Posts Tagged ‘action’

Make a Financial Plan to Pay Off Your Debt Quickly

November 13th, 2011

To get the best results getting your debt paid of quickly you want to make a financial plan. The plan will help you to allocate your money in different places so that you know what you are spending it on. The more you are able to put towards your debt the faster that it will be paid off. It is better if you can reduce some of your spending on things that you do not need right away and focus more on debt reduction. With the right financial plan you will be amazed on how easy it is to reduce debt.

Having too much debt is something that can get most people into trouble. Most of the credit card companies make it easy to acquire new credit cards and this makes it tempting to buy things that we may not be able to afford. You should really only purchase something if you have the money to pay off that card at the end of the month. This way you do not pay a lot of extra money in interest. In most cases this is not possible so we end up having accumulated debt.

If you find yourself in this situation then coming up with a plan to get debt free is key. The first thing you need to do is to write down the current balances you have on your credit cards. This is not always easy to do because we do not like to face the debt. Once you have that written down then you know exactly how much you owe. It is easier to hash out a plan when you know how much debt you are facing.

Next you need to make a list of what you spend your money on each month. It is important to list all things so that you know if there are places you can cut back. The money that you save on cutting back can be put towards making extra credit card payments. The goal is to pay of your debt quickly so that you do not have to keep paying large amounts of interest. It may be hard to cut back at first but you will soon realize that you can find alternatives that are cheaper.

Remember that if you sit down and make a financial plan you can pay off your debt quickly. Having debt can cause stress in your life and this is why it is important to do something about it. The much easier course of action is to keep going along trying to make your monthly payments. This strategy usually does not work over the long haul. Getting out of debt needs to be your number one goal. Making a plan to achieve that goal is key to being successful.

Posted in Debt Relief

Debt Settlement Letter – A Debt Settlement Must

September 17th, 2011

Perhaps one of the most important aspects in the pursuit of unsecured debt settlements is the letter granted by creditors or collectors or as it is better known, the Debt Settlement Letter. It must be received and proof read for accuracy before disbursing any funds to original creditors or collection agencies for settlements. This letter will serve as proof that a settlement was granted and must be kept filed away just in case any collection efforts are ever started again on the settled account.

Just as important as a good reduction on any unsecured credit card debt is the debt settlement letter, creditors and collectors will grant one once an agreement has been reached, it is the proof needed to avoid any legal action or future collection efforts.

This letter must contain crucial and accurate information such as your full name, correct account number; in most cases collection agencies will assign a new number to this account, make sure to request that the original account number is added to this letter by a collection agency. Make sure the address is correct and also the amounts owed and settled for must be correct at all times. The letter must be written on company stationary with creditor or collector complete information, try getting signature by the person granting the settlement or a company official so that if a question ever arises the settlement can be tied to that person. This letter also is a great weapon if a dispute ever arises with any credit reporting bureau and a negative mark must be removed from the credit report.

My best suggestion before paying an agreement off, is that the letter should be read by an attorney for accuracy. This letter in fact becomes a contract and who better to verify a contract than an attorney?

I have seen some collection agencies become very reluctant to provide such a document, in case of this happening make sure no funds are transferred to such a company; in most cases original creditors will not have a problem granting such a request. This correspondence can be requested via fax or mail and safekeeping a copy for future use is of most importance. In the past some consumers I have dealt with have lost this copy and it has become very hard to acquire a new copy, especially with collection agencies.

For more information please visit http://www.pemperandgartle.com/

Posted in Debt Settlement