement loan funding companies. A settlement funding company will evaluate the victims' personal injury legal claim and make a settlement cash advance against the potential future settlement. The victim will actually assign a portion of the potential settlement proceeds to the funding company in return for the cash advance.
Regardless of the controversial arguments raised about settlement funding, these victims are unable to obtain financing anywhere else. It is also important to make the distinction that settlement loans are actually better defined as settlement advances. The settlement finance companies are making a high risk bet on the victims' future recovery in return for a return on their capital. If the legal claim is not successful then the settlement finance company is not entitled to repayment and loses its entire investment.
1. A settlement loan is actually a cash advance and not a loan.
2. A settlement loan is not subject to usury for this reason.
3. Settlement Loans are not repayable until a settlement is reached.
4. No monthly payments are made on settlement loans.
5. A settlement advance is one and the same as a settlement loan.
6. Settlement Funding companies are help provide a valuable service.
7. Competition amount Settlement Finance companies will lower fees.
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American Home Mortgage Investment Corp., the Melville-based real estate investment trust, has laid off hundreds of workers without notice or even time to clear out their desks, current and former employees said this month.
The company, which holds diverse interests in mortgage-related securities and retail lending, was once considered a highflier, posting double-digit growth quarter after quarter in recent years.
But as things turned south for many housing-related businesses, American Home has offered what one analyst called "overly rosy" earnings predictions.
American Home representatives have declined repeated requests for interviews or additional information during the past month. Shares closed yesterday at $17.27 in New York Stock Exchange trading - the lowest since 2001, when AHM was much smaller.
"There was no sympathy, no compassion," said Richard Pascarella, 48, who said he was fired May 28 from his job procuring information technology equipment for American Home's branches.
Pascarella, who worked at American Home Mortgage for nearly two years, said that at the time he was laid off American Home was still acquiring underperforming retail mortgage brokers - a key company strategy.
Bryan V. Davis, 30, who worked in telecommunications auditing for American Home, had been promoted shortly before he was fired this summer. He said his impression was that managers were told, "We've got to get rid of people, so if you've got anybody you want to get rid of, you can."
Both described secrecy surrounding the scale of the layoffs and could only confirm the 10 or 20 that had occurred in their own departments and those where they had friends.
But several current and former employees, speaking on condition of anonymity for fear of reprisal, said there was a total of about 200 layoffs.
As of mid-May, American Home had employed about 1,460 people on Long Island.
Analysts said that layoffs are inevitable due to the cyclical nature of the mortgage business and that they believe the company will ultimately weather the cycle.
Still, Bose George of the Manhattan-based investment firm Keefe, Bruyette & Woods, Inc. said American Home is particularly vulnerable because it does not have diversified operations in other areas of banking.
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Tuesday, August 7, 2007
The goal of both debt settlement and debt consolidation is to lower your debt. Debt settlement companies negotiate with your creditors to sometimes reduce the amount of your unsecured debt. There will be a fee associated with the program that equates to roughly 1% of the interest that you will pay if you continue to pay the creditors directly.
Debt settlement can reduce your debt 40% to 60%. A debt settlement program can also cut our payments by 40% in most cases making it easier to cope with your monthly budget. In most cases for a consumer in a debt settlement program they are typically debt free within 2-3 years that can be about half the time it would take in a Consumer Credit Counseling Program or a conventional debt consolidation loan.
Debt consolidation pays off your high interest debts with a low interest loan. Home equity loans provide the lowest rates, but after stretching out the loan over 20 years the 6% interest refinance winds up costing the same amount as a 21% interest credit card. A conventional bank loan will not pay off the debts but rather transfer the debt from one institution to another. This action appears to banks and mortgage companies as a last ditch effort on a consumers part to try and rectify a sinking situation. Many mortgage companies see debt consolidation loans as a sign of stress in your financial situation making it difficult for them to extend you credit in the future.
Credit Score Implication
Reducing your debts through debt settlement is a method to get out of debt in a short period of time relative to your credit history. You credit score will drop, making you ineligible for prime lending situations. You can apply for sub-prime credit after a year however the goal of a debt settlement program is to get out of debt not to create new ones.
Taking out a loan to consolidate your debt will have a major impact on your credit. Since your debt isn’t actually decreasing, you will be negatively hit on your credit for opening another account making your overall situation more overextended. Most debt consolidation loans are issued with the assumption that the problem debt will be paid off and then the accounts closed. However 98% of consumers that get a debt consolidation loan do not close the problem accounts but rather make things worse by incurring new debt on the paid off accounts. Now the consumer is faced with the debt consolidation loan in addition to the new debt on the other accounts that were previously paid off.
No one financial choice will fit everyone’s needs. While debt settlement will have an affect on your credit report, additional loans may be too expensive. In extreme cases, debt settlement can help to avoid bankruptcy and costly debt consolidation loans. Many debts settlement companies report that about 50% of the debt that their clients put into the program is debt from a prior debt consolidation loan.
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Fortunately, Global Financial Credit, LLC offers low cost settlement loans against pending legal claims . A Settlement Loan is not actually a loan but rather a cash advance against any proceeds that may be received from the pending litigation. If you are injured and have hired a lawyer to represent you then you qualify for a settlement loan against the potential future proceeds you may receive from your lawsuit. You do not have to personally guarantee anything and there are no credit checks or income verifications.
Global will advance you a portion of your future settlement dollars today in return for a portion of your proceeds when the case settles. If the case is lost for any reason then no money is owed back to the funding company. The plaintiff would keep the money that was advanced from the Settlement Loan for free. Settlement Loan advances can be used for the necessary living expenses that so many injured people fall behind on when they have been in a major accident.
Global does not charge any application or upfront fees to apply. Once a plaintiff receives a settlement loan advance from Global there is a monthly fee of 3.99% that accumulates until the case is settled won by judgment. For those who have been injured in any type of accident and have a pending legal or worker compenstaion claim, Global Financial can provide you with some of your future settlement dollars, today.
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Monday, August 6, 2007
You were shocked when your application for personal loan was rejected. You had always used a particular bank for all your finance related requirements. But this time you decided to access another bank to finance the personal loan requirement and had to face the refusal.
The refusal is not an issue enough to be worried for. Since different lenders employ different methods to calculate the credit score of borrowers, the disparity in approach is obvious. The lender you have been using ever since was assured of your credibility because of regular transactions. The same may not apply to loan providers who are dealing with you for the first time.
For any loan transaction, the loan provider would first approach a credit reference agency to determine the credibility of the would-be borrower. Credit report is verified in order to find details about the credit dealings of an individual. Did you know that the credit report might have added many positive as well as negative features since the time you last viewed it? Many of the additions are too trivial to be taken note of. Some, on the other hand, appear erroneously on the credit report.
Whatever be the reason for the items appearing on the credit report, these do have an effect on the terms offered to the borrower. Therefore, one planning to take up a personal loan must start by looking at ones credit report. The credit reference agencies are ever ready to make changes to the discrepancies that might have appeared in the credit report. Good credit history is a prerequisite to a better deal.
Personal loans, as the name suggests, are used by individuals to their personal requirements. The uses range from debt consolidation to home improvement. Smaller as well as large-sized expenses are to be made through the personal loan proceeds. The amount that is available on the personal loans is not restricted. There are several factors that determine the loan proceeds that a borrower can avail. Principal among them is the value of collateral. More is the value of collateral; more will the borrower command of the loan provider. In practice, personal loan amount ranges from £3000 to £100,000.
One method of classifying personal loans in the UK is into secured and unsecured personal loans. Though secured loans are thought to differ from the unsecured loans only in terms of collateral, many more differences arise subsequently. A secured loan is one where the borrower has to back the repayments with a lien on certain asset/assets. This is considered a safer option to lend. There are lesser chances of the amount lent becoming irrecoverable. The loan provider does not have to demand settlement of his debt; instead he sells off the assets to recover his debt.
Unsecured personal loans, on the other hand, have to look up at the borrower for loan settlement. These do not allow loan provider direct charge on the borrower’s assets. The unsecured debts have a secondary charge; i.e. only after something is left after paying off the secured debts, the unsecured debts will be paid. Accordingly, there is no guarantee of receiving back the entire amount lent. Insecurity of the loan providers will be visible in the terms offered. Interest rates will be lower on a secured loan as compared to unsecured loans. There is a vast difference between the APRs on the two forms of Personal Loans.
Online personal loan is a relatively newer concept in the lending market. Through this technique borrowers can apply for personal loans from any place round the clock. For instance, individuals can apply for personal loans in the UK during their journey to the Hawaiian Islands. All they need is an Internet connection that transfers their loan details to the loan providers. Loan providers undertake to provide maximum security to the applicants’ details. Borrowers must check for the protection clause in the terms and conditions of the loan provider. Loan providers must ensure security of application details under the Data Protection Act of 1998.
Personal loans form the easiest method of drawing money for individual financial needs. The cost of drawing the personal loans will always be manageable, provided important aspects of the personal loan are decided with sufficient prudence. Loan providers are open to negotiations to make your personal loans more befitting your individual financial condition.
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