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Tips To Take Control Of Debt Collection
Yes, debt collection tips can help. You may think you have no power when the debt collector comes calling, but think again! Creditors don't like losing out on the ability to collect money owed them. And most creditors will take steps to settle an unsecured debt to collect some money as opposed to no money.
Tip 1 - Keep Communications Open
Once you have your Money Management Plan on paper, you will be able to professionally respond to requests for payment from creditors and debt collection agencies. They may ask you, or you can offer, to send them a copy of your Money Management Plan. This opens the communication between you, and they may even be able to offer suggestions to improve your plan. Keep in mind, however, they will offer suggestions based upon their best interests, you need to negotiate based upon what's best for you!
Tip 2 - Know Your Credit Report
Obtaining a copy of your online credit report, and learning how to use it in debt management, can help you when it comes to negotiating with your creditors.
Tip 3 - Negotiating With Creditors
You can request a monthly payment reduction, either a temporary extension, or permanent reduction. Keep in mind, this method can involve adding years to your payment plan, as well as some type of "deferral fee" charged by the creditor.
Ask if the interest rate, principal balance, or monthly payments can be reduced to permit you to continue to pay the debt on time. Ask for principal reduction first, then interest reduction. If these are not agreeable, then request monthly payment reduction.
If you ask for all 3, the creditor will take the one best for them first, which is monthly payment reduction, and you end up paying too much interest. Lower payments, without the other two will only mean you are adding years and years to the payoff time. No bargain there.
If you have access to some money to make a large payment on a debt, you may want to consider debt settlement on some or all of your debts.
On secured debts, you risk losing the asset if you don't keep your payments current. This includes your home, car, etc. These are priority debts to you, as well as priority debts if you decide to file bankruptcy.
Tip 4 - Do What's Best For You
Whether you are speaking with creditors directly, or to debt collection agency representatives, remember, be honest, and don't commit to payments you cannot make.
Tip 5 - Know Your Rights
The Fair Debt Collection Practice Act sets out exactly what creditors can, and cannot do, when talking with your about your debt. Don't be afraid, be informed!
Remember, being courteous and honest with creditors and debt collectors will go a long way in helping you to cope. No lies to remember, no self-induced stress, just honest communication to achieve your goals.
Debs is the editor of http://www.DebtSteps.com where you can get the answers you need about debt relief, consolidation, credit counseling and more. Subscribe to the free newsletter and discussion list at http://www.debtsteps.com/debt-help.html and get free money management worksheets in pdf and spreadsheet format. Get more information to get out of debt:
Compare the pros and cons of debt consolidation loans,service companies, and credit counseling.http://www.debtsteps.com/consolidate-debts.html
Understanding how your credit scorecan affect your debt relief choicehttp://www.debtsteps.com/credit-score.html
Free Money Management Tutorialshttp://www.debtsteps.com/money-management.html
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Debt Free and Carefree
Are you still clearing a mountain of debt amassed last Christmas or even during last year's summer holiday?For those of you who make financial plans, who budget and save, you can skip this article. For those who get a little carried away, who regularly spend more than they can afford, this article is for you.
The Five Most Popular Questions About Bankruptcy
WILL MY CREDITORS STOP HARASSING ME?Yes, they will! By law, all actions against a debtor must ceaseonce bankruptcy documents are filed. Creditors cannot initiateor continue any lawsuits, wage garnishees, or even telephone callsdemanding payments.
New Bankruptcy Law Makes it Harder to Stop Foreclosure
On October 17, 2005 President Bush's sweeping bankruptcy reform law goes into effect forever changing the rules of debt collection in this natiion. Consumer advocates and the public appear to be completely unaware of the total and complete victory of the creditors under the new legislation.
Your Secret Weapon... A Budget
For many, the word 'budget' immediately sends shivers down the spine. Why in the world would anyone need or want to budget their money?First off, budgeting your money does NOT mean you are poor, or are in need of financial assistance.
Bankruptcy Interest Increases as Deadline Approaches
Congress recently passed sweeping legislation that will significantly reform American bankruptcy law. Designed to eliminate the "convenience bankruptcy" of compulsive gamblers and the financially irresponsible, this legislation will make it more difficult for those seeking bankruptcy protection from the courts to have their debts relieved.
Free Quick and Easy Money Saving Tips - Part 1
With the high cost of gasoline and the amount of money needed to lead a comfortable life slowly increasing many consumers may be worried about how to make ends meet. Fortunately there are lots of ways to save money in a variety of areas.
Creating A Realistic Budget
Budgeting -- ooh, what a scary word! If you want to frighten someone whose finances are out of control, suggest that they tally up their expenses on a piece of paper. We all understand the value of such an exercise, but when it comes to the practicality of putting a budget together, we get cold feet.
Dealing with Thingitis
Debt is quickly becoming an epidemic in America. However, through the past 50 years, America has not seen such large domestic growth.
Craving For Financial Freedom
Have you ever felt trapped in a Rat Race and wished to retire quickly but rich?Have you ever felt that you are spending way too much time working with your boss at your office instead of with those you love? Your spouse, children, friends?Have you ever felt frustrated because you are so deep in debt that you think you won't be able to retire because as soon as you do, the money will stop coming and thus you won't be able to pay off your mortgages and credit card?Have you ever felt that you have no control over your life anymore in terms of time? Think about it: can you take a vacation just anytime whenever you want/ need it and as long as you want/ need it?Have you ever wished that you can work whenever you want and wherever you want?You are not the only one!Too many people are trapped in a Rat Race because they have to. There are too many bills to pay, and too many dreams to fulfill.
Your Ticket Out of Debt Relief
If you are in debt over your head and wondering if you will ever find a way out, the answer is yes! Serious financial problems can make life miserable and cause a great deal of stress and worry. Many people have found themselves in the situation of avoiding calls from creditors and wondering how they will ever get out of debt.
The First Step To Getting Out Of Debt: Make The Commitment!
These days, getting into debt is easy.Unfortunately, getting out of debt is not so simple for most people.
Take Careful Consideration Before Filing Bankruptcy
Filing bankruptcy is not fun! It is a last resort if you are interested in keeping an active and acceptable credit report. Bankruptcy is the condition of bringing all your assets and deficiencies into an insolvent state.
How to Avoid Bankruptcy
Bankruptcy is a legal way to offer folks with high interest debt a fresh financial start in life. In case you are considering personal bankruptcy as an answer to your debt problems, you are not alone.
Benefits and Drawbacks of Bankruptcy
Outlined below are some of the benefits and drawbacks of bankruptcy. It should be noted that bankruptcy is not to be entered into without first having sought professional advice.
Credit Repair? Its All Up to You
Log onto to a search engine such as google.com and type in the term credit repair.
Can You Escape the Trap of Ever Growing Debt?
It's difficult not to be concerned when facing numbers like these:43% of U.S.
Debt Help and Advice for the UK
At some time or another during our lives most of us will overspend and get into debt. Sometimes we can get our finances back on an even keel by cutting down on a few luxuries.
Bankruptcy - Is It The Right Choice For You?
Bankruptcy is one of the tougher choices we as adults face in today's society where it is the norm to be in debt, albeit some more so than others. Credit card offers materialize whether you are looking for credit or not.
Deal with All Your Debts with Care!
Lots of people take a large ammount of loans and suddenly they discovered that they're in debt and life seems pretty gloomy for them, in this situation please don't despair. Most people have been there and know just how easily it can creep up on us.
There are some new bankruptcy laws going into effect before long and many think they are much needed. Of course, that depends on which side of the bankruptcy you are a part of.
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