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Debt Consolidation
Services offering advice regarding the management of personal debts and the combination of several individual loans into one large loan
1,173 Questions
Allowance for Bad Debts vs bad debt expense?
An allowance for bad debt is essentially a reduction in a bank's accounts receivable. The allowance for bad debt equals the amount of the banks loans that it does not expect to collect.
Are there government programs to reduce credit card debt?
Currently, no government credit card debt settlement programs exist. Consumers who are in debt trouble do not have the option of government assistance to get out. What does exist, on the other hand, is publicizing by organizations, some of which are obligation settlement organizations, attempting their best to delude you. Here are few tips that you may try to get out of dept: (creditcardprocessing.com/2014/01/get-business-credit-card-debt/)
Can you reopen a credit card which was closed by debt relief program?
Sometimes. It depends on what credit card company issued the card, their terms and procedures, what type of card (prime or sub-prime) and in the final analysis, whether they still wish you as a customer.
They might, but it will not be on what is generally regarded as "favorable terms".
Call them and ask.
Will sister companies be liable for the debts of original company?
Sister companies are generally not liable for the debts of each other or the original company, as they are considered separate legal entities. However, if there is evidence of commingling of assets, fraud, or if they are part of a single economic enterprise, a court might pierce the corporate veil and hold them liable. It’s essential to evaluate the specific circumstances and legal structure involved. Always consult legal experts for advice tailored to particular situations.
What if you leave credit card debt in US?
I owe credit cards companies in the US. Can they collect it in The Netherlands?
Yes! They are proper management
What is the fine line difference between commercial debt and consumer debt?
Consumer debt is governed by the FDCPA....commercial debt is not.
What is the difference between debt factoring and debt assignment?
Debt factoring involves a business selling its accounts receivable to a third party (factor) at a discount, allowing immediate cash flow while the factor takes on the responsibility of collecting those debts. In contrast, debt assignment refers to a legal transfer of debt obligations from one party to another, where the assignee assumes the rights to collect the debt but does not typically assume the associated risks. Essentially, factoring is a financing tool, while assignment is a legal process for transferring rights.
Can you get debt consolidation while unemployed?
It depends on the debt consolidation company. They came up with that amount in which you give that amount to the company roughly around $300 a month. If your unemployment is less then that, how are you going to pay the company?
How much monthly payment can debt collectors demand?
This is the way it works in California, your states laws may vary.
It depends on the amount owed and your debt to income ratio. There are debt councilors available in every state, most consultations are free or sliding scale. They can tell you what the collectors are allowed to take and even advise you if you should do a debt consolidation, or for a fee have the debt adjusted and a percentage written off by the creditor. They will handle this for you, you will pay them a small fee every month and the amount needed to pay the creditors. This does effect your credit, but usually not as badly as not paying them at all, if that is how you are now situated, because the amount is negotiated. The councilor will be able to advise you what amounts each creditor is usually willing to deduct.
If you go this route you must pay the agreed amount every month or the creditor will take you to court and he will sue for the full amount plus interest and any fees including those from going to court.
Another option is to call the creditors, explain your situation and work out an informal agreement. Possibly they can stop tacking on late fees or high interest every month, as long as you send the agreed amount by a certain day. If for any reason the agreed amount can't be paid by the date due, call and let them know. The creditors are human too, they understand the situation millions of people are in right now and have been for months.
Any amount you can send is better than sending none, usually.
If whatever amount you can send is not enough to start chipping away at the principle of the loan, so the balance isn't higher and higher every month, you may need to file bankruptcy. This too will effect your credit in a negative way and it remains on your credit for several years. But if there is just no other way, sometimes it is what we have to do. The credit adviser will also advise you if this is your best option.
You have the right not to be harassed at home and work, you have the right to be talked to in a respectful manner and never verbally attacked. Anytime you call a creditor, get the name of the person who you are speaking to, first! If you find one to be particularly helpful find out if you can call this person directly in the future.
Good luck I hope things get better for you.
Why do companies deliberately give you repayment plans?
Because they want your money. It does them no good if your unable to pay them so they often offer repayment plans to make it easier.
What is the definition of profit on debt?
profit on debt means the interset,penality,fees,charges and other benefits on bebt
recevied by the financer
Difference between standalone and consolidated results?
Consolidated results include the results of subsidiaries of a company.
Thus Consolidated results give a better picture of value of a company.
What typically happens to a House bill after it is reported by the full committee?
One a bill is reported, the committee sends the report back to the chamber and the bill is placed on the calendar. When the bill is sent back to the chamber it will have a written statement with it telling why the committee is in favor of the bill. There may also be a statement from those on the committee who oppose the bill.
Can a bank consolidate your loans without your consent?
A bank that is registered with the financial services authority ( F.S.A ) cannot consolidate your loans without your consent. Consolidation of loans would normally mean taking out another loan incorporating all your other loans so that you could manage the repayments. This is just one example of consolidation.
Debt reduction is part of leverageisation that means co. are in right track to decerease debt-equity ratio.
What is the best way to get out from credit card debt?
pay the card off
Another AnswerLearn to live poor. I know that it sound rather strange, but being poor is learning to do without credit. While you do need credit in order to keep your score up, there are many ways to keep it to a minimum.You should have no more than three cards. The days of juggling credit are long over, and it's time to manage effectively. Cut up the rest and close the accounts. These cards with the highest interest are obviously the ones you want to get rid of, so close the accounts and forget they exist.
Now...take the three that you have and find a soup bowl for each one. Put the card in the bowl, run water over it...and freeze it. Yes, that"s right, freeze the card in ice. And keep them in the freezer! When you do not have the card to turn to in everyday situations, you will not be tempted to make that "I can't live without that gorgeous purple pair of shoes" purchase. The card is still there, you can still access it, but it take time to thaw. In the time it takes to thaw, you will (hopefully) come to your senses and make yourself richer by not having something in your closet that you won't wear.
We have taken the basic steps for learning to live poor. The next thing is to pay off the highest interest cards fastest. This means that if you have balances on all your cards, find the one with 22% interest and pay that sucker off! Look at the bottom of the statement..you will be shocked to learn that, in terms of cash, you are probably paying the equivalent of your entire grocery budget to the credit card company in interest!!! Pay as much as you can on this card until it is paid off...then cut the card. As much as it hurts, pay minimums on the others in order to get the big one paid off. Repeat this process until you have them all paid off.
If your health and age will allow, take a second job this year to have the money to do this. The second job is strictly for the purpose of getting the income to pay off debt. Use the entire paycheck for this purpose.
From here out, pay cash. If you don't have the money for a purchase, you don't need it! Pure and simple, you can't afford squat right now! Make your lunch, carry a thermos, cook at home. That ten dollars for lunch translates out to $300 a month...money you can use on your debt. A sandwich from home with chips costs about two dollars...big difference. Learn to look at every purchase from the perspective of "if I lose my job tomorrow, could I afford this?" The answer is probably "no", so that's money you can use to pay down your debt.
Forget going out for entertainment. Chances are, you have an entertainment center at home. The grocery store has DVD rental for a dollar. They also have popcorn and soda for ridiculously small prices. A "movie night" at home will cost less than $10 compared to $50 at the cinema. Big difference..and that $40 difference will go on your debt
Learn to look for ways to pare your budget. Learning to cook is a great incentive to paring your waist line, your debt, and your life style. Cut your own nails, wash your own clothes, learn to operate an iron! The laundry bill will be cut in half or more, your food budget will be slashed, and the salon bill will become non existent. Do you really need someone else to paint your finger nails? Can't you learn to blow dry your own hair? Or grow it out? I know that braids are popular this year.
When you decide that debt is NOT a way of life, you can free yourself from a great deal of debt. Yes the rent or mortgage must be paid, the groceries must be bought, and the utilities must be paid. You have to have gas for the car, and the children must have clothes.
Clothes are coverings for the body, not wealth statements. Shop for clothing at the thrift shops. Other people are not intelligent enough to do this...and the clothing is frequently good quality. You can find designer labels there at slashed prices. Your kids won't know if you present it to them! "New" is a relative term..and a "new" item that is from a thrift shop looks just as nice without price tags from an upscale department store.
Learn how to live poor, baby!
Is affidavit consolidation services a valid company?
NO!!! It is a scam do not fall for it.
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Ok, so I get this voicemail message from a guy who is speaking in a thick, broken Indian Accent (Obviously disguising his voice). He claims to be Ronnie Cooper from Affidavit Consolidation Services. A complete transcript of his message follows:
- Note- the # symbol is in place of my name "This message is for #### ####. this is Ronnie Cooper from ACS. #### The reason of my call to make you aware of a very serious matter. This is to notify you that a serious issue pressed against your name. Very serious allegation on your social security number. While ####, I can't discuss much about this voicemail, please make sure you return this call on my direct desk number. My direct desk number is 347-342-0492. I repeat 347-342-0492. So ####, get back to me on my direct desk number. My message where I told you but uh ##### should you fail to do so, I will contact your employ place and I will inform them that you are ???? with the finance company, so beware and get back to us on my direct desk number Goodbye and have a blessed day." So I call the number and someone with a fake sounding English accent answers. I ask for Ronnie Cooper and another voice "appears" this time a broken Indian accent and verifies my telephone number. He proceeds to tell me that the following day (which would have been a Saturday) ACS was going to file a lawsuit against me on behalf of their client, an online Payday loan company called Cash Advance USA, for failing to pay on a $350 payday loan that I was supposed to have gotten online back in January. He says that with all the interest charges and late fees, his firm would be seeking over $2000. He reads off a few bits of personal information, my address, date of birth, and phone number and tells me that this is going to go on my credit and will be very difficult to clean up. He offers to settle out of court if I will agree too pay him over the phone.
I tell this person that I never got a payday loan and I would not be paying for a payday loan that I never received. That was when I asked for information about the loan company. He tells me that he is representing Cash Advance USA, an online payday loan company. He gives 516-833-3191 as the number for that company so after telling the guy that I guess we'll have to deal with this in court, he hung up on me.
Then I called Cash Advance USA. The person who answered the phone (no pbx system) once again in a broken, barely recognizable fake Indian accent answers, "Can I help you"? I say, "I'm sorry, is this ACS?" he says "no, this is the finance company", I say "Oh, you mean Cash Advance USA?", "uh yeah, Cash Advance". I give him my first and last name only, and he puts me on hold so he can look up my account. "Uh yes, it seems you have an open account of $350." he says. I tell him that I never opened an account and if any such account has been opened in my name, then my identity has been stolen. He says, "Well, what would you like to do?" I said that I want to follow whatever procedure his company had in place for disputed account resolution and to attempt to find out who did this and make sure that they are punished so they will think twice before they try it with anyone else." He says, "Ok, well you do what you need to do, and we'll do what we need to do" and hung up on me. When I called the "finance company" back, there was no answer. hum..... imagine that!
So, today is the day after. I check my bank account online and low and behold, over $300 worth of check card transactions have been made in Tuscon AZ. I've never been to Tuscon AZ! Now I know that they have my debit card number too, so I called the bank and canceled my card.
After contemplating this situation, I think I know what is going on here. This ring of con-artists operate an online store front that appears to be legitimate and offer great deals on popular items. The unsuspecting victim purchases an item from there web shop and provides the necessary billing information (Name, address, telephone, credit card number, exp date and security code. This information is all they need to spend your money. They can use magnetic strip coders, like the ones hotels use, to imprint the credit card number on any magnetic card. Then they can use your credit/debit card anywhere.
Apparently, they also attempt to use this information to scare their victims into sending them additional money as well. When they call you making threats of lawsuits and credit reports could definitely scare naive or unsaavy victims into sending them money just to prevent the hassle they are threatening. From my inquiries online, I have also discovered that they sometimes attempt to phish for additional information on the phone, like attempting to get someone to "verify" their account by giving their social security.
My final word about ACS is this:- This is a scam. You don't have to worry about them suing you or reporting you to the credit agencies.
- If you have been called by them, then your personal information has already been compromised. They acquired information about you that they can use to attack you by accessing your accounts or, even worse, they could open up new accounts in your name. You may not even notice your identity has been stolen until you are turned down for credit or until REAL debt collectors start hunting you down.
- Be Warned the calls may be the least of your worries.
- keep a close eye on your credit and debit accounts, especially the ones you use to buy online. If you see any items you don't recognize, call the bank or lender immediately and report this identity theft
- go to www.transunion.com or any of the other credit agencies' sites and order a credit report. Everyone is entitled to one free report per year. Better yet, for about $25 a month, you can monitor your credit 24/7 at www.TransUnion.com this will let you update your report daily to detect if someone is attempting to open new accounts in your name.
- Take this as a lesson to only shop online at reputable vendors that you know are legit. Don't be the sucker for the amazing online deal. If it sounds too good to be true, it is!
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