Debt Settlement Resources

New entrepreneurs and small business owners alike must focus on their credit if they intend to make a solid go of it the modern business climate. Your very viability as an economic engine may hinge on your ability to draw in ready loans when you need it. Of course, nobody wants to make a risky loan, and this is where your credit assessment will be a handy tool.

Loan: Before applying for a loan, you should make sure that all of your paperwork is in order. This means ensuring that your business plan is as clear and concise as possible. That also means putting a little extra effort into solidifying your revenue estimations.

If you have no business history to speak of you may have to explore alternative means of acquiring funding. That may mean you turn to family, friends, or private funders before turning to major institutions like banks and credit unions. However, you may be able to attract a community bank, just as long as you can assure them you will be able to make the required monthly payment on time.

Buying Services: Successfully paying for business services will also help you to make the good impression you need to draw the interest of investors and business-minded acquaintances.

Your business’s reputation hangs on your own ability to plan successfully and pay off your debts. A service contract can act as a debt in many situations. Sign a contract to obtain some service and make your payments on time. Once you’ve cleared your contract, you will find yourself with a better reputation in the eyes of at least one business, and they can then work to spread that reputation.

Assessment: Lenders typically require an assessment of your business’s and your own credit reliability before their will even begin to take steps toward offering you a loan.

Look to Other Businesses: Simply looking around the business landscape can save you a world of trouble later on. You should make a full assessment of what potential vendors are out there, and then take a further look into what sorts of things they require before they make an investment. There is a good chance that somebody will be willing to give out money without requiring a personal credit check or assurances.

Finally, don’t be afraid to ask for help. Those in the know in the business world are often keen to share that little bit knowledge. One way or another, it never hurts to ask. The whole process of establishing your credit doesn’t have to be painful, but you may have to put in a little bit of time in order to see a little bit of return.

In addition to business advice, the author additionally regularly writes on shipping envelopes and dry erase marker.

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Do you really think Obama’s Health Care Deform Plan is the ONLY way to FIX the health insurance companies?

“In July 2008, WellPoint subsidiary Anthem Blue Cross agreed to a settlement with the California Department of Managed Health Care. In order to resolve allegations of improper rescission (cancellation of policies due to claims), WellPoint paid $10 million and reinstated 1,770 policy-holders whose plans they had cancelled. They also agreed to provide compensation for any medical debts incurred by these policy-holders in the meantime.”

Business have gone unregulated for so long they are totally corrupt and feel entitled to getting money for doing nothing.

with out a single payer plan (government plan) and regulation – nothing will change other then we will be forced to carry insurance to pay corrupt insurance companies that will cry to the gov. for bigger and bigger pay outs.

look americas health care system is broken – completely broken – the only way you would be unaware of that is because you lack incentive to check these things out for yourself.

i would rather Obama not touch a single thing if he is not going to offer a government plan and extremely stretch regulation over insurance companies.

there was a time in america when if you do not get what you paid for there would be prosecution – it would be known as fraud and theft.

will we continue to live under corporate anarchy – that remains to be seen.

how stupid has americans gotten – pretty stupid – pretty naive when trillions can go stolen and missing with no punishment and a car stolen work 10,000 will get you hard time.

Is Debt Settlement a Scam?

This is one of my favourite all time question.  For years the Canadian media has been picking up random information on debt settlement companies from our American cousins. While there are tens of thousands of success stories, most of the published stories on debt settlement tend to be negative.

There’s an old saying about not believing everything that you read.  I’ve learned first hand over the years that this is true.  Here are a couple of examples why:

At the start of 2009 a newspaper called The Toronto Star did a story on me and my company.  It was featured on the front page of the business section and was in a positive light.  The story generated some good exposure for Total Debt Freedom Inc. and for debt settlement in general.  However, some facts I presented to the reporter were taken out of context or maybe he choose to stretch the truth a little to make for a more appealing read.  For example, I mentioned that debt can get away from just about anyone and one of our clients was a former Olympian.  The final story read that that individual was an Olympic Gold Medalist which wasn’t true.  Many reporters tend to be freelance so they are paid to sell a good story; so as a result, it seems stories can and do get hyped up sometimes. 

A few months later a negative example appeared on the evening newscast.  CTV which is a major Canadian newscast put out a three minute televised story on their “Consumer Alert” segment by reporter and financial writer Pat Foran.  He talked about how debt settlement was potentially a scam, and how Marissa Ruiz (the victim) was very disappointed and that consumers should be wary.  The story was packaged and presented as Canadian issue, and made viewers believe that Canadians were getting scammed left, right and center.  When I researched the names in the story further, it turned out Ruiz was California resident and used an American debt settlement company that had a horrible BBB rating.  The incident appeared to be that of one rotten apple in the US debt settlement industry.  Apparently the reporter borrowed the story from another press release he found, and packaged it as his own.  Why did Pat Foran forget to mention these facts in his broadcast? 

The story then wrapped up and interestingly handed off to a company called “Credit Canada” which is a non-profit credit counselling agency in Toronto.  After I reviewed the broadcast and made some notes, I emailed Pat Foran and CTV about their televised slam of debt settlement in Canada.  I literally corrected 7 very significant points that were not factual.  My email was virtually ignored.  From a legal perspective there is no remedy available because of free speech; the media seems very immune.

Needless to say, my feelings about the media are somewhat mixed now.

Bankruptcy trustee’s and credit counsellors have all had their say about debt settlement and why they think it’s a scam.  Let’s look at their arguments.

Trustee’s tend to argue that all debt settlement fees are collected up front before any work is done and no form of debt relief is ever given to the consumer.  That’s not true; in fact settlement fees are collected monthly throughout a 36 month program.  And most settlement companies like ours offer a service guarantee that returns any money paid that a settlement was never finalized on.  If the client has enrolled for a 36 month plan then the fees are taken monthly and most clients experience their first settlement by around month 5-8.  So how is a debt settlement company getting paid in full up front?  We actually get paid as settlements are arranged.

Guess what else I learned?   The trustee actually gets paid before the debtor is ever discharged from what they owe.  Isn’t that a classic case of the pot calling the kettle black?  The trustee is in fact a court appointed agent to the creditors, so even though you pay the trustee to get you debt free, he is actually looking after the creditor’s best interest first.  Not yours.

Non-profit Credit Counsellors are another all time favourite of mine; they are in bed with the banks, media, politicians and other non-profit companies.  

The first thing to understand is that “non-profit” does not mean free, every business needs to earn money to keep its doors open and pay take care of rent and payroll.  All that really needs to happen to maintain a non-profit status from the government is that the company needs to meet certain requirements and can’t show a profit at the end of the year.  That seems pretty simple and easy to do; all the principals of the company would need to do at the end of the year is bonus out any profits to themselves. 

Credit counsellors have somehow managed to get a lot of positive, free and unexplained media exposure that debt settlement doesn’t get because of their non-profit status. 

The other day when a local politician appeared on the news to discuss new credit card legislation in Canada; somehow a spokeswoman from non-profit credit counselling, again Credit Canada, was right there beside him.  I wonder why I wasn’t invited to speak as a specialist on the new credit card legislation.  I mean the non-profit “specialist” who appeared wasn’t even able to calculate simple math in her head, let alone contribute any real dialogue to the discussion.   

On several provincial government websites that talk about debt relief options, they all seem to defer to non-profit credit counselling as the answer to all debt problems.  This politician and host on TV did the same thing. 

Some creditors will actually tell a financially distressed debtor to go and use a non-profit credit counselling company if they are having money issues.  Here’s a big question.  Why would a creditor only refer the debtor to non-profit credit counselling?  You don’t need to look very far for the answer; credit counselling is really a kinder and gentler collection agency for the banks. 

This relationship between credit counselling and banks has been criticized for years.  Credit counsellors get more money back to the creditors over a longer period of time, plus many get what’s called a “fair share” payment from the banks.  So your creditors are actually paying the credit counsellors to collect the debt. 

Don’t let the “non-profit” banner fool you, credit counselling is working more for the creditors, then it is for you.  Did you know that if you owed $25,000 in credit card debt, it would probably cost you about $29,000 in total over 5 years with credit counselling?  With debt settlement your total cost would be around $15,000 over 3 years

The Internet and media is a prime example of unregulated free speech, so it’s easy for anyone to post opinions, spread rumours, tell lies, create controversy or even build entire Web sites devoted to whatever topic is desired, usually without any consequence. Unfortunately, this means the Internet and media is a perfect medium of negative “information” about countless number of companies, organizations, and individuals. Even respected, successful, high-profile companies like Toyota, McDonald’s and Wal-Mart are targets for negative communications.

Is the information factual? That’s something you have to decide, but before you do, be sure you have all the facts and are certain about the accuracy and credibility of the source of any information found on the Internet and media. 

It begs the question:  Why are the other debt relief programs like bankruptcy and credit counselling feeling so threatened by the growth of the debt settlement industry?  Are we really that much better of a debt relief option to their programs?  I guess so.

About the Author

Richard Cooper is Founder & CEO at Total Debt Freedom Inc. Canada’s most respected debt settlement company. Total Debt Freedom offers debt settlement plans that can save you 40-60% of what you owe and get you debt free in 1 – 3 years. http://www.totaldebtfreedom.ca

California Debt Settlement Consumer Defense

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Florida Debt Counseling The Best Florida Debt Specialists

If you are looking for Florida debt counseling, chances are you have some credit card or other unsecured debts. There is help for debt management in Florida, but make sure you really need it before you proceed.

If you are having trouble making your credit card payments or have even missed a payment, the debt settlement may be right for you. If you have a bunch of credit card debt and you have no problems making those payments, then you should try to pay those debts off yourself. Debt settlement should be used as a last option before filing bankruptcy.

Why? Well, while debt settlement will usually drastically reduce the amount of debt that you owe, it will hurt your credit. This is because of how the program works. So, if you just have high amounts of debt and can afford to pay it off, you might want to think twice. However, if you are trully struggling to make your payments or have even missed some payments, this might be the answer. If that is the case, your credit score has probably already been affected.

While debt settlement does hurt your credit, it will not affect it anything like having a bankruptcy on your credit report. This lasts for 7 years and it is getting very hard to have those debts wiped away clean with a bankruptcy. Many times the judge will end up putting you on a payment plan, so you will have bad credit and still have to pay off your debts.

How much can you save with debt settlement? Well, one company in Florida has knocked down debts so far its hard to believe. You can actually go on their website and see the letters from the creditors for proof. One client had over $20,000 in debt and they were able to reduce it to just $2,400! That is quite a savings.

One of the positives for using debt settlement (in addition to slashing your debt down) is that you don’t have to pay out of pocket. The fees come out of your monthly payments, which are much lower than you are currently paying. For example, it is not uncommon for someone paying their minimum payments of $1000 a month (all card totalled up) to be on a program paying around $325 a month. This will free up your monthly cash flow and allow you to start putting some money in a savings account.

If you’d like some more information on Florida debt counseling and would like to see other examples of how much people have saved, just visit the links below.
About the Author

Find out if you are a good candidate for debt settlement and how low your monthly payments will be today! Just visit florida debt counseling or florida debt management

Some Problems Arise With Debt Consolidation Companies

You may have noticed the proliferation of ads by debt consolidation companies in recent years. This is becoming a bigger and bigger business, and now all you see is pop-up ads on the computer, or TV ads that try to convince you to use their services. Not all of these big advertisers are completely legitimate; a number of them are being sued by State Attorneys General, the Federal Trade Commission and the Internal Revenue Service. That is because they have falsely called themselves “non-profit” when they are, indeed, making a very nice profit.

There is one debt consolidation company that is being sued by no less than the federal government, the FTC, and five different states. To avoid these lawsuits, the company has simply declared Chapter 11 bankruptcy. In reality, however, they are still very much in business, but working under different business names. This is just an example of how these disreputable companies are willing to operate.

The negative press associated with these companies, who called themselves debt consolidation companies have made the name of this industry very unattractive. Many companies now call themselves “debt negotiation companies”, or “debt settlement companies” to avoid the stigma of those lawsuits. They are still debt consolidation companies in any other guise, so you have to be careful that you are not dealing with a company that may be using illegal policies.

Before you consider working with a debt consolidation company, you should check out their reputation with a consumer protection agency or the Better Business Bureau in the area where the company is located. However, you still have to be wary. If a company has consumer complaints that have been resolved, the BBB will not give them a bad rating. Many times, these companies will resolve issues with customers who complain and then go on cheating other customers. Make sure the company does not have a lot of complaints, resolved or not. The Better Business Bureau does not investigate or resolve consumer complaints, they just report them.

A special word of caution is to avoid doing business with debt consolidation companies that are located in Florida or Maryland. These two states do not have any regulations regarding debt consolidation companies. There are many, many debt consolidation companies, so it is easy to find one that is not located in Maryland or Florida. Why give yourself the aggravation of dealing with a company that has decided to register in one of these states so that it will avoid being regulated?

Given the problems that have arisen regarding debt consolidation companies, a number of websites have been developed that will offer a review of the various companies so you can see other people’s experience with them on the customer review section. It is worth your while to check out the company you are considering and make sure they have not had problems.

About the Author

Clinton Maxwell wrote for the most part for http://www.debtania.com , an internet site about credit counseling . His publications on consolidating debt can be found on
http://www.debtania.com/consolidating.html
.

Credit Card Companies Are “Quietly” Reducing Balances For Florida Consumers

If you own or operate a small business burdened with high debt levels, then you may be frustrated currently. Chances are that you are considering some sort of small business debt consolidation. Should that be the case, then consider the following three tips to help you as you begin the necessary steps.

To start, be sure that you factor in all of your business debts. This means that you know the accounts payable to each creditor and specific terms of repayment. You also should be as accurate as possible regarding how far behind you are on payments. Quantifying this information may not be pleasant; but it is important to be as accurate as possible.

Additionally, take some time and decide what assets are in your business which can quickly be converted into cash. No matter what business you are in, you will need this information to know where your business stands today in order to help your business debt become consolidated. Again, this may not be a pleasant process; but it will help you be honest about what can be done to begin your debt consolidation.

After that, determine if there are any legal claims against your business such as liens. If there are any legal claims against business assets then it will help to know the reasons why as well as what can be done to remove the lien. This information also will help any outside professional you decide to hire to help you. Of course, make sure that any small business debt consolidation professional is qualified. Check for Chamber of Commerce membership, Better Business Bureau, reviews, testimonials, or other signs that the professional is legitimate so that he or she is reliable in helping small businesses through difficult periods.

Remember that these three suggestions are not the entire process. They, however, will help you start the process on much firmer footing than if you are not prepared and accurate. Consider these tips if you want to increase the chances of a successful small business debt consolidation.

Are you a small business owner or executive who wishes to resolve some (or all) of your business debt? If so, then be sure to get in touch with Tara Stelluti at (972) 827-8802 or by visiting Small Business Debt Help. get in touch with Tara today for a no-cost analysis on your business’ debt situation.

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Can your employer terminate you if you file for bankruptcy or possibly debt settlement? Negative to organ?

Am considering debt settlement but afraid that the banking instituion I work for will view it negatively if known with the bad effect it will have on my credit for the next 2-3 years until complete. Can they terminate you for that? Live in Florida, not sure about differences in state, I know Florida can be unique.

I think if you already work for them it probably won’t matter, what would reflect negatively is if creditors start calling your work. We had to do something like that years ago, and my employer was never even notified.

Debt Settlement Florida