Archive for category Personal Finance
Does anyone know where I could get a persona loan with bad credit?
Posted by admin in Personal Finance on February 26, 2010
I have tried consumer loans, personal loans, and I can’t seem to find anyone to give me a loan. Any ideas???
Steven
Which company should I turn to for a secured credit card?
Posted by admin in Personal Finance on December 11, 2009
*This is a Canadian question* I have tried capital one – but since they were involved in my husbands consumer proposal they will not touch us. I know of peoples trust. Are there any other companies or banks? Thanks!!
Shawn
Trying to buy a house and clean up debt?
Posted by admin in Personal Finance on August 25, 2009
I have been attempting to start getting ready to buy a house. My credit is good except for one ding on it from a credit card that got out of control due to life situations. From what I have heard, lenders want a credit score of 620…mine is 655. I have attempted to clean up that credit card but I’m running into walls. I have tried consumer credit counseling (which I came off of almost immediately because I couldn’t get a mortgage with that), I’ve tried to work with my credit card company (they don’t want to work with me), and I’ve tried to roll the debt into a loan that I already have (was denied because my car which is the collateral is just not worth as much as I need). Are there any other routes to try? Obviously I want to pay the credit card company but it’s out of control right now and I can’t make it stop. I am feeling like I’m running up against a wall again & again & again.
Nathaniel
What are the benefits for a bank to reopen a previously closed credit card account?
Posted by admin in Personal Finance on August 20, 2009
Today I received a call from one of my credit card companies and they offered to re-open one of my cards that I had closed.
The reason why I closed the card was because my APR was at 7.24% and they upped it to over 20%. I had not missed a payment in over 12 months so there was really no reason for them to up the interest rate.
Anywho, I told them I didn’t want the card anymore even though there was still a balance on it. They closed the account and readjusted the interest rate to 7.24%.
The call today basically kept the APR at 7.24%, reestablished the original credit limit and the rep claimed my credit report would show that I had the card from the original date that I opened the card.
I asked her what the benefit for the company is? Obviously banks only make these offers if it is going to benefit them; the consumer is worthless. I hate credit cards and the companies’ lack of consumer loyalty.
Katie
Credit Crunch Questions?
Posted by admin in Personal Finance on July 2, 2009
1. At the beginning of the year why were potential buyers hesitant to take out a mortgage?
2. What has happened to consumer shopping habits in response to the credit crunch?
3. Why would spending on items such as cigarettes and alcohol still be high?
4. How is the credit crunch affecting businesses?
5. Who has been most affected by the credit crunch and how?
Raul
How did consumer credit counselors become a mandatory part of the bankruptcy process?
Posted by admin in Personal Finance on June 27, 2009
In 2005, it became the law in the United States that before a person could file for bankruptcy protection, they needed to complete consumer credit counseling.
I am very interested in reading a case study about how they (the consumer credit counseling industry) pulled this off. I have a cursory understanding of the issue – the arguments, the changes to non-profit status, etc… so I don’t want just some high level, overview. I am much more interested in the steps and arguments they used to accomplish this.
Lucy
Unenforceable Credit Card Agreements | Advice | Write Off Debt Under the Consumer Credit Act 1974
Posted by admin in Personal Finance on June 23, 2009
UK Debt is a huge problem and is set to worsen. If financial problems are an issue, write off debt as a result of unenforceable credit card agreements.
If a credit card was taken out prior to April 2007 there’s a significant chance that it is an unlawful credit card agreement and it is possible to write off the debt. The Consumer Credit Act 1974 has a fundamental requirement that any agreement must comply with certain prescribed terms.
Examples of Unenforceable Credit Card Agreements
The interest has been incorrectly calculated.
The credit charges are not deemed to be fair.
No rate of APR is displayed.
There is no mention of any ‘cooling off’ period.
Settled Debts Cannot be Successfully Challenged
It is unlikely that settled debts can be recovered. A number of test cases have gone through the courts and none have been successful to date. Credit card debts that have been included in Debt Management Plans can be challenged.
What Happens if the Credit Card Agreement is Lost?
The lender has to send any information it holds on the debtor within a period of 40 days or it has committed a criminal offence. If the lender cannot provide a copy of the actual, signed credit agreement they aren’t in a position to enforce the debt as it is an illegal credit card agreement.
Will This Have a Negative Impact on Credit Ratings?
Provided payments are kept up during the legal challenge, no credit rating will be affected. Those who have adverse credit could actually improve their credit rating. This is because the debt was deemed to have never technically existed so no adverse credit entries can be registered for a debt that doesn’t exist. These entries can be removed when a case is successful.
How Long Will it be Before the Outcome?
The duration of any case does vary depending upon the institution and complexity of the case. Most cases are usually settled within 3 to 9 months, sometimes a lot sooner.
What Happens if the Unlawful Credit Card Agreement Case is Successful?
If it is decided that there is an illegal credit agreement, it is possible that the entire debt will be written off. This will mean that the balance is completely wiped and the solicitor will be able to advise how to get any adverse credit entries removed in relation to the debt.
What About Credit Card Debt that Cannot be Written Off?
For more recent credit card debts that cannot be written off, it is worthwhile considering a Debt Management Plan or even an Individual Voluntary Arrangement (IVA). It is imperative the serious debt problems are dealt with as efficiently as possible.
Whilst technically possible to handle the case personally, most financial institutions are unlikely to take any case seriously without the threat of legal action. A Solicitor will assess any agreement and put together a breakdown of any transgressions. Should they feel that it is an unenforceable credit card agreements, everything will be handled by them.
The Author invites readers to visit Write Off Debt Under The Consumer Credit Act 1974
Possibly related posts:
Clear your Credit Cards legally due to flawed credit agreements
BBC Panorama Write Off Debt | Loophole clears couples debt’s | Write Off Unfair Loans
Kelly
is there a practical sense in delaying of payment of bills (not credit or loans) ?
Posted by admin in Personal Finance on May 28, 2009
is there really any practical sense and benefit from delaying payment of your bills by as long as possible(ie. without being penalised in monentary terms) ? do big corporations see a greater effect in doing so? what about small households and consumers?
Alicia