Relief Debt Systems

Filing for bankruptcy should only be used as a last resort if you can’t dig your way out of debt. Don’t be fooled into thinking that a bankruptcy filing has little impact on your financial situation. Going this route is certain to affect your entire life for years to come.

Pushed into Bankruptcy

There are many reasons people resort to bankruptcy. Too much credit card debt, a job loss, divorce, or illness can push anyone into financial ruin. For example, a recent Families USA report said nearly two-thirds of bankruptcy filings are related to medical issues.

Debt Solutions to Avoid Bankruptcy

A bankruptcy filing stays on your credit report for 10 years and can make it difficult to get a mortgage, certain jobs, or even rent an apartment. Don’t wait until it’s too late to get help with debt. Face up to your medical debt, credit card debt and other bills before your accounts get turned over to a debt collection agency. The first step is to contact your creditors to discuss lower interest rates or payment plans.

You can also try to negotiate a debt settlement plan. Some medi

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According to research by moneysupermarket.com, more than three out of ten credit card users aren`t planning to repay their outstanding credit card debt for over six months, headlinemoney.co.uk reports.

The news comes not long after the news that banks may increase the cost of using a credit card – which means borrowers could face higher interest rates and fees.

The price comparison site found that credit card users between the ages of 20 and 29 were least likely to repay their debts quickly, with 38% `content` to hold outstanding debt on their card for more than six months.

Peter Harrison, credit cards expert for moneysupermarket.com, said: “People must be extremely careful about carrying debt on credit cards for long periods of time – you don`t want to be paying for this year`s presents when the Christmas decorations are rolled out again next year; particularly as rates could be at new dizzy heights.”

A spokesperson for Debt Advisers Direct added: “We would advise anyone struggling to repay their credit card debt to contact a professional debt adviser without delay.”

Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements). Read more…

Providing debt recovery services since 1978, Collectcorp Corporation boasts public and private sector clients in Canada and the United States.  Offering third party recoveries, first party outsourcing, skip trace programs to banks, governmental agencies and private companies.   

Collectcorp was formerly known as Equifax/Collectcorp Inc. and based in Toronto, with contact centers in Phoenix, Az., Williamsville, NY, and in Cornerbrook NFLD., Oshawa, ON., Canada. Past Director of the International Credit Association, Nicholas Wilson, CEO and founder of Collectcorp has been the visionary and architect of Collectcorp’s growth for the past 26 years. 

However, some consumers are unimpressed with the way in which the company consistently calls to request payment on accounts.  In one instance a person was receiving 4-6 messages a day regarding his delinquent account. Rather than deal with the collector directly, this person decided to leave a message, after hours, on the company answering machine requesting information regarding the account.  This was to permit the recording of the message and the answer. The f Read more…

Every year thousands of American consumers file for bankruptcy to get out of debt. Unfortunately, many of these filings are for debts that the individuals are no longer even legally responsible for. In addition, not all debts can be included in a bankruptcy filing.

The Purpose of Bankruptcy

Deciding when to file bankruptcy and whether or not doing so is the right choice, is a major financial decision that will affect an individual’s credit score and financial future for many years to come. According to Section 605 of the Fair Credit Reporting Act, a bankruptcy will appear on a credit report for ten years (seven for most Chapter 13 filings). Even if an individual files and then changes his mind later, the filing itself remains a part of public record and thus continues to damage his credit report for the given time frame.

When Bankruptcy is Not the Right Choice

When the majority of a consumer’s debts are old collection accounts or charge offs. Old accounts may be outside of the statute of limitations. Eac

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Consumer debt levels fell for the eighth consecutive month in September, according to a report issued by the Federal Reserve. Falling by an estimated annualized rate of 7.2 percent, US consumer debt fell by approximately $14.8 billion. Consumers have reduced debt by about 86.2 billion since September 2008, but this isn’t as commendable as it appears. Included in this figure are debts eliminated through charge-offs by credit card issuers and lending institutions. The Fed estimates the rate of declining consumer debt to be about 10 percent for the third quarter of 2009.

What’s “Up” with Credit Card Rates and Fees?

Credit card companies are responding to recent legislation regulating some of their consumer-unfriendly practices by reducing credit lines, hiking interest rates, and imposing more fees. If you’re tired of traveling on the hamster wheel of credit card debt (you pay and pay and pay, and get nowhere fast), Credit card debt consolidation may be an option. 

Debt Consolidation and Consumer Credit Counseling

Consumer credit counseling services work as intermediaries between consumers and their creditors to provide affordable debt repayment solutions. If you agree

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The Colorado Attorney General’s Office found that people who sign up for debt consolidation services often end up paying money without really solving their debt problems, according to the Grand Junction Daily Sentinel. 

The study found that less than 10% of people who signed up with 42  debt settlement and debt consolidation services between 2006 and 2008 had actually paid off debt or completed their agreements.

Also, 10,000 residents of Colorado who signed up for such services paid an average of $495 for credit counseling and $1,666 for debt settlement. The average term of contracts for debt settlement was 32 months and 41 months for credit counseling.

The attorney general’s office cautioned people not to consider these services as a quick fix to their debt problems. If you are considering using a debt settlement or debt consolidation service, keep  these things in mind.

Avoid companies that require you to pay a lot of upfront fees Avoid companies that tell you to stop paying on debt You can get debt counseling to improve your finances without having to pay for a debt consolidation plan Look for a nonprofit debt counseling firm that waives fees or offers reduced rates for financial hardship cases

Debt help is available from many reputable companies. But not ev

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