Debt Help Services

Archive for July, 2009

Question: Questions about Soldier and Sailors Relief Act?

Me and my wife have some credit card debt and a big car loan someone had told us when in the military we can get our interest rates lowered. Thing is some of these debts she had before we got married and the car loan is primarily in her maiden name. Can we still lower the rates on the credit cards and the car loan? If so how do we do this?

Also can we take insurance off our car and just make the payments, any other suggestions would be great we need to cut down our monthly bills as much as possible Thanks

Monthly Bills:

Car Payment 278.00
Car Insurance 428.00 (F$#%# New York)
Credit Card total MInimums 200.00
Cell Phones 150.00

Answer: The Servicemember's Civil Relief Act (SCRA) expanded and improved the former Soldiers' and Sailors' Civil Relief Act (SSCRA). The SCRA provides a wide range of protections for individuals entering, called to active duty in the military, or deployed servicemembers. It is intended to postpone or suspend certain civil obligations to enable service members to devote full attention to duty and relieve stress on the family members of those deployed servicemembers. A few examples of such obligations you may be protected against are:

Outstanding credit card debt
Mortgage payments
Pending trials
Taxes
Terminations of lease.

The SCRA covers all Active Duty servicemembers, Reservists and the members of the National Guard while on active duty. The protection begins on the date of entering active duty and generally terminates within 30 to 90 days after the date of discharge from active duty.

You may be entitled to have the interest rate on some of your loans reduced to 6% for the time you are on active duty. There are a number of special requirements. You need to talk to a Legal Assistance Attorney to ensure you are eligible. You may be eligible if you and your loan meet the following conditions:

1.You took out the loan during a time when you were not on any form of active duty in any branch of the military.

2.The interest rate is currently above 6% per year.

3. Your military service affects your ability to pay the loan at the regular (pre-service) interest rate. Generally this requirement means that you make less money in the military than you made as a civilian. There are some special legal issues here - you should be ready to talk to your Legal Assistance Attorney about your entire financial situation.

4. You notified the lender.

Apollo Group, Inc. Reports Fiscal 2010 First Quarter Results

PHOENIX----Apollo Group, Inc. today reported financial results for the three months ended November 30, 2009.

ABC6's Emily Reimer on U.S. Rep. Mary Jo Kilroy's Medical Debt Relief Act

Question: Can a bill collector sell a debt after they’ve agreed to accept monthly payments on a settlement amount?

Has anyone ever began monthly payments on a settlement agreement offered by a bill collector, and later the collector still took you to court for the full amount of the debt anyway? Or did the collector sell the debt to another collection office before your last payment date? Can they do this legally even if they’ve put it in writing?

Answer: Sometimes a debt collector will offer a settlement amount and accept payments for a debt with the plan of going to court anyways. He accepts the payment/payments to use against you as your affirmation that the debt is yours and it is a legitimate debt. The court sees your payment as an admission that the debt is indeed yours and that the original amount of the debt is not in dispute, regardless of any subsequent agreements.

MS/China derivatives:

Morgan Stanley has solved a problem in China — but the outcome may spell gloom for rivals. The Wall Street bank has reached a settlement with a company to which it sold exchange-rate derivatives, receiving a fraction of what it claimed was owed. It would probably have struggled to squeeze out more.

URGENT HOME REPOSSESSION HELP 0845 481 7301

Be it an individual or a small business, the debt consolidation programs work with the same basic principles. The base of any debt consolidation for a small business activity starts with the indention of the business unit in order to pay the debt and its desire to become debt free. The objective of these programs are to identify the current credit rating status of the business and then to conduct a feasibility study to repay the debts in a phase manner. The first step toward the debt consolidation initiative of a small business should be to identify a specialist company that can provide them with valuable consultancy in order to consolidate the current debts of the company. The appointed consultant then starts professional negotiation with the creditors and settles with a final settlement amount that needs to be repaid to close the accounts. The other recommended way to approach the small business debts is to find a single-source-point of loan from a single lender and raise the repayment amount as a loan. That way the business can pay all its debts in one end and can have only one creditor to pay debt. The common practice for this model is that the lender pays all the debts themselves and creates an account for the company to pay the consolidated debt in monthly terms. It’s always advisable to raise the total amount of debts plus some % of the total debts to meet the working capital requirement for next few months. That gives the breathing space to the companies, to adjust itself with the loan interest and also to continue its normal run.

By the loan settlement the biggest advantage these companies get is that they don’t need to pay the late payment fees or interest on the principal payment amount. So the ideal deal could be to raise the consolidated debt settlement amount in lower interest rates than the late payment over-rider interest and then work with that loan for the time to come. Even there are small companies that work with multiple debt settlement companies to balance their existing account and with time as it gets into the new layer of creditors or account payable vendors they look for another debt settlement company. The result is then all these debt settlement companies work as a unit creditors and to settle these credit notes, they appoint a comparatively bigger debt settlement companies and clear the earlier dues. But this model is too risky for the businesses as they can get hardly any investor who can bank on a company that is continuously sinking into deep debts.
The other option is a business debt management wherein a 3rd party company acts a mediator between the company in debt and its creditors. These companies try to work out a settlement amount as a part of total accounts payables and create the priority repayment order of the creditors. The professional debt consolidation companies also charges their professional fees, account management fees, impression amount along with the principal amount repayment and its interest component. So it’s a real tricky decision for the companies in debt that how they would like to consolidate their debts.

Two Signposts & Stealth Run

Use the above link to subscribe to the paid research reports, which include coverage of several smallcap companies positioned to rise during the ongoing panicky attempt to sustain an unsustainable system burdened by numerous imbalances aggravated by global village forces.

Question: Which is better? To tackle debt settlement yourself or with help?

I am a single mom of 3 with no financial help. I work full time and have a pt time job to support us and get no other help financially. I have about $12,000 in credit card debt. I have not been able to pay consistantly on them in about 6 mos. I want to get the debt paid and am trying to budget to do so. Is it better to try to settle myself or hire an agency to do so?

Answer: Try to consolidate yourself first. Get them all onto one card so you only have to worry about one payment a month. And then cut that one down little by little. If you find that it's not working, then hire an agency... but that should be your last resort. 12k really isn't that bad, compared to the rest of america. I'm a single mom too, (but only with one) and at my worst i has 20k in debt on 7 credit cards. It took me 4 years, but now I'm down to just 3k on one card.

Man Dies in DUI-Related Crash in Logan County

A three-car accident in Logan County ended with an elderly man dead and a teenager in jail.

Free Debt Settlement Help

Question: World Bank Executive Directors Give Wolfowitz Very High Praise?

“We are grateful to Mr. Wolfowitz for his service at the Bank. Much has been achieved in the last two years, including the Multilateral Debt Relief Initiative, the Clean Energy Investment Framework, the Africa Action Plan, and the Avian Flu Initiative. 2006 was a record year for IDA lending, especially in Africa. The Bank has launched emergency action programmes in Liberia, the Democratic Republic of the Congo and the Central African Republic, and played a key role in the Lebanon and Afghanistan donors conference. In March, after an unprecedented global consultation process, we adopted a new strategy for the Bank’s work on Governance and Anti-Corruption. And we have new strategies for Rapid Response in Fragile States, for the Health Sector and for the Financial Sector. We thank Mr Wolfowitz for his leadership and for championing the Bank’s work across so many areas.”

Maybe Bill Clinton can take over and bring a box of cigars. Would Willie be a good choice?

Answer: Better yet, can they clone what's left of Ken Lay?

A sense of wonderment

An important turning of the calendar always gives reason to look both backward and ahead. Where have we been? Where are we going? I hear these questions being asked, in particular, by members of my own depression-born generation who suspect the coming decade could be their last. Those of us born in the 1930s entered a world without television or regular long-distance airline service. Many ...

Davos Annual Meeting 2007 - Promise of Africa (Highlights)