Debt Settlement With Chase Bank
Settling Credit Card Debt - Debt Negotiation Myths You Need To Know About
According to the media, settling credit card debt is a tricky financial alternative to get out of debt. Clients’ money is stolen as companies fly away with their earnings leaving consumers stranded. It’s true: there are debt negotiation scams looking for victims. But debt settlement isn’t a scam per se. debt negotiation is a legal option to save you money and help you cancel your debt.
I’ve listed 4 myths about debt negotiation and why you should at least give debt settlement a thought. It might not be the best alternative for you, but don’t disregard it just because of negative comments that you’ve heard about it. Those comments are many times not true, and here’s why.
Myth #1: “Debt Negotiation Isn’t A Legal Financial Alternative”
It is, and here’s some proof. According to The Washington Post and The New York Times, banks are settling credit card debt more often than what they used to. Why? Simple: instead of, for example, seeing many of their customers filing bankruptcy because of having no means to get ahead, they’d rather settle and get at least some of their money back.
In addition, reliable organizations such as USOBA (United States Organization for Bankruptcy Alternatives) and TASC (The Association of Settlement Companies) monitor the field of debt negotiation to make sure a company’s practices are legitimate. That’s why I advise you to pick a company that’s a member of TASC and USOBA to trust your business to.
Myth #2: “Debt Negotiation Doesn’t Save You A Dime”
Debt negotiation has saved many of our clients a large amount of money. Banks such as Chase, Bank of America, US Bank, and Citibank are only some among the different creditors that have shown signs of settling consumer debt.
About the Author
Read past Settlement Letters to view real savings from real clients!
John M. Stevens is a Financial Advisor for Kirkland Green, a Debt Settlement Company located in Irvine, California. Kirkland Green has a highly trained staff of Debt Consultants and counts with established relationships with financial institutions and creditors throughout the US. Kirkland Green is a member of The Association of Settlement Companies (TASC) and the United States Organization for Bankruptcy Alternatives (USOBA).
Debt Settlements For Small Businesses - How to Get the Best Debt Settlements
Why have debt settlements for small businesses suddenly become so popular? Businesses depend on debts as much as individuals depend on borrowed money to meet certain expenses. In fact, an individual has fewer justifications to borrow money. He or she is expected to curtail expenditure to meet income. On the other hand, it is perfectly acceptable to borrow money to ensure one's business flourishes. One always requires a heavy investment to earn a good profit. Hence, debt settlements for businesses make a lot more sense as compared to debt settlement for individuals.
Big firms and organizations borrow their capital from the public. They enjoy a huge capital base and own numerous assets. They find it easy to obtain debt from financial institutions and banks. They opt for line of credit that shall give them access to huge amounts of borrowed funds with almost no questions asked. This is not the case as far as small businesses are concerned. They do not have a large number of assets. Hence, borrowing money to meet basic operational can be a very big problem. They often have to opt for unsecured debts to meet their money requirements. When the economy enters a recession, they are the first casualties because of their reliance on unsecured debt. The top three credit card issuers for small businesses are JPMorgan Chase ($34.5 billion), Bank of America ($26.31) and Capital One ($20.7). The combined amount owed by small businesses to these three issuers exceeds $70 billion.
Debt settlements for small businesses are very popular because credit card issuers cannot afford to let assets worth $70 billion go bad. What is more, we have considered the top three card issuers only. Small business owners spend sleepless nights contemplating repayment of unsecured debt. One should keep in mind that the top credit card issuers too are doing the same thing. They too are worried about losing their assets to bankruptcies. Hence, do not be defensive when seeking options like debt settlements for small businesses. Always remember that the lender too stands to lose as much as you do.
With the stimulus money of the government still circulating in the market, card issuers are being generous in offering debt settlements for small businesses. You should take advantage of this unique opportunity before it ends.
If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do Not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt.
FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today. To find a debt settlement company through FreeDebtSettlementAdvice.com check out the following link:Free Debt Advice
About the Author
freedebtsettlementadvice.com is a matchmaker in the debt settlement industry. They have paired up thousands of consumers up with debt settlement companies who are most likely to get consumers the best deal.
http://www.freedebtsettlementadvice.com
Filed under Debt Settlement by on Jan 1st, 2009. Comment. 
Company Debt Factoring
All You Wanted To Know About Recourse And Non-Recourse Factoring
Factoring is a process where you sell your invoices in exchange of immediate payment at a discount. Factoring companies keep the payable invoices and the business houses get cash immediately. It is a quicker, easier and better way to avoid long or short- term debts. Invoices act, as equity for almost all businesses but to get working cash flow is easily feasible through recourse and non- recourse factoring. So, while starting a business you have to keep a few things in mind, which are more important than your cash equity. Some of the things, which are counted as equity, are cash in hand, line of credit and invoices.
So lets find out what recourse and non- recourse financing is all about. When you use an invoice factoring, it is advisable that you should be aware of certain terms and conditions such as "who would be responsible for debts when customers are unable to pay?" But if you have recourse factoring, then the factor will not take the burden of the debts and will just collect the amount from you if the invoice is unpaid.
Recourse factoring is considered lower cost factoring as you continue to take the risk of the bad debts instead of surpassing them to the factoring company. This factoring is much easier to attain and the invoice factoring also has less stringent rules about your business systems and the payment history of your clients. But if you have unreliable clients then you may have to pay back the amount along with the normal fees and interest. Thus, it is advisable to weight all facets of the situation before you opt of any type of factoring.
Non-recourse financing is quite similar to recourse financing. But in non-recourse financing the financing company is held liable for receiving payment from the payable invoice. The factor accepts specific risks such as total disappearance but doesn't insure against slow payment. This is the main reason that non-recourse factoring is more expensive. In non-recourse factoring you don't have to refund the advance to the factor but you should pay interest for the specific period mentioned in the factoring agreement. The factor takes all the rights to pursue the customer for the payment. It includes the right to take legal action also.
Both, Recourse and non-recourse factoring are quite popular and most of the companies these days offer both these services to customers as both have proved to be the viable option to meet the cash requirements for small as well as big businesses.
Thus, it is very important to choose the best factoring keeping the current state of business in mind. Similarly, it is very important to choose the appropriate invoice factoring company. You may find some factors charge low fees but offer you lower levels of customer service also, now this may end up being more expensive in the long run. Factoring companies have their own requirements and whether a financing company is just right for you or not, could be found out by directly interacting with them.
About the Author
If you need a reputable Freight Bill Factoring Company then check out Phoenix Capital Group. They have been named one of the fastest growing companies by Entrepreneur Magazine. Check out their rates on their website at http://www.phoenixcapitalgroup.com
Advantages and Disadvantages of Debt Factoring
Debt factoring takes place when a business sells its accounts receivable to a specialized finance company known as a factor. The receivables are sold at a discount and the factor has the responsibility of collecting the outstanding amounts. This is also referred to as accounts receivable financing or factoring.
This type of arrangement is used by many businesses to improve cash flow and shorten the cash cycle. The business receives immediate cash from the factor and does not have to handle the collections process. Before entering into a debt factoring agreement, there are several key advantages and disadvantages to consider.
The primary benefit of debt factoring is that it provides a quick method of financing. Instead of waiting to receive cash from customer accounts receivables, the factor pays the business immediately. This can be important if the business needs cash to pursue future growth or expansion. It can also be a viable alternative for business wary of taking on debt or issuing equity to raise capital.
Another key benefit is that cash flow is improved and the cash cycle is shortened. The amount of time it takes a business to turn cash to goods to cash is accelerated. This fast turnaround may allow the business to take on additional customers or purchase additional inventory.
Protection from bad debts is a potential benefit. This would only apply if the business has entered into a non-recourse factoring agreement. Under this type of agreement, the factor assumes the risk of bad debts. In other words, if a customer account cannot be collected, the factor must absorb the loss.
Cost effective collections is another potential benefit. The business does sell the accounts receivable at a discount, but it also hands off the entire process of accounts receivable collections. The business has effectively outsourced the process which can save valuable time or reduce the number of employees needed for back office work.
On the other side of the equation, debt factoring does carry a number of distinct disadvantages. The primary disadvantage is the cost. Under a factoring agreement, the factor purchases accounts receivable at a discount. Depending on the discount percentage, a factoring agreement may imply a higher cost of capital. This cost must be compared to the cost of other methods of financing which are available to the business.
A second disadvantage is that when a business works with a factor, they are introducing an outside influence into their business. Since the factor will be responsible for collecting accounts receivable and may be responsible for amounts which cannot be collected, they may try to influence sales practices. This can include attempts to influence sales policies and timing, as well as the customers that a business with deal with.
Bad debt liabilities are a potential disadvantage. This would be applicable if the business has entered into a resource factoring agreement. Under this type of arrangement, the business is responsible for any amounts that cannot be collected from customers. The discount rate at which the factor purchases the accounts is usually lower, but this must be considered in light of potential charges for uncollectible accounts.
Customer relations are a final potential disadvantage. Since a third party will now deal directly with customers to collect amounts owed, this can negatively impact their perception of the business. This is especially true if the factor engages in aggressive or unprofessional practices when collecting accounts.
Debt factoring represents a complex business agreement. It usually requires a long term contract and the modification of some current sales practices. When evaluating whether debt factoring is a good choice for a business, both advantages and disadvantages must be weighed to make an informed descision.
About the Author
Michael Zielinski is an internet entrepreneur. Find additional information on debt factoring or learn additional factoring advantages.
Filed under Debt Settlement by on Jan 1st, 2009. Comment.
Debt And Bill Consolidation
Debt and Bill Consolidation Basics
Nobody wants to get into debt but many people cannot avoid it and debt and bill consolidation is one way that they can take back control over their finances. Debt and bill consolidation can help deal with the debt that can occur through home ownership, education and medical bills. If you have not been able to avoid falling into debt then it is important to work on your debt and bill consolidation to assess how much you actually owe before you find ways to pay it all off.
Debt and bill consolidation itself is simply the process of adding up all of your outstanding debts and then seeing how much you can reasonably afford to pay off each month. The simplest way to do this is to work out your disposable income and compare it to your monthly debt and bill consolidation total. You will find that the amount you have available to pay off your debt and bill consolidation total is not enough but there is no need to panic.
The next stage is to work out what percentage of your debt and bill consolidation total each of your creditors represent. It is important to do this to be able to come up with a realistic offer of reduced repayments to your creditors. For example, if your debt and bill consolidation total is $2000 and your repayment to X Creditor is $200 then you take 200, divided by 2000 and then multiply the result by 100 to give you a percentage. In this case the result is 10%. Therefore you know that 10% of your debt and bill consolidation total is due to X Creditor. Now you see what you can actually afford to pay X Creditor from your disposable income. Your disposable income is the amount you have coming in each month minus the essential bills such as mortgage, utilities and food. The amount that you will pay X Creditor is 10% of this disposable income. For example, you have calculated that your disposable income is $1200. To find out what 10% of this is simply take 1200, multiply it by 10 and then divide the answer by 100. The result is $120. Therefore you would be able to afford to pay the reduced rate of $120 per month instead of the $200 that it currently requires from your debt and bill consolidation
Once you have calculated the affordable amounts to pay each of your creditors on your debt and bill consolidation list you need to contact them to put forward your proposal. If you explain to most creditors that you are performing a debt and bill consolidation but do not want to take out a debt and bill consolidation to compound the issue they are more than likely going to work with you. A debt and bill consolidation loan should always be the last resort.
About the Author
How Debt And Bill Consolidation Work
Although you probably won't find anyone who says that want to get heavily into debt, the reality is that many people find themselves in that situation for a variety of reasons, including taking on too many credit cards and personal loans, high medical bills, your children's or your education expenses and just not paying close enough attention to your personal financial situation.
If you find yourself in that situation and are wondering what you should do, you might want to consider bill or debt consolidation. What is debt consolidation? It is simply that - consolidating all your debt into one payment and taking the hassle out of it so that you can become debt free and avoid an awful lot of stress in the meantime.
So how do you get started on a bill and debt consolidation plan? The first thing you do is find out exactly how much in debt you are. To do this you will need to collect all of your account statements and write down the name of the creditor, the total amount that you owe that creditor and the amount of your monthly repayments.
The next thing you do is make up a realistic monthly budget. Go over all over you monthly expenditures such as rent or mortgage payment, utility bills, car loans, insurance payments, child care costs, grocery money and upkeep for your car. Then add in some for miscellaneous expenses such as hair cuts and birthday gifts, things that don't come up every day. Total it all up and that is the amount of money that it costs you every month to maintain basic living.
The final part in organizing yourself is to subtract your monthly budget from your take home pay. The amount left over is the amount that you have available to pay off your creditors each month. Now, this amount is likely to not be enough to make the minimum payments, which is why you need a debt and bill consolidation plan.
Now that your finances are organized and you know exactly what you can afford to pay in debt repayments each month, you need to contact each creditor and negotiate with them a lower payment amount. Most creditors are quite used to this and willing to help you out as long as you are willing to pay them what you can. Obviously they realize that you can't give them what you don't have. Just be straight forward with them - you'll be surprised at how accommodating they can be!
About the Author
Sam Nikward publishes normally for http://www.creditenio.com , an online publication with topics around consumer debt repair . His
work on debt relief consolidation
can be found on his site .
Filed under Debt Settlement by on Jan 1st, 2009. Comment.
Non Profit Free Debt Consolidation
Where can I go to get free debt consolidation?
I need to lower all of my bill. I want to get into a free Non Profit Debt Consolidation.
Consumer Credit Counseling Service or CCCS helps you manage your debt by getting your creditors to lower interest rates sometimes to 0%. They will help you set up a budget and you will only be making one payment a month. If you want to check out some more options check out clarkhoward.com. He is a consumer specialist based in the Atlanta area. He has a great website with many ideas to help you manage your money.
Availing Free Debt Consolidation Help
Free debt consolidation help is available for those who cannot afford to hire debt consolidation experts. In order to consolidate your debts, you can look up the services offered by many non-profit organizations. Most free debt consolidation programs can be found online, and you can even request free online debt consolidation quote. Free debt consolidation help is for those who wish to avoid having to file for bankruptcy and pay off their debts, if possible, without taking out additional loans.
How to Get Free Online Debt Consolidation Quote
Reduce debt through the free debt consolidation help available on the Internet. Free debt consolidation helps those who need professional advice for consolidating their debts and moving out of a vicious cycle of debt.
How Debt Consolidation Works
Debt consolidation is one of the best ways to eliminate debt without taking recourse to additional loans. The first method to reduce debt is to consolidate debt from all creditors into a single debt, and negotiate with your debtors to reduce the interest. Once the interest is reduced, you can work towards paying the debt by saving and earning more. This does not require additional loan to pay off.
The second method is to consolidate various debts into one, and then take an additional bad credit debt consolidation loan to pay it. Many people are afraid of taking out another loan, but unless you take a loan, or find a way to save or earn enough to repay it, your interest rates will keep accumulating, and this can lead to declaration of bankruptcy.
Free Online Debt Consolidation Quote For Debt Consolidation Loan
Most free debt consolidation help is available online. Your loan counselor will tell you how to get free quotes online. If you plan to take out a loan for the purposes of repaying your consolidated debt, you can even ask for a free online debt consolidation quote. This gives you a chance to go through interest rates of various companies before you settle for the one that suits you.
How Debt Consolidation Helps You
Debt consolidation helps you in two ways. First, all your debts are converted into a single debt that is easier to manage. Second, the interest rate is lowered after negotiations with your creditors, so it is easier to repay your debt with interest.
Therefore, even if your situation is too bad for hiring debt consolidation companies, you can still get help. Availing free debt consolidation help is easy now, and all you have to do it is to go online and click on the link.
About the Author
Free debt consolidation help is available for those who cannot afford to hire debt consolidation experts, wish to avoid having to file for bankruptcy and looking for services that offer to consolidate their debts. Since most free debt consolidation programs are available online, you can even ask for a free online debt consolidation quote.
Filed under Debt Settlement by on Jan 1st, 2009. Comment.
Austin Bankruptcy Lawyers
Personal Injury Faq
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About the Author
Bankruptcy May Not Cover Christmas Credit Card Binges
Does the following scenario sound familiar to you? The Smith family has had a difficult year financially. John Smith lost his lucrative career as a result of cutbacks to middle management at a previously thriving construction company and has been working two jobs in retail for several months. Jane Smith recently re-entered the workforce after twelve years of staying home to raise children in order to help make ends meet. As the year comes to a close, Mr. and Mrs. Smith realize that bankruptcy is inevitable and decide to have one more wonderful Christmas before confronting the legal steps that will need to be taken. The credit cards come out of the wallets to make this holiday the best one yet. Tickets are purchased for the entire family to attend the Houston Texans’ final game of the season. The girls get new iPods and cell phones. The Smith’s only son, true to his Texas roots, receives new gear to help him prepare for upcoming tryouts for his high school’s football team and a used truck to drive to the games.
The Smiths have no reason to worry because all of the mounting credit card bills will just be included in the bankruptcy settlement, right? In reality, this family may learn a hard lesson about the consequences of their spending practices.
If you are feeling overwhelmed by the debt that you are carrying and you believe that bankruptcy is your best solution, please know that some of the credit card debt you have accumulated may not be dischargeable. Section 523(a)(2) of the federal Bankruptcy Code addresses the problem of credit card binging. This clause exempts from discharge “debt that was obtained if an individual made material and false representations about his financial condition.” This may mean that a person submitted fraudulent information on the credit card application or knowingly made purchases for which he knew he would not be able to pay. The latter issue is the more common situation, and the exemption that describes the scenario involving the Smith family.
A credit card company is going to use Section 523(a)(2) to challenge the discharge of your debt if one or more of the following circumstances exist:
- An increase in credit card usage shortly before filing for bankruptcy
- The use of the card for recent vacations or travel
- Using the card while unemployed or otherwise without reasonable ability to repay
- A large balance at the time of filing
One specific point in the Bankruptcy Code, Section 523(a)(2)(C), deserves special attention from all of those shoppers who are determined to find the perfect gift regardless of cost. Consumer debts owed to a single creditor that total more than $500 for luxury goods or services within ninety days of filing for bankruptcy will be considered non-dischargeable. And, by luxury items the law is not referring to fur coats and yachts. Instead, luxury goods are defined as “goods or services reasonably not necessary for the support or maintenance of the debtor or a dependent of the debtor.”
What does this mean for people who overindulge with their spending during the Christmas season? If you spend thousands of dollars in December knowing all along that you plan to file for bankruptcy once the New Year rolls around, your plans for debt relief may be delayed. If you know that you will not be able to pay for the bills you created during Christmas, you will have to wait at least four to six months into 2010 to file for bankruptcy. In the meantime, you will be expected to make regular payments to your creditors. The bottom line is that you should not view an intended declaration of bankruptcy as an excuse to make everyone happy with the expensive gifts under the Christmas tree.
When it comes to issues of bankruptcy, Texans are in a better position than many others in our country. In 2008, our state ranked forty-sixth in the country for number of bankruptcies filed. While residents of the Lone Star State are proud of being the biggest and best in so many areas, this is one ranking for which we should take pride in being nowhere near the top. However, this relatively good standing does not mean that there are not thousands of Texans who are struggling to pay their bills every month. With the pressure to be a good consumer from the moment that the doors open on Black Friday until the exchanges are made and the clearance items are tagged the day after Christmas, the end of the year only makes already difficult situations even worse.
If you believe that you may be a candidate to file for Chapter 7 bankruptcy, which essentially offers a fresh financial start to those who qualify, make sure that you do not at this point begin to create debt that cannot be discharged. The time to consult with an experienced bankruptcy attorney is now. You need to receive solid legal advice concerning your financial options and any spending pitfalls to avoid while the paperwork is being drafted. Once you know where you stand, try to relax and enjoy the rest of the holiday season at home with family and friends and not at the local mall. Your credit rating and your legal counsel will thank you for it.
About the Author
Tony R. Bertolino is the managing partner at Bertolino LLP with law offices located in Austin, Houston and San Antonio, Texas. A member of the Trial and Appellate Litigation Team, Mr. Bertolino’s practice is devoted largely to complex transactions, commercial litigation, business law, entertainment law and family law matters. You can read more about Mr. Bertolino at www.belolaw.com
Filed under Debt Settlement by on Jan 1st, 2009. Comment.
