Bankruptcy Information

You may be asking yourself if the dream of owning a home exists after bankruptcy. Well, it does. However, there are conditions that must be met before you reach out and obtain that loan. And, the re-establishing of credit is just one. Getting a good loan after bankruptcy will depend on a number of considerations and the more you familiarize yourself with the considerations involved the more likely you are to position yourself with a good mortgage.

First let’s look at what constitutes a good home loan. While you may automatically click on the lowest rate, the lowest rate is not necessarily the best home loan or bargain. These low rate home loans often have many fess which make up the difference of the low rate, which are added on by the lending company. Be aware of these fees by reading the terms of the loan thoroughly and familiarizing yourself with the terms and conditions of the loan. This is not saying that the low interest rate doesn’t exist, it does, just be certain that you know the terms of the loan and that fees are not being added that other loans do not have. Read full post…

Tags: Bankruptcy, Bankruptcy Obtaining

You ask, “What’s worse than a bad credit score?”

Thank you for asking. It’s a fair question. Most people have NO clue that a bad credit score is the “good” side of the situation. The “ugly side” is:

1. Getting sued!
2. Having a judgment recorded against you!
3. Paying back the adjudicated amount PLUS outrageous interest & fees (legal, etc)!

By the way, a JUDGMENT (in easy-to-understand terms) is credit suicide — no other creditor will touch you until you’ve satisfied the judgment.

You see, STRATEGY is critically important.

Now, let’s get back to PK Smith’s bad credit situation.

Recap: “PK Smith” defaults on 2 credit cards….

What you see below is my response to PK Smith’s initial email you saw above:

Hello,

I have a couple questions for you:

1.     When did you default on these cards (in what month/year)?

2.     In what state did you default or live now?

3.     When you say “shared,” do you mean your Mom put you on as a joint account holder?

4.     Have debt collectors been on you?

Mike

Mom is on “ho

Read full post…

Tags: Bad Credit, Bad Credit Score, Credit Score, Score

Debt settlement requires that you negotiate with creditors to settle debts for less than what you owe. Once an agreement is reached, you pay the agreed amount and your liability for that debt goes away. What these debt settlement companies don’t tell you is that you will also receive a 1099 tax form they filed with the IRS. Now that the debt is gone, you’ve got a tax bill for that settled debt. So, not only have you paid to get rid of the debt, you owe income taxes too.

Too often, hiring a debt settlement company to help you negotiate with creditors can cost in the thousands of dollars. What happens is that they set you up on their payment plan and then the debt settlement company begins taking your money first for their fees and never paying a dime to your creditors until their fees have been paid in full.  Many consumers end up in litigation with their creditors and these companies do nothing to assist consumers until they’ve been fully paid.

Here’s an example: Say you owe $5000.00 to credit card and you’ve done well and negotiated this debt down to $500.00. You must

Read full post…

Tags: Debt Settlement, Settlement

Credit card debt management services programs help consumers consolidate their unsecured debts into one monthly payment, that are then sent right to creditors by credit card debt management services in the U.S.

Meeting With Credit Card Debt Management Services

Credit card debt management services are meetings consumers to help them with bad credit. They help them with developing a budget and personal financial goals. Credit card debt management services create credit counselling and debt management programs to help consumer who have ran into bad credit problems and are in need of consumer counselling.

Professional Credit Card Debt Management Counsellors Review Financial Issues

Professional credit counsellors check a consumer’s financial situation and after this they coordinate with the consumers creditors to negotiate the lowering;

• monthly payments,
• interest charges and
• late fees
• etc

for their consumer loans and outstanding debt. T

Read full post…

Tags: Debt Management, Debt Management Services, Management Services, Services

A press release from Illinois’ attorney general’s web site notes that an Illinois payday lender, Payday Loan Store, has been accused of dumping consumer’s sensitive information in trash receptacles outside several locations. Lisa Madigan, the attorney general, is reportedly suing the company for “allegedly failing to safeguard consumer data.”

Here’s a look at the details and what you need to know to keep your information safe.

Sensitive Documents Found in Trash

Reports indicate that various documents, including highly sensitive consumer information, were discovered in trash bins outside some Payday Loan Store locations.

• Enough information to allow identity theft: Police reportedly found documents that included customers’ Social Security Numbers, bank account numbers, canceled check information, credit counseling history and more.
• Earlier promises to protect such information: According to sources, Payday Loan Store guaranteed customers that it would protect their sensitive information. The discovery

Read full post…

Tags: Lender, Payday Lender