Personal Insolvencies Hit Record Levels as More UK Citizens Seek Debt ... PR-USA.net (press release)
The latest figures released on National Insolvency report a record number of insolvencies. Director of Consumer Debt Advice Service, ClearStart Nigel Stockton has responded to the latest National Insolvency Statistics and has provided an insight into the potential debt management trends in future for UK citizens."Today's National Insolvency Statistics have showed an increase of 28.2% in personal insolvencies compared to the same quarter last year, with figures hitting record levels as consumers continue to struggle to service their debts.
"The latest figures have shown year on year growth in all types of insolvency solutions, but most worrying with bankruptcies/debt relief orders being the fastest areas of growth.
"Whilst bankruptcy may sound like an easy option for consumers, in that quite often debts are considered satisfied within twelve months, it can limit employment prospects, ruling out roles in parts of the financial services sector; the forces and directorships. Additionally, there is a stigma of bankruptcy which can continue for 6 years and financial exclusion is a certainty with access to credit denied.
George Tannous Former IRS Agent
Tax advice for IRS problems like unfiled tax returns, IRS audits, IRS Offer in compromise, IRS Appeals. Website:FormerIRSagent.com Tel: 1800 ...
With all the Gov. Money out there, How can I get the goverment to help me with debt relief?
With all the crazy spending going on out there, How can I get the government to help me with debt relief without filing bankrupcy... I've worked hard to have a good credit score, but my bills just keep piling up. I'm not a deadbeat, but I need help... and those credit agency are just another business to make more money.... Any advice??
All that government money out there is my tax dollars so what you're basically saying is you want me to pay your bills???
I've worked hard too. I pay my taxes AND my bills.
Use the drop down button
DO YOU NEED BENEFITS BECAUSE OF A LIFE EVENT?
Choose the life situation best applicable to you and then see if you qualify for the available government assistance.
Forget grant money - there's hardly any money for individuals. Go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. But you'd be hard pressed to find any grant that would support individuals -- much less one for paying bills.
What kind of need is "I spend beyond my means"?
Do those debt relief agencies really work?
I am wondering what peoples experiences are. I have about $25,000 in credit card debt and around $30,000 in student loans. The credit cards are surprisingly well under my limit. I would be interested in consolidating the credit card debt especially, as it seems those are going to last forever. Any advice?
Stay away from credit repair/consolidation/counseling companies. They take their fees up front and leave your credit trashed. Some of their techniques are to stop paying your credit cards completely till they are several months past due then negotiation a settlement under threat of filing bankruptcy.
Work on paying off the credit cards one at a time. Thow everything you can on the highest interest rate, while paying the minimum on the rest. When the highest rate is paid, move to the next, till they are all paid in full. Of course, you have to stop charging on the cards!
It will take 2 or 3 years to get the credit cards paid off. But once the credit cards are gone, you can start paying more on the student loans.
If they really work they'd be out of business.
LOLOLOL
Leave the student loans as they are, and keep payments current. The interest on those can give you tax breaks if you qualify.
As to debt relief agencies, there are legit ones and scams who will charge a substantial fee and then not do much of anything for you. So be very careful. Consumer Credit Counselling seems to be one of the legit ones. You'll still have to pay back what you owe, but interest rates might be lowered substantially.
But it works for some who are not worried about closing the accounts - I understand that the FICO score is lowered when you close an account. For me, it was worth it. I still have 2 other credit cards & an auto loan that I am paying off without their help as I want these accounts to stay open.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder. Read more from: http://www.credit-card-gallery.com/article/353,Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt
Has anyone ever used the Federal Debt Relief System?
I am possibly thinking about using this company to eliminate my debt. I am to a point that I want to be debt free and I have been researching this company. I just do not know if I should eliminate the debt myself or let this company help me. Any advice would be great!
I don't know anything about this particular company, but I do know that most of those types of companies that are supposed to 'work with your creditors and combine monthly payments" are hoaxes that steal your money. I have worked as a data intake worker for several vets or doctors. Lots of clients have come in with complaints that these bills were supposed to be "combined" and paid by some third person company that they contracted. We were never contacted or paid by any 3rd person agent. I do think that the states atty general here has even started to investigate some of them. So be careful. Check with your local State Atty General's office to see if there have been complaints about that company and check with the BBB. It would be tragic for you to loose money to a shyster.
They are the largest non-profit credit counseling service in the Country.
I used them several years ago and they worked with my creditors to lower both my monthly payments and my interest rate. I was debt free in 36-months.
To know more you can visit
http://www.debtconsolidationmanagement.blogspot.com
This is getting help from real people without the use of banks or credit card companies. Good Luck!
http://www.prosper.com/join/lzc5wh
Debt Relief Companies?
I am looking at Debt Relief Companies to help me get out of a hole I have dug for myself. So far, I have looked at Credit Solutions and Freedom Debt Relief. Does anyone have any advice on these specific companies or recommend a specific company?
RE: "Freedom Debt Relief"
They make you agree to NOT make any payments to your creditors and pay into an account with them instead. Once you build up a certain amount in your account with them they have "negotiating power" to call your creditors and say (on your behalf), "Our client is prepared to pay you $X right now to settle this debt."
If the creditor accepts the payoff, they pay it and you owe nothing more to that creditor... BUT the creditors can AND DO put the settlement on your credit report which reflects as a negative.
That is why "Freedom Debt Relief" offers the second part of the fix which is instructing you on how to get those negative remarks off your credit report. In my opinion they are rather smug in their pitch on this part claiming that because most creditors don't want to take the time and expense to fight your request for deletion that they will just agree to delete it without a fight.
To me, that sounds like a crapshoot.
No matter what, you are in for some hard work that will require dicipline. If you use "Freedom Debt Relief" your situation will get a whole lot worse before it gets a little better.
As for Credit Solutions, I have never heard of them. Sorry.
If you decide to go it on your own, here is an article that may interest you called "The Most Effective Way to Pay Off Your Credit Card Debt".
http://www.fastcreditcardoffer.com/article/the-most-effective-way-to-pay-off-your-credit-card-debt.aspx
Good luck to you.
If you really need help go thru nfcc.org. They are legit non-profit companies and will help you set up a budget.
You need to set up a strict budget. Eliminate the extras. Put every penny you can squeeze out of that budget on the highest interest rate debt, while making minimum payments on the rest. When the highest rate debt is paid off, move to the next, till they are all paid in full.
You can do that yourself. Just dont pay them for months and they will call you. Save the fees they charge and use it on the debt. Be sure to get everything in writing and never ever give them electronic access to your bank acount. Send a cashiers check.
If you do use one of these rip off companies remember one thing. If they dont pay your creditor you are responsible to pay the debt not the company you hired. Your creditors can take you to court to get it.
Is it possible to get relief from IRS debt without hiring an expensive firm? Can it be done by the individual?
2001 taxes not paid. X wife did not file. H&R Block processed taxes. X wife did not send them in. During this time was having bladder and prostate removed due to cancer. Taxes were the last thing on my mind. Have in the mean time, divorced, the then wife and am strapped with $40K worth of IRS debt. Interest is compounding. How in a lifetime could anyone ever pay this debt off? Do I have to refinance my house to eliminate this debt? Can I fight this on my own without the help of any firm that charges no less than $3K and can give no guarantees? Will be glad to send a letter to my Congressman, State Representative, etc. for any advice they can give. Any suggestions?
It is possible to negotiate with the government to get your tax debt reduced. I suspect this will only happen if it is realistic to expect that the debt won't be paid at all otherwise. A personal accountant could probably help for under $1K.
"Fast Debt Relief"...?
I signed up with "Fast Track Debt Relief". I have 10 days to cancel, but need advice... P.S. I havent actually given them my bank account info yet.
I owe $16,700 in credit card debt. I TRY to pay double the minimums, in which comes out to around $100 for each of my 6 credit cards. This would take me AT LEAST 14 years to pay off. (Wow, Ive never actually seen the math before...)
I realize this is horrible, so please dont lecture me. Ive had to take care of myself since I was 16, and I guess to make up for lack of family, I buy unnecessary things.
Anyway, in trying to pay double the minimum, it leaves me w/ an unrealistic amount leftover for food for the month/oil change/gifts/ANYTHING else - $75.
So anyway, my payments will be $292/mo., and I should be paid off in 3 years. (This comes out to $10,512.)
Basically what they do is call my creditors to settle my accounts for less than full. I know "settling" is horrible on your credit report, in which lasts 10 years...
Currently my credit score is 628. Do you think it would go down all that much?
I like that they consolidate my 6 bills down to 1. I DONT like "settling"...
Also, in order for them to be able to settle, they have to let my bills go unpaid for several months, in order to show my creditors that there is a hardship. I dont like this either, as Im never late on a payment, and I like that my credit report reflects that.
What should I do??
Be VERY wary of this place, it could be a scam. Anyone telling you to let the bills go unpaid down not have your best interest at heart.
Try here:
http://www.moneymanagement.org/
does anyone know of a good non-profit debt counseling service?
I am looking for a way to get a handle on my debt. I have explored a few different options, but my credit is too bad to get any type of loan. I just got a "quote" from a debt relief company to help resolve my issues, but I am a little wary because I have heard a lot of bad things about these companies. Is there anyone who is currently (or in the past) worked successfully with a non-profit debt counseling service? If so, who was it and how was your experience? Any other advice that can be offered is greatly appreciated.
CCCS (Consumer Credit Counseling Service) is a non-profit service that is partially funded by the credit card industry. They can put you on a payment plan and reduce or even eliminate interest...They require you to cut up your cards. Note: They DO NOT negotiate settlements...just reduced interest payment. FYI: If you go on their debt program, this will be noted on your credit files and getting any mortgage or car loans will be difficult or impossible while on their program.
STAY AWAY form any debt counseling service you see advertised on TV...regardless of how nice their "feel good" ads seem.
Debt relief?
My husband was out of work for a long time, and we really got ourselves into a lot of debt. (about 30,000) I have managed to keep up with the minumum payments on time, but because of the interest on the cards it seem like we are never going to make a dent in it. We don;t own a home to cash out equity and pay them off. Does anyone havve any advice that might help.
Yes, First re-negotiate the terms of your current outstanding credit card companies by contacting them directly and asking for relief. Tell them you want to close the account and just pay it off. Stop incurring into my CREDIT unless you are making a major purchase. This all requires discipline and a monthly budget to be successful. You can do it! In recent years Credit Card companies have raised the minimum monthly payment percentages on CC accounts to enable consumers to pay them off sooner. You may also want to consider getting advise from a Debt Consolitation Service Company, Bank or Credit Union. You may also want to consider getting a part-time job to supplement your income to payoff the debts sooner. The key is to NOT get into more debt while you are paying off the exisiting debt another way to save money is to pay more than the minimum due each month to the creditor. GOOD LUCK! :-)
Debt Relief help?
I have 2 credit cards and a loan that I really need help consolidating and getting the payments down along with the interest. Is there any help out that that is nonprofit that can help you with this? Any advice is appreciated. Thanks.
DO NOT USE CREDIT SOLUTIONS!!!
After having been with Credit Solutions for more than a year now, I’ve come to the realization that the company promises more than it can deliver.
To start, and most importantly, Credit Solutions makes statements during its sales pitch which are not only misleading but downright false. The first time this is evident is that Credit Solutions promises to contact the client once a month to check up on such things as contact information and the balance of funds saved. Though there may be one or two months where this happens, of late, Credit Solutions has neither called or cared. In addition, in the sales pitch, the prospective client is lead to believe that Credit Solutions has a relationship with the credit companies and can therefore act as an intermediary to get the Credit Companies to wait while the client puts money into a savings account and thereby compiles money to work toward a settlement some day in the future. I, personally, remember this statement almost word for word as it was one of the most compelling reasons for taking on Credit Solutions. This is nothing more than a bald faced lie. The Credit Card companies (many of which do not work with Credit Solutions) continue to add interest, make harassing phone calls and bill you regardless of any purported relationship says it has.
Furthermore, nothing is said during their sales pitch about how a credit card company can still go the legal route (Arbitration, and then a Lawsuit) at any time, other than to strictly point out that Credit Solutions will not act legally on the client’s behalf. Though this ‘disclaimer’ is made and made clearly, it is glossed over when the prospective client actually asks if lawsuits are something to consider. “They almost never happen.” is the response. (Of the 12 credit accounts I have handed over to Credit Solutions, 4 have gone to Arbitration AND 2 others to Court. This is a whopping 50% of just one client’s accounts! There is nothing to indicate that this number is out of the ordinary.)
Besides the misrepresentation of the legal possibilities, Credit Solutions gives the client the impression of an efficient and professional office only until such time that the client actually needs to contact the company with a problem. Calls are not returned the same day, and most times not at all. When asked about Arbitration, the standard response is “We don’t handle Arbitration.” -thus leaving the client uninformed and ill-prepared. Those 'Client Service Representatives' who do offer to work with the client on this subject tend to again gloss over the legal aspects as if Arbitration is merely a minor inconvenience. Should anything resembling a legal aspect arise, they are quick to lean on their disclaimer so clearly outlined in the contract. "We are not a legal representation."
When brought around again to the misleading statements discussed above, their response is "Do you have that in writing?" The statements, of course, are never put into writing.
Credit Solutions insists you fax them all forms and papers received. They constantly say that faxes will be received “into your account” within 3-5 days. This again, is a big problem as many times faxes have not been found in my account for 2 weeks or more after they have been faxed! It’s hard to feel comfortable with a company which doesn’t know its own shortcomings. When the fax is a legal letter, it makes things even worse.
When things do come to a legal head, the client is left with a feeling of desperation. No amount of ‘We don’t do legal perhaps you need to get a lawyer’ will alleviate the feelings of betrayal from a company one is paying (and paying heavily!) supposedly for their expertise (as well as the fabled relationships with the credit companies.) Fear and anxiety cannot easily be swept away when the client is left sitting by the phone hoping that SOMEONE from the company will call AND that they will be able to help.
In contacting Credit Solutions, the client is put through a security check and then into the phone maze. Credit solutions’ phone maze is irritating to say the least. Besides being asked to confirm one’s client status not only on every call, but by every person the client speaks to, the phone system will also drop calls, give vague directions and circular forwarding before the client becomes frustrated or angry and hangs up. Everyone that the client does actually speak to in person promises to pass on phone messages, but as already pointed out: returning calls to a client with a problem appears to be of low priority. The client is left angry, disillusioned and without recourse, as legal problems loom in their immediate future. As for voice mail, it is sublime to suggest that it is a joke with Credit Solutions. I have NEVER had anyone return a voice mail message and in fact, was told by one 'Credit Specialist' that no one ever checks the voice mail.
Finally, when an offer to settle an account comes to Credit Solutions, there is no guarantee that Credit Solutions will contact the client in time for the offer to be valid. At least 3 times we have had this problem, and one time ended up paying more to the credit card company than their first offer. Credit Solutions was to blame, but did nothing to either correct nor alleviate the problem. It is quite obvious that Credit Solutions is a company which has grown too fast for its own good. It cannot keep up with its sales promises, cannot keep up with its clients (as they were promised) and cannot keep up with the credit companies (also promised).
Would I have signed up with Credit Solutions had I known the problems? No. Will I stay with them now that I am more educated on their practices? Well, since I’m still paying the ‘service fees’ monthly, it seems more than likely. I will spend my time as best I can doing what I can to educate other prospective clients of this company about its misleading practices and performance problems.
What is the Mortgage Foregiveness Debt Relief Act 2007?
I am considering selling my home via a short sale if my lender will allow it. Obviously we are in pre-foreclosure. I am worried about getting a 1099 and/or a deficiency judgement for the difference. I have some curent problems I am trying dilligently to resolve with the IRS and don't need anymore. Would this bill that was signed into las last month keep me from getting a 1099? What is the likelyhood of receiving a deficiency judgement and 1099 after a short sale? Would I be better off simply filing Ch 7. bankruptcy, if I am able? Thanks in advance for any insight or advice. It is obviously a very stressful time for us.
TJ
advice debt relief - News
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H&R Block: New tax laws for 2009 - KGBT-TV Presents VALLEYCENTRAL.COM H&R Block: New tax laws for 2009 Debt Relief – With foreclosures also increasing, H&R Block tax professionals can explain a tax relief opportunity available to homeowners who have had home |
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The casino society - Rochester City Newspaper The casino society He has since come up with a formula for responsible debt relief to help banks and credit card companies estimate how much consumers canafford to repay. |
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Dutch starts debt relief for Antilles - Netherlands Antilles Daily Herald Dutch starts debt relief for Antilles WILLEMSTAD--The Netherlands has begun the cancellation of the debt incurred by the Netherlands Antilles based on the positive advice from the Committee for |
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Poor financial advice leaves school districts in trouble - UW Badger Herald Poor financial advice leaves school districts in trouble “The toxic investment stuff that AIG was involved in — they got $150 billion of TARP [Trouble Assets Relief Program] — this is no different,” said Kiriaki. |
Our Daily Bleg: A Real-Estate Dilemma - New York Times Blogs
New York Times BlogsOur Daily Bleg: A Real-Estate Dilemma And the Mortgage Forgiveness Debt Relief Act of 2007 states that through 2012 the IRS will not count forgiven debt as taxable income.
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