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Monthly Archives: June 2018

Introduction To Credit Counseling

It is a practical approach to tackling all kinds of debt and these agencies offer solutions based on the credit situation of the consumer. People should understand that there cannot be a general solution to everyone’s debt issues as each individual is different. Hence, credit counseling agencies or companies can assist people on an individual basis, based on their ability to make payments, total available financial assets, total amount of debt, annual income and so on. The credit counseling agencies are present in countries around the globe and it is easy to approach any of these agencies when one is in need of their services.

How does credit counseling work?

It works for most people as they get to find practical solutions to their debt issues, which they can adhere to. Besides, they help the people in negotiating with the creditors and reaching settlement agreements, which make it possible for the borrowers to consolidate and reduce their total debt in due course of time. Also, the credit counseling agencies can assist the borrowers in applying for loans (both secured & unsecured), which can help them in clearing the debt amounts in a short period of time.

The agency can let people make realistic monthly budget which they can easily adhere to. People who take the help of these agencies can realize their financial goals and manage their money in an efficient and effective manner. In the end, people can find a balance between their expenses and income, and wisely use their available credit, so that they can achieve their goal of getting relief from debt and be financially stable.

Advantages of credit counseling services

  • People can achieve better understanding of their credit standing and financial situation;
  • They can arrange for the borrowers to make a single payment every month;
  • They can also assist in lowering the interest rates of the borrowers;
  • People do not have to face the calls of collection agencies and will not have to negotiate with the creditors on their own;
  • People will also be assisted in getting loans.

There are quite a few credit counseling agencies available in the market but not all of them are genuine. If you are looking for the services of a genuine debt relief agency, then you can opt for a reliable credit counseling or debt relief counseling service, which can help you with all kinds of debt management and relief solutions.

Choosing Money Transfer Provider

The costs of transactions

Sometimes the exchange rate could be favorable but then, the costs per transaction may be high. This is not an ideal scenario for many. You need to consider just how much you will be charged as the commission or the transfer fees before a transfer can be effected. One way to make it less hectic is to consolidate the smaller payments into only one. This lowers costs. There are providers that have better rates and yet others waive the fees altogether when a large payment is made.

Convenience

Some of the companies offer a very easy way to signup, others take so much time. There are online providers that offer their services 24 hours a day, and seven days a week. You, however, need to see the delivery and payment methods that are offered so as to ensure that all your needs are satisfied. Check for features like mobile wallet options.

Currencies needed

Not all the companies will operate in all countries and even offer all currencies. When you have to send money to areas that are remote where currencies are not popular, you may have to deal with delays. It is important you check that the currencies that you need are actually offered before you settle for a specific provider.

How reliable and safe is the foreign exchange provider?

You need to assess the reliability of the company. Consider how long they have been in business. Consider the amount that has already been transferred and what others think about the services that they have provided so far. Security of the platform also has to be considered. This allows you to think more clearly and make the most informed decision.

Tracking the transactions

There are providers that allow you to track your transactions and create some alerts through emails. In this way, you can easily get the status of any order that has been placed. You can have some email updates sent and this helps in businesses. You lower risk of fraud this way.

Pay For Delete

It occurs much less frequently than those forum posters make it sound like! According to Allie Johnson at CreditCards.com, only about 10{9198332639182e13dab42b9ea1f4c116af819992db0fa97f6ccd85a5ba1453c0} of collection agencies will agree to a Pay For Delete. So for every successful story of a Pay For Delete there are nine other stories of rejection.

Why such a small percentage of success? Let’s look at this from the standpoint of the credit bureaus and the collection agencies. The collection agencies are paid members of the three credit bureaus (Equifax, Experian and TransUnion). All members of the credit bureaus promise contractually to report accurate credit information. Whether positive or negative data.

If you were a member of a credit bureau and you were considering loaning money to someone, wouldn’t you want to know the whole story about the person wanting to borrow your money?

The credit bureaus expect 100{9198332639182e13dab42b9ea1f4c116af819992db0fa97f6ccd85a5ba1453c0} honest reporting from their members. When a collection agency deletes negative information falsely (technically a Pay For Delete is a lie) it risks its membership being terminated by the credit bureaus. No collection agency wants that to happen.

Then why do some Pay For Deletes occur? The agency needs to collect money to remain in business. They either are splitting whatever they collect with the original creditor (an assigned debt) or they paid money and bought the debt from the original creditor (a purchased debt). In either case money needs to come in to keep the doors open!

So if you have a large debt (say $2000), the agency might risk an angry call from the credit bureaus if you were to pay them $1000. After all, cash talks! But if you have a $100 debt, it is doubtful that any agency would risk its membership if you offer $50 for the Pay For Delete.

Your chance for a successful Pay For Delete can increase if you can prove that you never got the bill. For example if you have a medical bill which was mailed to an old address and you can prove you were at a new address when the bills were sent out, then there is a legitimate reason for the collection agency to delete your account from the credit bureaus once you pay.

Pay For Delete was a popular trade many years ago but is very rarely accepted today. Collection agencies and creditors are required to remove inaccurate data from credit reports. But they are not required to remove accurate, negative data from credit reports.

Company Liquidation

There are two major types of company liquidation. The first type is known as voluntary liquidation where this decision is taken by the shareholders or directors and the dissolution is carried out. If the members of the board decide to make this choice, they have to get most of the votes prior to proceeding. In the same way, if the shareholders want to go this route, they all have to do so prior to taking action.

Voluntary liquidation

Here it is important to keep in mind that voluntary company liquidation can be CVL or MVL if the company is insolvent. Members Voluntary Liquidation is done so as to carry out the termination of the company in an orderly fashion. In other words, it can be started if the business shareholders feel that the directors are not taking actions that are against their interests. For instance, the products or services of the business may not be attracting potential customers for some reasons. As a matter of fact, VL Is the best solution as far as avoiding the second type of liquidation is concerned. In this type, the court is not involved and the matter is solved outside of the court. The creditors are paid off in full by selling the company assets.

Compulsory liquidation

Another type is known as compulsory liquidation where the process is started by the creditors. The reason may be that the company fails to pay to the creditors. What happens is that the creditors get a court order in order to get the company dissolved. The cost of the court matters is born by the creditors. However, once the process is completed, they are the first party that gets paid. So, the extra cost is worth the reward.

Creditors that want company liquidation go to the court in order to get the assets of the business sold. This happens when the creditors feel that the directors of the company are not cooperative as far as paying debts is concerned. In most cases, the company is not forced to liquidate as the directors pay off debts due to the fear of losing the company.

Provisional liquidation

This is another type where the purpose is to preserve the assets of the company that may be at risk. For this purpose, a good liquidator is appointed in order to protect the financial position of the business. On the other side, the petition of liquidation is taken into consideration by the court of law.