DEBT COACH

The Letter!

2011-10-26T20:13:00.000-07:00

There is a letter that strikes fear into the hearts of Credit Bureaus everywhere. In particular, it is one line that makes them sit up and take notice. Not that you should be going around scaring people, but realize that a large number of entries on Credit Bureaus are incorrect.

Bear in mind that Credit Bureaus are not to blame for the mistakes, in most cases, but they have to be held to account if the information about your credit is wrong. Let's face it, they got the information from somewhere, and it was likely from the credit grantor.

Here's the process; First, get your credit information by contacting each of the bureaus in your area. You can find them in the yellow pages, under Credit Bureaus. You might have to send them a formal request for the information, and they'll probably have a charge for sending you the information.

When you find mistakes in your report, here's a typical letter you might want to send. And, you can do it by e-mail;

Dear Sir(s)

I am in disagreement with the following items listed below, which appear on my credit report. These items are Highly Injurious to my credit rating and are not true.

( then list the items and give any information you can)

I would like the above listed, re-investigated and I request the names and addresses of those individuals with whom you investigated the above, so that I may follow up.

That letter will start the process in motion to remove mistakes. If the credit grantor's fail to reply to your concerns within a certain length of time, usually 30 days, your item is removed from your file.

If you want to rid yourself of credit problems, go to www.solvedebts.net and order the 30-day plan for getting back on track. It works!

The Debt Coach

The Four C's of Credit

2011-10-23T17:06:00.001-07:00

You might as well know how credit granters look at you as an individual or company, when they are deciding whether or not to issue you a credit card or to grant you credit of any kind.

Basically, and right off the top, the credit granter is looking for the character and the moral obligation to repay the loan. Simple, huh?

What the credit granter is also not interested in, is the person who has all kind of resources to repay a loan, but who is unlikely to repay the loan, as demonstrated in the past.

In the case of a large loan, like a home or a car, there is usually a one-on -one contact between the lender and the borrower. But, in the case of a smaller amount, like a credit card application, or a small amount, usually the deal is done by mail, in one form or another.

Here's the second "C". It is the applicant's capital, or net worth. In other words, the amount of money they have left, after they meet their obligations.

Capacity is the third "C". It means the ability of the borrower, on an on-going basis, to come up with the money each month to pay the loan. That would include your income from all sources, on a steady, regular basis.

Collateral is the other important "C". It is something, like a car or real estate, or something of value that is pledged as a promise to repay the loan.

The lender will apply all of those pieces of the puzzle, in making their decision to grant a loan: Character, Capital, Capacity and Collateral.

Mystery revealed.

The easy way to rid yourself of debt and get back on the credit track, is to check out www.solvedebts.net and get the $39.95 package. It works.

The Debt Coach

Surviving a Bankruptcy

2011-10-18T19:37:00.000-07:00

It's still not q good idea, but bankruptcy need not be the end of the line, as far as your credit is concerned. Even though a bankruptcy is on your credit record for between 5 to 7 years, it's easier than you might have thought, to gain credit after the deed is done.

A study at Purdue University concluded that as soon as six months after filing for bankruptcy, some individuals are eligible for credit. In fact, the study concluded that 65 per cent of those who filed, were able to obtain credit easily.

Here's the reason; A lot of lenders believe that after a bankrupt has been discharged, they have probably learned their lesson. And another point is, the individual is now free and clear of debt, and is much more able to take on a responsibility.

When times are a bit tough in the U.S., as they are now, it might take a while to convince someone to issue you credit, but don't give up.

And, if you want to know how to repair your credit easily and for less than $40, go to the only website that can do it for you; www.solvedebts.net

A Better Way To Borrow

2011-10-10T20:15:00.000-07:00

What I'm about to tell you might sound contrary to most advice you've received from a number of sources, but it makes perfect sense.

Consider that when you apply for a loan at a bank or other institution, you're expecting to borrow money, obviously. Let's say you need $5,000 to go on a vacation with your family. Not a large, far-away vacation, but maybe just a medium one, to the next state or province.

Try telling your banker that you want the money to go on a holiday because you haven't had one for a while, and you may not get a whole lot of sympathy from the loans officer.

Here's a better idea: Supposing your credit card payments are up to date and you've got a decent credit rating, try asking to have your limit raised another $5,000. There's really no reason for them to turn you down, if all of the criteria have been satisfied. And besides, it's far less of a hassle.

And the interest rate is probably about he same.

If you're having credit issues and you want to clear everything up and get out of debt quickly, be sure to check out www.solvedebts.net. For less than 40 dollars, you can be free of debt in 30 days or less.

ANOTHER PROVEN METHOD !

2011-10-01T09:10:00.000-07:00

Regaining Your Credit

Most people find re-establishing their credit a major headache. But, it doesn`t have to be.

Since about 1990, the attitude toward bankrupt people who have had credit problems, has changed.

Merchants and lenders in general have suddenly discovered that if a person declares bankruptcy and is discharged, they all of a sudden have disposable income and a clean slate.

You might have to make some concessions and make a few extra turns in order to accomplish your goal, but it might be worth it in the long run.

First of all, find a local bank that will issue paid credit cards. There are some of them out there. Make a few phone calls and select one, or maybe two of them.

You might have to put a few hundred dollars in the account, but it starts the process of building up you credit again.

Here`s my favorite way of regaining your credit: Go to three banks, and put let`s say, two thousand dollars into each account. That`s a total of either four or six thousand, depending on how many banks you select. Make sure you introduce yourself to the loans officer when you set up the accounts. Let them know that you are a new depositor. They love it.

In the next few weeks, go into each of those banks and apply for a loan. Most loans are granted for a minimum of $1,000, so take the minimum.

When they ask what the loan is for, tell them it`s for incidental expenses. Use your passbook, showing your $2,000 deposit, as security for the loan. Ask that the monthly payments for the loan be taken out of the account.

That`s about as secure a loan as they can get! In fact, any loans officer would be nuts to turn it down.

At the end of the term, usually one year, take the remaining money and pay off the loan. (I`m assuming that you took that $1,000 and saved it in the same account)

Your payment will record that all of the payments were made on time and that the loan was paid out ahead of time!

The next time you apply for a loan for a purchase, like a car or appliance, the bank will look at your file and grant the loan without hesitation.

Next time: Setting up a simple, but effective budget.

COLLECTIONS........ROUND 2 !

2011-09-27T11:44:00.000-07:00

Collection Agencies-Round Two!

Collection agencies are in the business of making money for themselves; not necessarily in getting the most money for their clients. They operate on a commission basis, so some money is better than no money at all. They maintain their profitability by reducing their expenses, and one way to do that, is to collect the most money in the shortest time possible.

This works to your advantage, because if they can collect 70 per cent of a debt, they're kissing the moon.

Let's face it, they don't want to waste four, five, or six more hours trying to collect an additional 30 per cent.

Here's the reality: Collection Agencies Will Settle For 50 Per Cent Of The Debt!

Typically, Collection Agencies convince creditors to accept 50 per cent, because half of something is better than nothing. The Agency gets on with another account and they get a reasonable commission. (Usually 10 to 15 per cent)

Your negotiation should be with the Agency manager, not some young buck who`s trying to make a name for himself or herself. The Agency manager is allowed to make deals and they have the experience to get the job done.

Here`s a word of caution: When you reach an agreement on a debt reduction, make sure you get it In Writing before you send along the money. It hasn`t happened often, but one in a long while, a less-than-honest individual will try an end run.

Your letter to the Collection Agency should make note of the amount, the date it was agreed to and if possible, the name of the Collection Agency manager.

Next time, debt reduction for businesses.

2011-09-15T16:25:00.001-07:00

2011-09-15T13:57:00.000-07:00

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AND THEN, THERE'S THIS !

2011-09-14T07:51:00.000-07:00

Dealing With The Bill Collector!

There's nothing more annoying than listening to some upstart employee of a collection agency who has no people skills at all. And there are plenty of them.

It seems that the more inexperienced they are, the more aggressive they act. Real beauties, is what they are, and I love shooting them down.

Bear in mind that the reason they call in the first place, is because you haven't taken care of the debt properly. So let's deal with that little problem, first.

When you fall behind in your bills, you'll want to contact them. Explain the situation, divorce, loss of job, illness, whatever the case. Tell them what you can afford and assure them that you intend to pay the balance and that so far, you have no intention of declaring bankruptcy. In later posts, I'll detail how to negotiate a lower balance. But for now, let's assume that you will, indeed, pay the balance according to your abilities.

Most creditors will listen and understand. After all, they have families too, and they realize that stuff happens.

The last resort for most creditors is to refer the account to a collection agency. Right off the top, they will have to pay the agency a 10 to 15 per cent commission for their efforts.

The agency will hire very inexperienced agents who have no idea how to treat people, but they are told to get the job done and if they get money, they make a decent commission.

Most jurisdictions allow collection agencies to call you once a day and within reasonable hours. In other words, they can not call you at 11 o'clock at night and disturb your family. They can't call you every hour on the hour to harass you.

If their reps get too abusive or aggressive, ask to speak to the manager and explain the situation to them. Better still, contact a credit consultant and have him or her deal with collection agencies on your behalf. Some decent ones don't charge very much, and they can negotiate a settlement for you in most cases.

If you want to accelerate your debt recovery, go to www.solvedebts.net. It will cost you less than 40 dollars for peace of mind within 30 days.

Don Seel

Certified Credit Consultant

Debt Reduction Specialist

2011-09-08T20:58:00.000-07:00

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2011-09-08T20:44:00.000-07:00

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let's get started !

2011-09-07T14:22:00.001-07:00

Welcome to a debt-free life!

To begin with, you won't be asked to fork over hundreds of dollars and nobody is going to feed you a load of crap about how to get out of debt.

What you will get is common-sense, tried and true methods of getting out of debt quickly. Quickly, because when it comes to the burden of debt, it's good to get it gone sooner, rather than later. Right?

My name is Don Seel, and I'm a certified credit consultant. I've worked with lots of people and lots of corporations and I've helped them erase their debt. I've also helped them to re-establish their credit.

Ready to start easing the pain?

The first thing you need to do is realize that some nice people get into debt problems. Just because you owe money, it doesn't make you're a bad person. So stop beating yourself up. Together, we'll face the problem head on, and we'll beat the stress.

Most debt is the result of credit cards. Over the next few posts, I'll help you settle your balance for a fraction of what you owe, and we'll explore ways of re-establishing your credit.

You might be surprised to know that a lot of the information on your credit report is wrong. In fact, about a third of the information is wrong and if we can prove that, and if we can challenge a statement on that report, we may well be able to have it removed altogether.

The first thing you need to do is contact your credit reporting agency and ask for a printout. It might cost you a few dollars, but the agency is obligated to provide it for you. Find the agencies in the local phone directory or online.

On my next post, I'll show you how to read the report and how to find mistakes.

If you want to get a head-start on getting your credit fixed within 30 days, click onto my website, Solvedebts.net and get the complete package. It's a $39.95 investment and it's worth thousands in peace of mind.

If you have a particular debt problem, let me know and I'll give you a solution. Free.

Stay tuned.