Debt Settlement, Done Your Way
by Brian Burke
Although it is not typically done, it is possible for a consumer to duplicate imitate the methods used by a professional debt collection agency. There are definitely instances of success where people negotiate a debt settlement for themselves. These negotiations can be initiated by calling the customer service department of the credit card Company or by contacting the debt collection agency. The most frequent time that a credit card company will deal with a customer directly is when they are behind on payments but capable of making a lump sum payment. In this case, a payment plan is not an alternative. The credit card company will only accept a lump sum payment of the settled amount.
If you don't have the ability to pay the lump sum payment of your account then the advantages of settling a debt become restricted. One plus is that by negotiating your own debt, as a debtor you are able to save in fees that would have otherwise been paid to a debt settlement company. This way of working also gives the debtor a lot more power over the process. This could, or could not, be a motivational dynamic to continue working through the process.
The disadvantages are much more plentiful in this situation. Certain creditors will not settle directly with customers according to their or policies regarding debt settlement. Also, consumers may not be able to acquire as good of rates as they would through a debt collection agency. Customers could also face greater difficulty getting in contact with decision makers. This would result in long delays in any negotiations or paper work processing.
Debt settlement companies have a customer service department that supports the consumers with any questions or difficulties that arise. This support provides a great amount of value, especially in cases when the creditors become persistent. Any type of unfamiliarity of the settlement process can lead to slip-ups. You always want to be aware of any fine print and make sure that all correspondence and proposed settlement or agreement is carefully reviewed.
It is suggested that any settlement agreement is overlooked very carefully and by a third party. This will help to make sure that all terms are those that were agreed upon by both parties. It should be known that settling ones debt is an emotionally draining and very difficult process for those who are not professionally experienced. You should certainly weigh all options when deciding to take on the debt settlement or employ an outside service when dealing with a creditor or debt collection agency.
Showing posts with label business debt collections. Show all posts
Showing posts with label business debt collections. Show all posts
Monday, November 7, 2011
The Right Collection Agency
The Right Collection Agency
by Malik Toppins
As a motivated entrepreneur I had done very well for myself in the real estate market. I was able to acquire many homes and work spaces in need of a little care and fix them up to be ready for companies to occupy. This was working very well for me and allowed me to support my wife and three children for a handful of years. Unfortunately, the market began to flop and my luck began to run out.
Many of the residents that I worked with began to skip out on payments and it was severely hurting my income. The litigation involved with collecting the funds that were owed to me were becoming increasingly expensive and very time consuming. It seemed as though my choices were running thin and I was in need of some help.
I began to search through collection agencies, but was not impressed with any of the agencies I found. Most of the collectors I found all suggested that they were confined to collections within certain states. They also seemed very secretive about their methods of collection.
Finally, a friend of mine recommended Rapid Recovery Solutions as the perfect answer for me. Rapid Recovery Solutions were very open about their professional methods of collection and were licensed to collect in every state in the U.S. as well as many locations internationally. What impressed me even more about Rapid Recovery Systems was that there is no upfront charge like the other collection agencies I had researched. In fact, there is no charge at all until your money has been collected!
Rapid Recovery Solutions is not like the other agencies that are not concerned with building trust with their clients and perform their collection services the way any other bill collector would. They work with the belief that trust will be built through performance and results. For an agency with a collection rate that is among the highest in the industry, I find that to be one of the most impressive qualities.
by Malik Toppins
As a motivated entrepreneur I had done very well for myself in the real estate market. I was able to acquire many homes and work spaces in need of a little care and fix them up to be ready for companies to occupy. This was working very well for me and allowed me to support my wife and three children for a handful of years. Unfortunately, the market began to flop and my luck began to run out.
Many of the residents that I worked with began to skip out on payments and it was severely hurting my income. The litigation involved with collecting the funds that were owed to me were becoming increasingly expensive and very time consuming. It seemed as though my choices were running thin and I was in need of some help.
I began to search through collection agencies, but was not impressed with any of the agencies I found. Most of the collectors I found all suggested that they were confined to collections within certain states. They also seemed very secretive about their methods of collection.
Finally, a friend of mine recommended Rapid Recovery Solutions as the perfect answer for me. Rapid Recovery Solutions were very open about their professional methods of collection and were licensed to collect in every state in the U.S. as well as many locations internationally. What impressed me even more about Rapid Recovery Systems was that there is no upfront charge like the other collection agencies I had researched. In fact, there is no charge at all until your money has been collected!
Rapid Recovery Solutions is not like the other agencies that are not concerned with building trust with their clients and perform their collection services the way any other bill collector would. They work with the belief that trust will be built through performance and results. For an agency with a collection rate that is among the highest in the industry, I find that to be one of the most impressive qualities.
Friday, November 4, 2011
International Debt Collection: Debt Recovery Services Overseas
International Debt Collection: Debt Recovery Services Overseas
by Michael Gillen
International debt collection has its own pitfalls, but it's a crucial part of any debt recovery services plan. In the global village in which we live, it isn't realistic to assume to all of your debtors are going to remain within the United States. Considering our history as immigrant nation, it makes sense that people will have connections in foreign countries and, if they no longer want to repay their debt, they could end up skipping town.
The first thing you should remember is that, even if a person has fled to another country, international debt collection is still possible. In fact, it is a growing field. You don't stop owing money just because you moved to a different town, so it makes sense that the same would follow if you were living in a different country.
International debt collection has numerous problems specific to it that must first be addressed. The simplest and most obvious is the language barrier. If you're attempting to do research on a client that lives in Japan, it makes sense that you gain the services of somebody who is fluent in Japanese. Although the old adage is that everybody speaks English, not everybody speaks it well enough to discuss something as complicated as debt collection.
Next you should figure out the laws that are in place regarding international debt collection in the country you're trying to work in. Take, for example, the laws regarding bounty hunting. Whereas bounty hunting is a legitimate last resort in the United States, it is illegal almost everywhere, at least if done by a foreigner. Obviously, you do not want your debt collection to end in your arrest, so you should work on learning all you can about the country you are trying to find your debtor in.
Finally, it may be best for you hiring a professional agency to handle your debt recovery services, especially if you are trying to perform international debt collection. Debt collection is a highly regulated activity, so it makes sense that you work with an expert that will know the ins and outs of international debt collection.
by Michael Gillen
International debt collection has its own pitfalls, but it's a crucial part of any debt recovery services plan. In the global village in which we live, it isn't realistic to assume to all of your debtors are going to remain within the United States. Considering our history as immigrant nation, it makes sense that people will have connections in foreign countries and, if they no longer want to repay their debt, they could end up skipping town.
The first thing you should remember is that, even if a person has fled to another country, international debt collection is still possible. In fact, it is a growing field. You don't stop owing money just because you moved to a different town, so it makes sense that the same would follow if you were living in a different country.
International debt collection has numerous problems specific to it that must first be addressed. The simplest and most obvious is the language barrier. If you're attempting to do research on a client that lives in Japan, it makes sense that you gain the services of somebody who is fluent in Japanese. Although the old adage is that everybody speaks English, not everybody speaks it well enough to discuss something as complicated as debt collection.
Next you should figure out the laws that are in place regarding international debt collection in the country you're trying to work in. Take, for example, the laws regarding bounty hunting. Whereas bounty hunting is a legitimate last resort in the United States, it is illegal almost everywhere, at least if done by a foreigner. Obviously, you do not want your debt collection to end in your arrest, so you should work on learning all you can about the country you are trying to find your debtor in.
Finally, it may be best for you hiring a professional agency to handle your debt recovery services, especially if you are trying to perform international debt collection. Debt collection is a highly regulated activity, so it makes sense that you work with an expert that will know the ins and outs of international debt collection.
Monday, September 19, 2011
Building Good Credit
Building Good Credit
by Takara Alexis
If you want to borrow money, you have to have a good credit history. The better your credit history, the higher your credit score and the lower your interest rate. You will find that with good credit comes an easier time at obtaining credit. Both young adults and those beginning to rebuild their credit must establish good credit histories. This can often be quite difficult. You might find that without a good credit history, it's a challenge to get a credit card, auto loan or home mortgage.
An established record of making payments towards loans and managing your credit wisely lets lenders know that you are reliable. If you have had financial hardships, lenders consider that you pose a risk of default. This results in either rejection or higher interest rates. Do not believe any company or a person that says you can quickly get a perfect credit history. This simply isn't true. It is something you have to work at. But the work isn't hard. It just takes a few wise moves and time.
In order to have a credit score at all, you must have a credit account open for at least six months that has been reported on. Start off on the right foot and you won't have to worry about your credit score.
The first step in establishing credit is to open a savings and a checking account. There doesn't have to be a large amount of funds in your accounts, you just need to show that you are financially responsible. This means that you need to make deposits and withdrawals over time. Be careful though, bounced checks send the opposite message. They show that you have a hard time managing your money.
You should get into the habit of paying your bills on time, every time. This means that you never miss a cable bill, a utility bill or a rent payment. While these don't usually get reported to the credit bureaus, a late payment or collection will probably show up on your credit report. Pay your bills on time and get into the habit. It'll benefit you when you do have credit accounts to make payments on.
One of the best ways to begin a credit history is by obtaining a secured credit card. You deposit money into a bank account at your bank, and that amount is your credit limit. The issuer will simply deduct the money owed if you default on your payments. This will build a credit history while showing you to manage money. It does not matter if you have a low credit limit, the key is to establish a credit history that shows good management. After about a year, you should be able to move on to an unsecured credit card.
Other options for starting off with credit include store credit cards and student credit cards. The limits will usually be low and the interest rates high. But if you pay the balance in full every month, you will not have to worry about interest. This is the best way to manage your credit cards. Don't charge more than you can pay in full. You only need one or two accounts to establish credit history. Do not go out and apply for everything you can. Use your credit cards wisely. There is no reason to have more than three credit cards. In fact, one is your best number. Having too many open accounts of one type can damage your score.
by Takara Alexis
If you want to borrow money, you have to have a good credit history. The better your credit history, the higher your credit score and the lower your interest rate. You will find that with good credit comes an easier time at obtaining credit. Both young adults and those beginning to rebuild their credit must establish good credit histories. This can often be quite difficult. You might find that without a good credit history, it's a challenge to get a credit card, auto loan or home mortgage.
An established record of making payments towards loans and managing your credit wisely lets lenders know that you are reliable. If you have had financial hardships, lenders consider that you pose a risk of default. This results in either rejection or higher interest rates. Do not believe any company or a person that says you can quickly get a perfect credit history. This simply isn't true. It is something you have to work at. But the work isn't hard. It just takes a few wise moves and time.
In order to have a credit score at all, you must have a credit account open for at least six months that has been reported on. Start off on the right foot and you won't have to worry about your credit score.
The first step in establishing credit is to open a savings and a checking account. There doesn't have to be a large amount of funds in your accounts, you just need to show that you are financially responsible. This means that you need to make deposits and withdrawals over time. Be careful though, bounced checks send the opposite message. They show that you have a hard time managing your money.
You should get into the habit of paying your bills on time, every time. This means that you never miss a cable bill, a utility bill or a rent payment. While these don't usually get reported to the credit bureaus, a late payment or collection will probably show up on your credit report. Pay your bills on time and get into the habit. It'll benefit you when you do have credit accounts to make payments on.
One of the best ways to begin a credit history is by obtaining a secured credit card. You deposit money into a bank account at your bank, and that amount is your credit limit. The issuer will simply deduct the money owed if you default on your payments. This will build a credit history while showing you to manage money. It does not matter if you have a low credit limit, the key is to establish a credit history that shows good management. After about a year, you should be able to move on to an unsecured credit card.
Other options for starting off with credit include store credit cards and student credit cards. The limits will usually be low and the interest rates high. But if you pay the balance in full every month, you will not have to worry about interest. This is the best way to manage your credit cards. Don't charge more than you can pay in full. You only need one or two accounts to establish credit history. Do not go out and apply for everything you can. Use your credit cards wisely. There is no reason to have more than three credit cards. In fact, one is your best number. Having too many open accounts of one type can damage your score.
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