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    What are the differences between debt reduction and credit counseling

     

    In today's world, it is often easy to get in over your head and find yourself spending more than you make. It seems that everything is going up but wages, and it is all too easy to fall behind. As the result, debt incurred and accumulated over the time; initially, you are able to pay your credit card balances in full on each month and when more and more accumulated, you may go for minimum payment, then when come to the, your income may not afford to even support the minimum payments. Like many who trap into unbearable debts, you may want to get rid of your debts by filling a bankruptcy. But bankruptcy can carry a legacy you will have to live with for years. A bankruptcy filing will stay on your record for a minimum of seven years, and you may find it difficult or impossible to obtain necessary credit in the interim. Luckily, there are still others possible alternatives before you make up your ultimate decision on bankruptcy. You can enroll into a debt reduction program or enroll in a credit counseling program. These are the most popular debt solutions for many debtors, but you may confuse what are the differences between these two popular debt solutions, making you hard to decide your choice to enroll to credit counseling program or debt reduction program. While there are some similarities between these two types of programs, there are some important differences to consider as well. Let us consider a few of the most important differences between debt reduction and credit counseling. 1. Close Your Credit Accounts In credit counseling program, you will require to close all your credit accounts, exception for some exceptions like accounts for business needs, accounts with zero or very small balances. Whereas, debt reduction programs do not require all credit accounts to be closed. Sometimes, it's good to keep a few of credit cards for emergency purposes. 2pletion Period Credit counseling services typically take longer to complete than debt reduction services. The average length of time to liquidate debt through a credit counseling service is 5 years whereas in debt reduction programs can be completed in less than a year. 3. Cost Saving One of the advantages of debt reduction program over credit counseling program is in term of cost saving. In debt reduction program, you may only need to pay a settlement amount of 20% - 60% of amount owned. Whereas, in credit counseling program you normally need to repay a full amount owned with some discount and interest waived. 4. Credit Score Your credit score is more affected in debt reduction program as compare to credit counseling program. In debt reduction program, the creditors may report the remaining amount between the amount you owned with the settlement amount as the "deficiency balance" to the credit bureaus as a negative item and it will be noted at your credit report and impact your credit scores. Generally, credit-reporting agencies will re-age the accounts of consumers enrolled in credit counseling services after three payments have been made. 5. Bargaining Power In credit counseling program, your credit counselor will come out a debt repayment proposal to your creditors and it relies on your creditors to accept or reject the proposal. Whereas, with a debt reduction program, all creditors are will be notified about your hardship situation to repay your debt and you are desired to resolve it through a negotiated debt reduction agreement. Hence, creditors have no much choice in debt reduction program except try to negotiate to get back as much payment as possible from their debtors. In Summary Both credit counseling program and debt reduction program are a better debt solution option than bankruptcy. The two programs serve the same purpose to help you to get out from debts, but there are some differences between these two debt solutions and each program has its own pros and cons.

         
    What can a debt collector legally do

     

    If you are having credit problems, it is important to know what creditors and collection agencies may and may not do to collect debts. The state Consumer Protection Act prohibits some debt collection practices. When dealing directly with you, creditors and collection agencies may not: Call you more than twice for each debt in each 7 day period at home, or call you more than twice for each debt in each 30 day period at someplace other than your home. Call you without identifying both the name of the creditor and the name of the person calling. Call you at times other than your normal waking hours. If your waking hours are unknown, then the creditor or collector may only call between 8:00 a. m. and 9:00 p. m. Visit your home at times other than those mentioned above. A collector cannot visit more than once in any 30 day period for each debt, unless you give permission for additional visits. Cause you to be charged for long distance calls (or other similar costs). Call you at work if you requested that they not call. Your oral request is valid for only 10 days, unless you confirm it in writing within 7 days of making the request. Written request are valid until you write to the collector removing the restriction. Contact you directly, if you have told the creditor or collection agency to only contact your attorney. Falsely threaten to take legal action. Use profane or obscene language. Additionally, creditors and collection agencies may not Tell anyone (including friends, neighbors, relatives, or employers) about your debt. Send collection notices in a way that openly indicates or implies that you owe a debt (for example, using postcards or descriptive return addresses.) Federal law provides some additional protections against debt collection agencies. (This law does not apply to creditors): Collectors must verify your debt. Collectors must stop calling you if, within 30 days after you are first contacted, you send the agency a letter indicating that you do not owe the debt. They can only renew their collection activities if you are sent proof of the debt. You may stop a debt collector from contacting you. Write a letter to the collector telling them to stop contacting you. Once the collection agency receives your letter, they may not contact you again except to say there will be no further contact. They also may contact you to inform you if they are going to take some specific action, such as suing you.

         
    What can debt reduction companies do for you

     

    Getting help from debt reduction companies is one of the best ways if you cannot handle your debts. But there are several peoples who don’t know what can debt reduction companies do for you? Debt reduction companies are proven authorities in debt negotiation who plays a major role to reduce the commercial debts of people who needs to get out of debts. Let us look in details what can debt reduction companies do for you? Whether you are having huge credit card debts or any unsecured loans debts, debt reductions companies will lend you a helping hand. Debt reduction companies help its customers by providing financial solution to their customers with different debt reduction methods which targets huge monthly payments, high interest rates, and lengthy repayments periods. Debt reduction companies provide enough support for its customers who are not able to pay their monthly payments up to 25% interest on each credit card he/she owns. Debt reduction companies can assist those people who are not sure which financial method to choose to get out from debts. Debt reduction companies provide its customers with financial consultants who have many years experience in resolving the financial issues people who are struggling to get out of debts. There are several debt reduction companies which provide financial services to its customers such as debt settlement, debt consolidation, credit counseling, and budget education. Debt consolidation is one of the highly recommended debt reduction methods used by most of the debt reduction companies. Debt consolidation companies provide an ideal way to reduce interest rates, payments, and repayment period of your unsecured debts. Debt consolidation is found to be an effective method in reducing one’s debts as it can lower an individual’s monthly payments from about 40 to 60% of the total debt payments. This notable drop in the monthly payments will help the clients to save considerable amount of money. The debt consolidation companies help the clients to properly plan their expenses so that an individual can get out of debt in several month or some years. Most of the debt reduction companies will negotiate with your unsecured loan lenders and credit card companies with a pay off deal which helps you to repay your debts in a single payment method with reduced interest rates and total debt reduction. A debt reduction company can provide you with a short term debt consolidation loan with low interest rates. You can use this loan to make repayments to all your money lenders. You can pay back your debt reduction company loan with low monthly payments saving thousands of bucks. This method of debt reduction also helps you to repay the debts in a much shorter period and you can also protect your credit history and ensure future financial stability. There are lots of debt reduction companies available nowadays. It is recommended to find out one which well suits your needs. You can also find numerous debt reduction companies online. Get free online quotes from these companies and compare them to know which one suits you the most.

         
    What exactly does a bill consolidation company do

     

    The burden of debt is becoming more and more common in the United States than ever before, and many people simply can't find a way out. The reason for this is that credit cards provide a stream of money that is so convenient, yet extremely damaging at the same time if used improperly. Thankfully, bill consolidation is a solution that is available from many companies, and is becoming popular with people trying to conquer their financial troubles. Some people would say we simply have to get rid of credit cards, as they are obviously the biggest contributors to the epidemic of being in debt... but the truth is, some people simply can't pay all of their expenses with cold, hard cash. But others may spend excessively on things they don't need, while putting themselves further and further into debt. Either way, with the high costs of mortgages, car payments, student loans, and other costs, credit cards are here to stay. Eventually, your debts may add up to catastrophic amounts until you simply can't make the minimum payments anymore. It can become difficult to even remember when each payment is due. Also add into the equation the fact that your interest rates could also be drastically increasing. Bill consolidation provides a very convenient solution to this financial nightmare. With a bill consolidation company that effectively does its job, you'll no longer have to worry about multiple payments at all. They'll combine everything into one convenient payment, and even deal with all of the annoying creditor calls! By negotiating with your creditors, they'll also drastically lower your interest rates and monthly payments. They will be your representative and sit down with the respective lenders in order to get the lowest rates possible. The goal is to get you entirely financially free in the shortest amount of time possible. Also provided by the bill consolidation company is a manageable payment plan. It will lay out exactly how much you need to pay per month, and create a simple budget that you can apply to your daily expenditures. You will then be on your way to conquering your debt and achieving financial freedom.

         
    What is a california debt consolidation loan

     

    California debt consolidation is no different from any other state's consolidation firms, only that the laws may change slightly. Many of the debt consolidation loans offered in California are lent to families and individuals to help them payoff their debts. If the money is used for any other purpose, the debtor may face penalties. Many firms--instead of giving the debtor cash--will manage the loan them self, using it to payoff the debts owed. Instead of paying your pending debts, you will now be paying off a loan lent to you by one of the debt consolidation agencies in California. Rather, if you are paying for a vehicle, mortgage, or credit cards, then the debt consolidation agency will use the loan to payoff these debts, leaving you owing the amount of the loan, plus interest. Don't be fooled! No one can really reduce your debts in most instances. Rather, no can reduce your debts more than you can yourself. If you contact your creditors before you land in the hands of the collection agencies, you can negotiate on your own. Some creditors will reduce you debts, while others may terminate the debt entirely. The downside is that if the creditors wipe out your debt, or else reduce your debts, then in one instance you will be a 'write off." In other words, the information given to the IRS, which in turns adds the debt back to you by increasing your taxes. The solution isn't entirely a bad deal, since the IRS only comes around once every year, which will give you some time. Most people with credit cards utilize the cards to their limits and fail to make full payments on time. This is one of the primary reasons why people search for debt consolidation, since most credit card lenders include high rates of interest. If this sounds like you, stop borrowing and try to increase your income; try to get your finances on track before you ever even consider contacting a debt consolidation agent.

         
    What is a debt consolidation loan all about

     

    What Is Debt? Debt is the bills that are left over at the end up the month after you have made payments on everything you can afford. Do you still owe 2 months on the electric bill and a few thousand dollars on a few different credit cards? Add all your outstanding bills up and you will have the amount of your debt. What Is Debt Consolidation? Debt consolidation is one of the methods that you can choose to help free yourself from the debt that seems to grow every month. By working with a financial service or a financial counselor, you can come up with a plan for debt consolidation that fits your personal situation. Debt consolidation plans usually consist of the following: * Combining all your bills into one bill. * Negotiating with your creditors to come up with a more manageable number. * Dropping tax payments. * Creating a definitive, financial plan for the next 3-5 years that will allow you to live within a budget and leave you debt-free. What Is A Debt Consolidation Loan? A debt consolidation loan is one type of personal loan available to you. Its goal is to cover the total amount of all your bills put together. This loan will let you pay off every company you owe and save you a ton of money in late fees and over limit fees, as well as save you from having possessions repossessed or utilities turned off. Your interest rates, too, will decrease because you have only one creditor to pay every month – the lender of your debt consolidation loan. Secured Debt Consolidation Loan When you take a out a secure debt consolidation loan, it means that you have to promise a security to cover the bill if you can't pay it back. This usually means that you have to be able to put your house up as collateral or something of equal value. Remember: if you can't pay back your loan, your lender can take your collateral. Unsecured Debt Consolidation Loan No security or collateral is needed for an unsecured debt consolidation loan. The key to being approved for a debt consolidation loan of this nature is your credit report and credit score. Even with bad credit, you may still qualify for an unsecured debt consolidation loan, but it will usually be at a much higher rate of interest. No matter how you choose to free yourself from debt, eliminating as much of it as quickly as possible is the key to finding your financial freedom.

         
    What is a specialized debt management program

     

    : Normal / traditional debt management program is designed for those people who have debts that are exceeded their repayment capability. Traditional debt management normally works hand-in-hand with credit counseling to help the debtors to resolve their debt issues. But there is another specialized debt management program which dedicated for people who have good credit. If you need to maintain one or more lines of credit for business or personal use, specialized debt management program is your option. A specialized debt management program works more or less like a traditional debt management program; however, there are some extra steps needed to properly close the accounts and to be included in the debt management plan before a proposal is submitted to the credit grantors in order to help protect the consumer's credit rating. In the traditional debt management plan, many credit grantors will close your accounts and noted a "closed by creditor" on your credit report which will hurt your credit score and cause you harder to get new credit in the future. But if you are the one who close your account, your credit score won't be affect. This is how specialized debt management program is worked out to ensure that your credit account is closed by yourself and not by the creditors, so that your credit ratings will be protected. Major differences between traditional and specialized debt management program Although there are many similarities between traditional and specialized debt management programs, but there are a few major differences between these two debt management programs. Identify their difference will help you to determine which plan is right for you: 1. You do not need to close all exiting lines of credit Under the traditional debt management program, once you enrolled into the plan, you will need to close all your lines of credit. Whereas, in a specialized debt management program, the plan will help you to decide which credit account you can, or should keep open for emergency or business purpose. 2. Extra steps will be taken to minimize credit damage Under a specialized debt management program, extra steps are involved to close your accounts before submitting the debt management proposal, so that your credit report will indicate the accounts are closed by you instead of your creditors and get your credit ratings protected. 3. Enroll into specialized debt management plan via the phone Normally, the traditional debt management plan will require you to attend a face-to-face appointment before you can enroll into the plan. In a specialized debt management program, you can complete your enrollment via the phone. 4. Daily Payment To Creditors A specialized debt management program requires you to make electronic payment in daily basis to your creditors rather than weekly like what is implemented in traditional debt management plan. With daily payment and the easy of using electronic transaction, it will help to ensure that all payments are made before they are due. In Summary Specialized debt management programs are geared towards people that have good credit and needs to maintain one or more lines of credit for business or personal use.

         
    What is accelerated debt consolidation

     

    : Are you burdened with debts? Are you finding it harder each month to meet the minimum payments for your debts? Your debts are piling up every month, creditors' calls make your feel very stressing; and you are praying every day hoping some miracle will happen and get you out of debt. If you in such bad debt situation, accelerated debt consolidation could be the best solution for your debt dilemma. In the debt consolidation, you are combining multiple, high-interest loans (debt) into a loan with a single monthly payment on a lower interest rate. Debt consolidation allows you to pay down more principle each month, often lowers monthly payments, and allows the balance of your debts to be cleared faster. Your debts can be categorized into two types, unsecured debts and secured debts. Unsecured debts are the money you borrow from your creditors without the need of any collateralmon unsecured debts include credit cards and personal loans. Secured debts, on the other hand, are loans or finance packages that are only approved with a pledge of your collateral in exchange for a certain amount of money and the creditors have lien on the pledged collateralmon types of secured debts include mortgages, car finance, and loans on personal property. If you fail to pay your creditor in this case, you will lose your car or house or property. Accelerated debt consolidation is quit similar with regular debt consolidation but it only counted in your unsecured debts. Although there is some exception, most accelerated debt consolidation programs will not include your secured debts; they will only take your unsecured debt. When you enroll into an accelerated debt consolidation program, the counselor from the debt consolidation company will first understand your current financial situation and they will group all your debts into secured and unsecured debts. The counselor will only works on your unsecured debt and proposes a repayment plan after communicating and get the term and conditions from your creditors. If you have a relatively bad credit score and unmanageable, massive debts, accelerated debt consolidation is probably your best option because this type of debt consolidation only takes your unsecured debts, which are in general at smaller amount if compare to secured debts (home loan or car loan amount normally is larger than credit card balances) and it can enabled you to put a debt consolidation plan in place with a short period of time, regular debt consolidation normally takes longer process. Most of unsecured debts are high interest debts (credit card interest rates may range from 10%-18% and a personal loan may have interest rate as high as 12%), hence it good for you to put a plan to handle these high interest debts as soon as possible to avoid further worsen the situation. And an accelerated debt consolidation can be your best choice on this purpose. In Summary Accelerated debt consolidation is slightly different from regular debt consolidation; it only takes into consideration on your unsecured debts. The accelerated debt consolidation can be your best option if you are at the critical financial situation and urgently need a plan to put in place and get your debt in control.

         
    What is credit card debt consolidation

     

    Credit cards are now the norms every one uses it. They are the safest way to make payments to the sellers this method carries no risk of theft or anything else. However one must realize that with credit card shopping that you have to make your payments on time and with the due amounts you cannot afford to miss one thing in this. One thing that can make payments of credit card debts easier that is credit card debt consolidation. Being in debt is like being in a mess you have no control everything looks out of order and if you are in debts by the means of credit cards then the situation is even more difficult to handle. Creditors to whom we owe to keep making derogatory phone calls all the time and there seems to be no way out. If you are looking for a way out then the best one would be through credit card debt consolidation loan. By taking a credit card debt consolidation loan all the debts that you have taken will be consolidated into one from single creditor, which can then serve you with the following benefits: · It is easier to pay to a single creditor than to pay to multiple creditors. · While you pay to the multiple creditors you have to be totally on the mark making sure that every creditor is paid on time and the due amount otherwise you get a fine with credit card debt consolidation you can avoid that. · Your new creditor will offer you terms to your liking, which would include lower interest rates and lower monthly installments. · With credit card debt consolidation you would not have to interact with your old creditors, therefore those annoying and disturbing phone calls would be stopped. If you are a person who does not have a good credit score and you are also caught up in the credit card debts then you can also use the credit card debt consolidation all you need to know is your credit score. Credit card debt consolidation is available in both secured and unsecured forms i. e. with or without a security to the borrowers; depending upon their affordability they can choose the option best suited to them. You can apply for these loans either by going online or by applying to your local creditors subject to the requirements the loan will be approved in a reasonable time. Debts can accrue on anyone but what we must make sure about is that they do not get out of control and their adverse effect is not intensified. Credit card debt consolidation has been introduced so that people can use them to eliminate their debts.

         
    What is debt consolidation

     

    If you are struggling with debt then it may be worthwhile considering a debt consolidation service. They should then be able to let you know how much money you can save you each month and relieve the stress of debt. • The advice is usually free. • There are NO credit searches. • Your details are kept in the strictest of confidence. • You are under no obligation. The last thing you want to do if you are already in debt is to borrow more, all this would do is increase the level of debt you already have. Debt consolidation is designed to clear all your existing credit cards, loans and your other debts and put these together so you will have just one single lower monthly payment. Once on board with the debt consolidation organization and they have received your agreed payment they will request that the creditors freeze or reduce their interest and stop adding any further charges so that your payment goes off the debt rather than the interest you are currently paying and because of this you could clear your debts quicker despite reducing your payments. Being in debt, as you know is not pleasant, a debt consolidation service will help reduce the stress you are under because you will be confident that you can meet your monthly payments with comfort. If you are currently experiencing difficulties paying your debts, your credit rating may have already been adversely affected due to one or more of your creditors recording late/missed payment, defaults etc. However, by using a debt consolidation service you are ensuring an affordable monthly payment is made to each of your creditors. Therefore, once the debts are cleared you should be able to obtain unsecured credit again, albeit in smaller amounts to begin with until you re-establish a good payment record.

         
    What is debt consolidation

     

    Debt consolidation what is it? It is a process by which credit counseling copanies can negotiate with your creditors to obtain the lowest monthly obligation they can needed to satisfy all of your current credit card accounts. So what you would do is pay a one low monthly to the debt consolidation company, in turn they then portion out that payment to your creditors for you. This monthly payment will in most cases be lower than the sum of your individual account obligations that you have now. Our credit counseling web site is designed to help you in take charge of your credit card debt. Most Creditors will recognize that people who enter a debt consolidation program are trying to repay the debt they have in good faith. Creditors will be more willing to extend favorable terms to such clients in the hope that they can avoid the significant expense of turning the account over to their collections department or avoid an extended drawn out process if the account holder decides to goes through the expense of declaring bankruptcy. Most debt consolidation companies only deal with unsecured debt which is when a creditor holds no collateral. For example, an unsecured debt is usually in the form of: credit cards, department store cards, medical bills, and gas cards. No form of collateral such as a home or car was utilized to secure the "loan" for services rendered or goods received. With a secured loan, and as a precaution against "default" (non payment) what is used as "collateral" for the loan could be liquidated This is not a loan, so no credit checks are needed. Debt Consolidation is confidential and discreet, so there's no need to worry about employment, reference verification or credit history assessment. This can be accomplished from the comfort and privacy of your home, so there's no need to worry about transportation, sitter arrangements, time away from work or embarrassing face-to-face consultations. We provide the total debt solution when it pertains to credit counseling and you becoming debt free.

         
    What is debt management

     

    : Debt Management is a very simple financial concept hire a qualified Debt Counselor or certified Debt Management Company to pay your unsecured debt. The Debt Management Company you hire will relieve and eventually reduce your debt by managing your assets effectively and negotiating with your creditor regarding interest rates and monthly payments. This is not a loan so you are no obligated by any contract or other binding paperwork associated with a Debt Management Plan. When choosing a Debt Management Company you want to make sure and beware of several things. First, make sure the company registered with the Better Business Bureau (BBB) and has been rewarded the "Reliability Program Online Seal." Second, beware of any companies who want to charge more than $50.00 a month to open your account and work with your creditors.

    Third, make sure the company is able and willing to answer all your questions, if you feel that the company is "beating around the bush" don't waste your time; find another company. Last, if you feel pressured by the Debt Management Company, run, more than like that feeling will not go away. Once you choose a company and feel comfortable working with them. They will get you started on your way to a debt free future.

    There are several steps that are generally followed by Debt Management Companies. The first step is listing all your creditors and the amounts owed for each. Remember, not all creditors are eligible to be included in a Debt Management Plan. The second step is listing all incomes and expense i. e. mortgage, car payments and cost of living payments.

    The third step is deciding how much of your income is available to contribute to your Debt Management Plan. Your Debt Counselor will try their best to settle any debt and eliminate interest rates. The fourth step is reviewing and approving your Debt Management Plan. Make sure you understand everything and read the fine print. This last step is crucial; it ensures that you're not in the dark regarding the amount of money being paid out. As with any financial product there are advantages and disadvantages working with a Debt Management Company. One advantage is the company can lower or eliminate the high interest rates and fees associated with credit card debt. The company can also settle your debts for nearly half of the balance. You only have to make one monthly payment instead of five or ten. The biggest advantage is you will no longer have to communicate with creditors via mail, phone or Internet. One disadvantage is that creditors to not have to agree to participate in your Debt Management Plan or lower your interest rates. This would still allow some of your creditors to communicate with you and take legal actions against you and still charge you interest and other fees regardless of payment efforts. Also, any settlement agreed upon between your Debt Management Company and your creditors will show on your credit report. Keep in mind that this is your decision so it is important for you to be comfortable with it. Ask around, see if any of your friends have worked with a Debt Management Company or know anyone who has. Remember, your Debt Management Company will get your started but it is up to you to finish it. Hopefully you will learn how to make educated financial decisions, which will keep you on a debt free path.

         
    What is debtor education

     

    A debtor education course by an approved provider should include information on developing a budget, managing money, using credit wisely, and other resources. Like pre-filing counseling, debtor education may be provided in person, on the phone, or online. The debtor education session might last longer than the pre-filing counseling – about two hours – and the typical fee is between $50 and $100. As with pre-filing counseling, if you are unable to pay the session fee, you should seek a fee waiver from the debtor education provider. Once you have completed the required debtor education course, you should receive a certificate as proof. This certificate is separate from the certificate you received after completing your pre-filing credit counseling. Check the U. S. Trustee’s website to be sure that you receive the certificate from a debtor education provider that is approved in the judicial district where you filed bankruptcy. Unless they have disclosed a charge to you before the counseling session begins, debtor education providers may not charge an extra fee for the certificate. Important Questions to Ask When Choosing a Credit Counselor It’s wise to do some research when choosing a credit counseling organization. If you are in search of credit counseling to fulfill the bankruptcy law requirements, make sure you receive services only from approved providers for your judicial district. Once you have the list of approved organizations in your judicial district, call several to gather information before you make your choice. Some key questions to ask are: What services do you offer? Will you help me develop a plan for avoiding problems in the future? What are your fees? What if I can’t afford to pay your fees? What qualifications do your counselors have? Are they accredited or certified by an outside organization? What training do they receive? What do you do to keep information about me (including my address, phone number, and financial information) confidential and secure? How are your employees paid? Are they paid more if I sign up for certain services, if I pay a fee, or if I make a contribution to your organization? For More Information and Assistance The U. S. Trustee Program promotes integrity and efficiency in the nation’s bankruptcy system by enforcing bankruptcy laws, providing oversight of private trustees, and maintaining operational excellence. The Program has 21 regions and 95 field offices, and oversees the administration of bankruptcy in all states except Alabama and North Carolina. If you have concerns about approved credit counseling agencies or debtor education course providers, such as the failure to provide adequate service, please contact the U. S. Trustee Program by email, or in writing at Executive Office for U. S. Trustees, Credit Counseling and Debtor Education Unit, 20 Massachusetts Avenue, N. W., Suite 8000, Washington, D. C., 20530. Provide as much detail as you can, including the name of the credit counseling organization or debtor education course provider, the date of contact, and whom you spoke with. The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues contact the FTC toll-free, 1-877-FTC-HELP (1-877-382-4357). The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available to hundreds of civil and criminal law enforcement agencies in the U. S. and abroad.

         
    What is student loan consolidation program

     

    : You are getting a few student loans to support your study. After the graduation, you need to start repaying these student loans. These student loans come with different interest rates and they have different repayment due date for each month. You may find it difficult to manage your multiple student loans and any late payment or miss payment may hurt your credit rating. Student Loan Consolidation Program is a loan repayment program for college students and graduates with multiple student loans to make their repayment easier. However, before signing on the dotted line, it's important for students to understand some basic facts about consolidation. What A Student Loan Consolidation Program Does? The student loan consolidation program allows you to combine all your outstanding student loans. For example, if you have three separate government student loans, you can consolidate them into one single loan. Technically, all three of those loans will be considered paid in full and a new loan will be started in their place. The basic concept is you are getting a new loan to pay off all your outstanding student loans; which mean instead of having 3 student loans with 3 repayment amount and due date, after the loan consolidation, you only have one loan with one repayment amount and one due date. It will enable you to manage your loan easier. How A Student Loan Consolidation Program Will Help? By consolidating your outstanding student loans through student loan consolidation program, you basically can enjoy at least 3 benefits: 1. More Convenient With multiple student loans, you will have to make multiple payments every month; that means there are more paperwork and due dates to keep track of. There are more chances that you may miss one of them and cause you to make late payment. You can get rid of this hassle by consolidate them into single repayment and make you easier to keep track only one payment with one due date and one repayment amount. 2. Save You Some Money All loans come with interest, so do the student loans. Although student loans normally have lower interest rate, student loan consolidation program may be able to negotiate a lower interest for your new consolidation loan than all your current loan rates and save you some money on interest. For example, you have 3 outstanding loans may be required to make $150 payments each month to all three lenders. That is a total of $450 per month. After consolidation with only one payment is required and that payment is usually much less than the combined payments from all of the loans. This can be huge benefit to you especially if you are new graduate who are just getting started in your careers and who don't have the income necessary to cover large loan expenses right away. 3. More Repayment Possibilities Consolidating your student loans may open up additional opportunities for you. You may be offered with deferment choices and/more repayment possibilities. These offers can come in handy if you wish to further your education to another level, struggling to find employment in your field or experiencing financial hardships. In Summary Managing your multiple student loans are not too hard but you can make them more convenient and easier by combine them into one through the student loan consolidation program and enjoy the benefits it can offers. However, before enrolling into any of the student loan consolidation program, you need to understand the details and ensure the package is really inline with you financial needs.

         
    What is the fair debt collection practices act

     

    The Fair Debt Collection Practices Act, also known as the FDCPA, is a law, which was passed by Congress that regulates the methods collection agencies, can use to collect money from debtors who are behind on their payments. In the past many collection agencies would use unethical methods to extract payments from people, and this law was created to regulate them while protecting the debtor. There are certain guidelines that collection agencies must follow when attempting to get payments. The FDCPA applies to a wide variety of debts, including medical bills, car loans, and credit cards. Many states have additional laws that serve to protect consumers, and their laws may cover debts that aren't covered by the FDCPA. It is important to have a basic understanding of this law. It will keep you from being the victim of collection agencies that use illegal methods of extracting payment from you. Under this law, collection agencies are not allowed to contact the relatives or employers of a debtor. The only person who may be contacted other than yourself is someone who has co-signed the loan with you. They are also not allowed to threaten to ruin your credit or report you to an attorney in order to intimidate you into making payments. They may only warn of you these actions when they are in the process of getting ready to do it. Making false warnings to scare you into making payments is not allowed. Collection agencies are not allowed to make phone calls at times that are deemed unreasonable. Any phone calls made before 8 AM or after 9 PM are not allowed. You must approve any calls that are made outside this time span first. Debt collectors are also not allowed to call you while you're at your place of employment. The use of profanity or racist terms is also not allowed. Letters cannot be sent to you that resemble those sent by courts, and if they decide to sue you they are not allowed to take you to a court that is far from your home. It is important to understand this law if you find yourself in a situation where you have a large amount of debt and are having trouble making payments. While you should always try to repay back what you owe, collection agencies are limited in how they are able to contact you about those payments. Many agencies may violate this law, and if you are not familiar with it you will not be able to take any actions to defend yourself. If a collection agency violates the FDCPA, it may be possible for you to take them to court. If it is found that they have made numerous violations against debtors, a class action lawsuit may be filed. If a collection agency violates this law when contacting you, you can report the incident to the state Attorney General's office. If the agency is in a different state, you can contact the Federal Trade Commission for assistance. You can also dispute the debt you owe by sending a letter to the agency within 30 days of the first notice informing them that you do not owe them anything. The agency will be forced to stop contacting you, but may decide to take further action that may require you to go to court. The FDCPA is an important law that can protect in the event you are being contacted by collection agencies. While it is important for you to pay off any debts you have, agencies should not use unethical methods for getting you to make payments. This is a violation of the FDCPA, and they could be held liable.

         
     
         
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